House Bill 448

Actions
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

Actions

Top
02/19/20
  • introduced in House
02/21/20
  • to Economic Development & Workforce Investment (H)
02/24/20
  • posted in committee


Last updated: 4/29/2020 12:16 PM (EDT)
To receive notice when the record is updated follow @LRCTweetBot.