{"data":{"id":"us-ky/krs-304.50-110","jurisdiction":"us-ky","citation":"KRS 304.50-110","heading":"Statement of financial condition -- Contents.","body":"(1) In addition to reports required under KRS 304.50 -060, each workers' compensation\nself-insured group shall file with the commissioner an annual statement of financial\ncondition audited by an independent certified public accountant on or before one\nhundred a nd twenty (120) days from the end of the group's fiscal year for the\nimmediately preceding fiscal year. The annual financial statement shall be on a form\napproved by the commissioner and in accordance with generally accepted\naccounting principles.\n(2) The annual financial statement shall include actuarially appropriate reserves for:\n(a) Known claims and expenses related to such claims;\n(b) Claims incurred but not reported and any expenses associated such claims;\nand\n(c) Unearned premiums, contributions, and assessments.\n(3) The annual financial statement shall also include an actuarial opinion by a qualified\nactuary and a supporting reserve study regarding reserves for known claims and\nexpenses associated with such claims. The reserve study shall include\ndocumentation sufficient for another actuary practicing in the same field to evaluate\nthe work. The documentation shall describe clearly the sources of data, material\nassumptions, and methods.\n(4) The following statements shall be included with the annual financial statement:\n(a) Balance sheet;\n(b) Statement of gain or loss from operations;\n(c) Statement of changes in financial position; and\n(d) Notes to financial statements required by generally accepted accounting\nprinciples, which shall include a narrative explanation of all material\ntransactions and balances of the self-insured group.\n(5) No person shall make a deceptive statement or fail to correct a misstatement in\nconnection with the solicitation of membership of a self-insured group.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=30266","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:58:00Z","sha256":"7acbf3bdce49bb318cd91f51f80ebec6c5689db56548b634a5731362d19538f9","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.50-105","next":"us-ky/krs-304.50-115"},"notice":"GroundRules: Original legal text. Not legal advice."}