KRS 342.342: Annual review of individual self -insurance administrative regulations --

Annual report on financial soundness of self -insurers and self -insurance

groups -- Division of Security and Compliance expansion.

(1) Notwithstanding the provisions of K RS 342.340, KRS 342.350, or any

administrative regulations promulgated pursuant to those provisions, the

commissioner shall annually review the adequacy of the financial or other security

requirements contained in administrative regulations, promulgated pu rsuant to the

individual self-insurance provisions in this chapter. The commissioner shall report

the results of the review to the Economic Development and Workforce Investment

Committee of the General Assembly and any recommendations for proposed

changes to insure the financial soundness of the individual self -insurers authorized

pursuant to this chapter. In addition, the commissioner shall report not less often

than annually a summary report on the financial soundness of the individual self -

insurers.

(2) The Economic Development and Workforce Investment Committee of the General

Assembly shall annually review the administrative regulations promulgated

pursuant to the individual provisions under this chapter.

(3) On July 1, 1994, the Division of Security and Compliance of the Department of

Workers' Claims shall be expanded by five (5) employees. These additional

employees shall be employed for the purpose of conducting financial audits,

examinations, and reviews and other activities necessary to ensure and mo nitor the

financial soundness of the individual self -insured employers authorized pursuant to

KRS 342.340.