KRS 304.48-060: Issuance of certificate of filing.

Upon receipt of an application for issuance for a certificate of filing, the commissioner

shall issue or deny the same. Issuance of a certificate of filing shall be granted only if the

commissioner finds that the applicant has complied with KRS 304.48 -050, has paid the

application fee, and the commissioner is satisfied that the following conditions are met:

(1) The persons responsible for the conduct of the affairs of the liability self -insurance

group are competent, trustworthy, and possess good reputation;

(2) The liability self -insurance group is financially responsible and may reasonably be

expected to meet its obligations to participants and prospective participants. In

making this determination, the commissioner may consider:

(a) The adequacy of working capital;

(b) Any agreement with an insurer, a government, or any other organization for

insuring the payment of liability claims or the provision for automatic

applicability of an alternative coverage in the event of discontinuance of the

self-insurance group; and

(c) Compliance with KRS 304.48 -070, as a guarantee that the obligations will be

duly performed.