304.1 7A-832 Statement of financial condition -- Authority for administrative regulations. (1) All self -insured employer -organized association groups shall file with the commissioner a statement of financial condition audited by an independent certified public accountant on or before one hundred twenty (120) days from the end of the group's fiscal year for the immediately preceding fiscal year. The financial statement shall be in a form approved by the commissioner and shall include: (a) Actuarially appropriate reserves for: 1. Known claims and expenses associated therewith. 2. Claims incurred but not reported and any expenses associated therewith. 3. Unearned contributions and assessments. 4. Bad debts, which reserves shall be known as liabilities. (b) An actua rial opinion by a qualified actuary and a supporting reserve study regarding reserves for known claims and expenses associated therewith. The reserve study shall include documentation sufficient for another actuary practicing in the same field to evaluate the work. The documentation shall describe clearly the sources of data, material assumptions, and methods. nclude documentation sufficient for another actuary practicing in the same field to evaluate the work. The documentation shall describe clearly the sources of data, material assumptions, and methods. (2) No person shall make a deceptive statement or fail to correct a misstatement in connection with the solicitation of membership of a group. (3) The financial statements required by this section shall be completed in accordance with administrative regulations promulgated by the commissioner. Effective: July 15, 2010 History: Amended 2010 Ky. Acts ch. 24, sec. 1267, effective July 15, 2010. -- Created 2003 Ky. Acts ch. 78, sec. 17, effective June 24, 2003.
Kentucky Legal Code