Current through Register Vol. 50, No. 9, March 1, 2024
NECESSITY, FUNCTION, AND CONFORMITY:
KRS
304.50-010(2) requires the
commissioner to promulgate administrative regulations as necessary to govern
admission, certification, and regulation of workers' compensation self-insured
groups.
KRS
304.50-030(1) requires a
workers' compensation self-insured group seeking initial certification to file
an application on a form approved by the commissioner.
KRS
304.50-050(1) requires a
workers' compensation self-insured group to provide a security deposit to the
commissioner on a form prescribed by the commissioner.
KRS
304.50-050(2) authorizes
trustees to file cash, cash equivalents, United States Treasuries or a bank
letter of credit in satisfaction of the security deposit requirement, on a form
prescribed by the commissioner.
KRS
304.50-060(4) requires
workers' compensation self-insured groups to file statements of financial
condition on a form prescribed by the commissioner. This administrative
regulation prescribes the required forms for application, security deposits,
and financial statements.
Section 1.
Definitions.
(1) Commissioner is defined by
KRS
304.1-050(1).
(2) Department is defined by
KRS
304.1-050(2).
(3) "Self-Insured group" is defined by
KRS
304.50-015(29).
Section 2.
(1) Pursuant to
KRS
304.50-030(1), Form 100,
Initial Application for Certificate of Filing As a Workers' Compensation
Self-Insured Group, shall be completed and submitted to the commissioner to
apply for initial certification as a workers' compensation self-insured
group.
(2) Pursuant to
KRS
304.50-050(5), Form 141,
Election Form for Designation of Custodian Bank for Safekeeping of Securities,
shall be completed and submitted to the commissioner to propose designation of
a bank or trust company for the safekeeping of securities.
(3) Pursuant to
KRS
304.50-050(2), Form 142,
Letter of Credit, shall be completed and submitted to the commissioner when
issuing a letter of credit in satisfaction of the security deposit requirement
for a workers' compensation self-insured group.
(4) Pursuant to
KRS
304.50-050(2), Form 145,
Transaction Sheet for Securities Held Under Safekeeping with Designated
Custodian Banks, shall be completed and submitted to the commissioner when
transferring funds in or out of the Safekeeping Account and shall be approved
by the commissioner before the bank can complete the transfer.
(5) Pursuant to
KRS
304.50-050(2), Form 826,
Safekeeping Agreement for Workers' Compensation Self-Insured Groups, shall be
completed and submitted to the commissioner when the self-insured group
initially sets up the security account or when a group transfers the security
deposit to another bank.
(6)
Pursuant to
KRS
304.50-060(4), the Workers'
Compensation Self-Insured Group Quarterly Statement (Blank), shall be completed
and submitted to the commissioner to file a quarterly statement of financial
condition. Form 102, Trustee Confirmation of Receipt, shall be completed by
each trustee of the workers' compensation self-insured group, acknowledging
receipt of a copy of the quarterly statement of financial condition, and
submitted to the Department of Insurance within forty-five (45) calendar days
after the close of each quarterly reporting period.
(7) Pursuant to
KRS
304.50-060(4), the Workers'
Compensation Self-Insured Group Annual Statement (Blank), shall be completed
and submitted to the commissioner to file an annual statement of financial
condition.
(8) Pursuant to
KRS
304.50-050(1), Form 147,
Deposit Calculation for Workers' Compensation Self-Insured Groups, shall be
completed and submitted annually to the commissioner to calculate the correct
amount to be placed in the Safekeeping Account.
Section 3. Incorporation by Reference.
(1) The following material is incorporated by
reference:
(a) "Form 100 - Initial Application
for Certificate of Filing As a Workers' Compensation Self-Insured Group
7/2020";
(b) "Form 141 - Election
Form for Designation of Custodian Bank for Safekeeping of Securities
7/2020";
(c) "Form 142 - Letter of
Credit 7/2020";
(d) "Form 145 -
Transaction Sheet for Securities Held Under Safekeeping with Designated
Custodian Banks 7/2020";
(e) "Form
826 - Safekeeping Agreement for Workers' Compensation Self-Insured Groups
7/2020";
(f) "Workers' Compensation
Self-Insured Group Quarterly Statement (Blank) 7/2020";
(g) "Form 102 - Trustee Confirmation of
Receipt 7/2020";
(h) "Workers'
Compensation Self-Insured Group Annual Statement (Blank) 7/2020"; and
(i) "Form 147 - Deposit Calculation for
Workers' Compensation Self-Insured Groups 6/2020 ".
(2) This material may be inspected, copied,
or obtained, subject to applicable copyright law, at the Kentucky Department of
Insurance, Mayo-Underwood Building, 500 Mero Street, Frankfort, Kentucky 40601,
Monday through Friday, 8:00 a.m. to 4:30 p.m. This material is also available
on the Department of Insurance Internet Web site at
https://insurance.ky.gov.
STATUTORY AUTHORITY:
KRS
304.50-010(2),
304.50-030(1),
304.50-050(1),
(2),
304.50-060(4)