{"data":{"id":"us-ky/krs-342.1231","jurisdiction":"us-ky","citation":"KRS 342.1231","heading":"Payment for assessment, penalty and interest, and expenses -- Procedure","body":"for protesting special fund assessments -- Expenses of audits, how paid --\nMailing of assessment notice -- Documents relevant to reports and audits --\nNotice and payment of refund -- Penalty for late payment.\n(1) The funding commission may mail to the assessment payer a notice of any\nassessment assessed by it. The assessment shall be final if not protested in writing\nto the funding commission within thirty (30) days fro m the date of notice. Payment\nfor the assessment, penalty and interest, and expenses shall be received by the\nfunding commission within thirty (30) days from the date the notice becomes final.\nThe protest shall be accompanied by a supporting statement sett ing forth the\ngrounds upon which the protest is made. Upon written request, the funding\ncommission may extend the time for filing the supporting statement if it appears the\ndelay is necessary and unavoidable. The refusal of such extension may be reviewed\nin the same manner as a protested assessment.\n(2) After a timely protest has been filed, the assessment payer may request a conference\nwith the funding commission. The request shall be granted in writing stating the\ndate and time set for the conference. The  assessment payer may appear in person or\nby representative. Further conferences may be held by mutual agreement.\n(3) After considering the assessment payer's protest, including any matters presented at\nthe final conference, the funding commission shall issue a final ruling on any matter\nstill in controversy, which shall be mailed to the assessment payer. The ruling shall\nstate that it is a final ruling of the funding commission, generally state the issues in\ncontroversy, the funding commission's position t hereon and set forth the procedure\nfor prosecuting an appeal to the Board of Claims pursuant to KRS 49.220.\n(4) The assessment payer may request in writing a final ruling at any time after filing a\ntimely protest and supporting statement. When a final ruli ng is requested, the\nfunding commission shall issue such ruling within sixty (60) days or at the next\nboard of directors meeting, whichever is later, from the date the request is received\nby the funding commission.\n(5) After a final ruling has been issued,  the assessment payer may appeal to the Board\nof Claims pursuant to KRS 49.220.\n(6) The expenses incurred by the funding commission in conducting audits required in\nthis chapter shall be paid by the audited entities in accordance with administrative\nregulations promulgated by the funding commission.\n(7) Notwithstanding any provision to the contrary, a notice of assessment under\nsubsection (1) of this section shall not be collected unless the notice of assessment\nis mailed to the assessment payer not later t han five (5) years from the due date of\nthe quarterly premium report or the date the amended quarterly premium report is\nfiled, whichever is later. A quarterly premium report shall not be amended later than\none (1) year after the due date of the quarterly premium report.\n(8) Assessment payers shall preserve, retain, and provide all documents relevant to\nquarterly premium reports and subject to audits to the funding commission upon\nrequest during the completion of the audit.\n(9) (a) The funding commission ma y mail the assessment payer notice of a refund\namount to be returned to an insured. The insurance carrier shall pay the\namount of the refund to the insured within sixty (60) days from the date of\nnotice sent by the funding commission. If, after good -faith efforts, the refund\ncannot be returned to the insured, the refund amount shall be remitted to the\nfunding commission within thirty (30) days from the last date of attempting\nthe refund.\n(b) If a refund amount to an insured is unpaid on the date on which it  is due, then\nthat amount shall bear a penalty of one and one-half percent (1.5%) per month\nfrom that due date. The funding commission shall have the authority to waive\npart or all of the penalty where failure to pay is shown, to the satisfaction of\nthe funding commission, to be for a reasonable cause.\n(10) \"Assessment payer\" as used in this section means insurance carrier, self -insured\ngroup, and self-insured employer.","path":["KRS Chapter 342"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=51525","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:58:30Z","sha256":"1f202d3ed6896070665030b8d30144a958b41480787e15a8501fb085224536fb","source_id":"us-ky","stale":false,"prev":"us-ky/krs-342.123","next":"us-ky/krs-342.1232"},"notice":"GroundRules: Original legal text. Not legal advice."}