{"data":{"id":"us-ky/krs-304.50-045","jurisdiction":"us-ky","citation":"KRS 304.50-045","heading":"Initial and continuing financial solvency requirements.","body":"(1) To obtain and maintain a certificate of filing, a workers' compensation self -insured\ngroup shall have sufficient financial strength to pay all benefits for compensation\nrequired by KRS Chapter 342 for risks covered by the group, including known\nclaims and expenses and incurred but not reported claims and expenses.\n(2) (a) The trustees and administrators shall provide a fidelity bond to the\ncommissioner in the amount of not less than three hundred thousand dollars\n($300,000), which may be subject to a deduct ible not exceeding ten thousand\ndollars ($10,000), for each trustee, each administrator and the administrator's\nemployees.\n(b) The fiscal agent shall provide a fidelity bond to the trustees of not less than\nfifty percent (50%) or one million dollars ($1,000,000), whichever is lower, of\nthe funds to be handled by the fiscal agent. This requirement shall be waived\nif the fiscal agent is a national bank.\n(c) The service organization shall provide a fidelity bond to the trustees of not\nless than two (2) times the amount of the revolving fund.\n(d) In lieu of the bonds required under paragraphs (a), (b), and (c) of this\nsubsection, the trustees may secure a fidelity blanket bond in an amount not\nless than fifty percent (50%) of the self -insured group's premium or two\nmillion dollars ($2,000,000), whichever is lower. The fidelity blanket bond\nshall include the trustees, the administrator, the service organization,\npersonnel of the service organization, and the fiscal agent, unless the fiscal\nagent is a national bank.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=30253","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:58:00Z","sha256":"c012add1a9ebcde990914d598844bd0da8f4170e56caab8bcd47ec315305d622","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.50-040","next":"us-ky/krs-304.50-050"},"notice":"GroundRules: Original legal text. Not legal advice."}