{"data":{"id":"us-ky/krs-304.48-170","jurisdiction":"us-ky","citation":"KRS 304.48-170","heading":"Statement of financial condition for preceding fiscal year -- Quarterly","body":"statements and acknowledgments -- Authority for administrative regulations --\nMember's right to statement upon request.\n(1) All liability self -insurance groups shall file with the commissioner a statement of\nfinancial condition audited by an independent certified public accountant on or\nbefore one hundred and twenty (120) days from the end of the group's fiscal year for\nthe immediately preceding fiscal year. The financial statem ent shall be in a form\napproved by the commissioner and shall include:\n(a) Actuarially appropriate reserves for:\n1. Known claims and expenses associated therewith.\n2. Claims incurred but not reported and any expenses associated therewith.\n3. Unearned contributions and assessments.\n4. Bad debts, which reserves shall be known as liabilities.\n(b) An actuarial opinion by a qualified actuary and a supporting reserve study\nregarding reserves for known claims and expenses associated therewith. The\nreserve study sh all include documentation sufficient for another actuary\npracticing in the same field to evaluate the work. The documentation shall\ndescribe clearly the sources of data, material assumptions, and methods.\n(2) Within forty -five (45) days from the end of eac h fiscal quarter, all liability self -\ninsurance groups shall file with the commissioner a statement of financial condition\nalong with an acknowledgment signed by the board of trustees or its authorized\nagent indicating that the statement has been presented to the board and any other\nrelevant financial information requested by the commissioner, including a balance\nsheet and income and cash flow statement, on a form prescribed by the\ncommissioner.\n(3) No person shall make a deceptive statement or fail to corre ct a misstatement in\nconnection with the solicitation of membership of a group.\n(4) The financial statements required by this section shall be completed in accordance\nwith administrative regulations promulgated by the commissioner.\n(5) Upon the request of a group member, a liability self -insurance group shall make\navailable the statement of financial condition required by subsection (1) of this\nsection.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=30208","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:59Z","sha256":"ee6f572fbb86fb59ba85de1d36b3e8dfd9b92064c113cc4e6d941491c67387b4","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.48-160","next":"us-ky/krs-304.48-180"},"notice":"GroundRules: Original legal text. Not legal advice."}