KRS 342.912: Annual audit -- Annual report -- Deadline for establishment -- Events

causing fund's liability for payment of benefits.

(1) The directors of each guaranty fund shall annually contract for an independent

certified audit of the financial activities of t he guaranty fund. An annual report on

the financial status of the guaranty fund as of June 30 of each year shall be

submitted to the commissioner and to each member.

(2) Each guaranty fund shall be established on March 1, 1997.

(3) The individual guaranty fund shall be liable for payment of benefits only for

members where there has been a declaration of bankruptcy or insolvency by a court

of competent jurisdiction after the date on which the guaranty fund is established, or

where the commissioner has issued a certificate of default which has occurred after

the date on which the guaranty fund is established.