{"data":{"id":"us-ky/krs-342.347","jurisdiction":"us-ky","citation":"KRS 342.347","heading":"Examination  of finances of individual self-insureds -- Annual","body":"statement of financial condition -- Role of Department of Insurance.\n(1) The  commissioner or the commissioner's designee shall have power  to\nexamine the financial condition and affairs related to workers' compensation of\nany  individual self-insureds and  shall have  free access to books  and\ndocuments  relating to the self-insurance activities of the entity. The\ncommissioner shall so examine each individual self-insured not less frequently\nthan once every four (4) years. Information obtained through the examination\nshall be exempt from disclosure, under KRS 61.878(1)(c) or (j).\n(2) All individual self-insured employers shall file with the commissioner a\nstatement of financial condition audited by an independent certified public\naccountant on or before one hundred twenty (120) days from the end of the\nself-insured's fiscal year for the immediately preceding fiscal year.\n(3) The  expense of examination shall be borne by the entity examined and shall\ninclude reasonable lodging and  travel expenses  of the commissioner's\ndesignees, and expert assistance as necessarily incurred in the examination.\n(4) The  Department of Insurance shall approve the form and contents of excess\ninsurance policies and upon request of the commissioner shall review the\napplication for approval of any individual self-insured and render an opinion as\nto the sufficiency of the excess insurance policies or other security posted by\nthe applicant.\n(5) Not  less often than biennially, the commissioner of the Department of\nInsurance shall review the activities, procedures, administrative regulations,\nand  policies of the Department  of Workers' Claims  and  make  such\nrecommendations  to the Governor and legislative committees as may  be\nappropriate to strengthen the oversight of individual self-insureds so that\npayment of liabilities to workers under this chapter is assured.","path":["KRS Chapter 342"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=46681","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:58:31Z","sha256":"7e996ab42541b84ddd548ff7e218eb1ccf8dbcfb5115062dac2b703275beb89a","source_id":"us-ky","stale":false,"prev":"us-ky/krs-342.345","next":"us-ky/krs-342.350"},"notice":"GroundRules: Original legal text. Not legal advice."}