{"data":{"id":"us-ky/krs-304.50-030","jurisdiction":"us-ky","citation":"KRS 304.50-030","heading":"Application for certification -- Filing fee -- Contents -- Premiums --","body":"Deadline.\n(1) A proposed workers' compensation self -insured group seeking initial certification\nshall file with the commissioner an application for a certificate of filing\naccompanied by a nonrefundable filing fee of six hundred dollars ($600). An\napplication for initial certification as a workers' compensation self -insured group\nshall be filed on a form approved by the commissioner by:\n(a) A group of twenty (20) or more employer s having common interests or\nmembership in a bona fide trade association. Any group member having more\nthan fifty percent (50%) common ownership shall constitute one (1) group\nmember; or\n(b) Two (2) or more governmental entities.\n(2) Each initial application shall set forth or be accompanied by:\n(a) The self -insured group's name, location of its principal office, date of\norganization, name and address of each group member, if known at the time\nof application, or if unknown, a description of the members to b e solicited for\nmembership, and identification of its fiscal year;\n(b) A copy of the articles of association, articles of incorporation, trust agreement,\nor bylaws of the proposed self -insured group, including a description of the\ntime and method by which premiums shall be determined, assessed, and\ncollected during regular operations and in the event of insolvency of the self -\ninsured group;\n(c) A copy of any agreements with an administrator, service organization, and\nfiscal agent, including third-party administrators and consultants;\n(d) A copy of the agreement between the self -insured group and each member\njointly and severally binding the group and each member of the group to\ncomply with the provisions of this subtitle and the decisions of the trustees\nrelating to the operation of the self-insured group;\n(e) A description of the group members' common interests or a description of the\nbona fide trade association, including date of organization, articles of\nincorporation, and a history of the association's activities;\n(f) The managed care and utilization review plans, if any, established under KRS\nChapter 342 for the self-insured group;\n(g) A copy of each instrument by which the self -insured group or its agent or\nconsultant has made a commitment to pay for a past or future good or service;\n(h) Identification by name, address, and term of the initial board of trustees,\nadministrator, and service organization together with an attested statement that\na pecuniary or personal conflict does not exist between the offi cial duties of\nthe trustees, administrators, and service organizations and the interests of the\nmembers;\n(i) The name of the custodian and the address where the self -insured group's\nbooks and records will be kept;\n(j) Specimen of the proposed policy and ce rtificate of insurance for the specific\nand aggregate excess coverage, clearly stating any deductible or retention\namount;\n(k) Copies of security deposits and fidelity bonds required under this subtitle;\n(l) A proposed schedule of projected annual premium rates and any factor or plan\nby which rates may be modified. Experience modification factors shall be\ncalculated according to the rules of the advisory organization designated by\nthe commissioner in accordance with Subtitle 13 of this chapter;\n(m) Financial statements for initial group members audited by a certified public\naccountant, and signed by an owner or officer of each member, demonstrating\na combined net worth of not less than ten million dollars ($10,000,000) for the\ngroup, except for governmental entities, and the financial condition of each\nmember;\n(n) A feasibility study prepared by a qualified actuary demonstrating the overall\nadequacy and soundness of the proposed plan of operation for the self -insured\ngroup; and\n(o) A three (3) year financial projection including income statements, balance\nsheets, statements of cash flow, and all material assumptions relating to the\nfinancial projection for the self-insured group.\n(3) (a) Except as provided in paragraph (b) of this subsection, the premium of one (1)\ngroup member shall not exceed twenty percent (20%) of the estimated total\npremium for the workers' compensation self-insured group.\n(b) If the group consists of two (2) or more governmental entities, the premium of\none (1) group member shall not exceed sixty percent (60%) of the estimated\ntotal premium for the self-insured group.\n(4) The first year's premium for the initial certification of the self -insured group shall\nnot be less than one million dollar s ($1,000,000). Verification shall be presented\nthat twenty-five percent (25%) of the initial estimated premium has been paid and\ndeposited with the self-insured group's fiscal agent.\n(5) The initial application shall be filed a minimum of ninety (90) days  prior to the\nproposed inception date of the self-insured group.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=30250","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:58:00Z","sha256":"b0138ec92b119014e27c5ab7ef9f9e1730cd51c3e7ce8abb2bf3b00eb878bf4d","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.50-025","next":"us-ky/krs-304.50-035"},"notice":"GroundRules: Original legal text. Not legal advice."}