| Last Action | 02/24/20: posted in committee |
|---|---|
| Title | AN ACT relating to payment of outstanding liabilities funded through assessments upon insurance premiums. |
| Bill Documents | Introduced |
| Bill Request Number | 1743 |
| Sponsor | B. Rowland |
| Summary of Original Version | Amend KRS 342.120 to require the Division of Workers' Compensation Funds to engage in a program to resolve outstanding indemnity liabilities through lump-sum payments beginning January 1, 2021; amend KRS 342.122 to set the special fund assessment rate at no less than 6.29 percent; to cap funding for financing the expenditures for certain programs in the Labor Cabinet; and to reduce the assessment rate to 1 percent for funding the Labor Cabinet through the provisions of KRS 342.122 once the special fund balance has reached a balance sufficient to produce enough revenue to amortize the remaining claims and fund the operations of the Kentucky Workers' Compensation Funding Commission; amend KRS 342.1223 to require the Kentucky Workers' Compensation Funding Commission to produce and submit a biennial financial audit and management review to the Interim Joint Committee on Appropriations and Revenue by December 31 of odd-numbered years; amend KRS 342.1224 to change the membership of the Kentucky Workers' Compensation Funding Commission. |
| Index Headings of Original Version |
Insurance - Workers' compensation, assessments on policies Labor and Industry - Workers' compensation, Funding Commission Workers' Compensation - Funding commission, duties and membership of Workers' Compensation - Insurance, assessments on Reports Mandated - Kentucky Workers' Compensation Funding Commission, report to Interim Joint Committee |
| 02/19/20 |
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| 02/21/20 |
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| 02/24/20 |
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Last updated: 10/27/2020 12:10 PM (EDT)
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