KRS 342.902: Definitions for KRS 342.900 to 342.912.

As used in KRS 342.900 to 342.912, unless the context requires otherwise:

(1) "Insolvent self-insurer" means either an individual self -insured employer or a self -

insured group who has failed to pay compensation as a result of a declaration of

bankruptcy or insolvency by a court of competent jurisdiction, and whose security

deposit has been called by the commissioner, or who has failed to provide

compensation and who has been issued a certificate of default by the commissioner

and whose security deposit has been called by the commissioner;

(2) "Member" means a self-insured employer or self-insured group that participates in a

guaranty fund created pursuant to KRS 342.900 to 342.912;

(3) "Guaranty fund" means one (1) of the three (3) guaranty funds established pursuant

to KRS 342.900 to 342.912;

(4) "Directors" means the board of directors of a guaranty fund; and

(5) "Certificate of default" means a notice issued by the commissioner based upon a

finding that a self -insured employer or self -insured group has fai led to pay

compensation required by this chapter.