{"data":{"id":"us-ky/krs-304.44-050","jurisdiction":"us-ky","citation":"KRS 304.44-050","heading":"Reinsurance agreement.","body":"(1) All insurers writing property insurance covering structures in this state shall enter\ninto a reinsurance agreement with the administrator in which each insurer agrees to\ncede to the administrator one hundred percent (100%), up to the maximum total\ninsured value established under KRS 304.44 -030(1), of any subsidence insurance\ncoverage issued and, in consideration of the ceding commission retained by the\ninsurer, agrees to undertake adjustment of losses and payment of taxes and to\nabsorb all other expenses of  the insurer necessary for sale of policies and\nadministration of the mine subsidence insurance program.\n(2) (a) The administrator shall:\n1. Agree to reimburse the insurer from the fund for all amounts paid\npolicyholders for claims resulting from subsidence; and\n2. Pay from the fund all costs of administration incurred by the\nadministrator.\n(b) An insurer shall not be required to pay any claim for any loss insured under\nthis subtitle except to the extent that the amount available in the mine\nsubsidence insu rance fund is sufficient to reimburse the insurer for such\nclaim.\n(3) Claims made under the provisions of the subtitle shall not be deemed to constitute a\ndebt, liability, or obligation of the Commonwealth or any political subdivision\nthereof or a pledge o f the faith and credit of the Commonwealth or any political\nsubdivision except to the extent the fund has accumulated reserves from premiums,\nstate or federal grants, investment income, or state appropriations.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=55743","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:58Z","sha256":"09261903a9414152aedd792cbb99e69441d52550f3a01198a88baf1c89e2019d","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.44-040","next":"us-ky/krs-304.44-060"},"notice":"GroundRules: Original legal text. Not legal advice."}