{"data":{"id":"us-ky/krs-342.447","jurisdiction":"us-ky","citation":"KRS 342.447","heading":"Insurance companies' payments of amounts collected for taxes and","body":"assessments of Kentucky Reinsurance Association or Department of Revenue\nmandatory -- Audits to ensure compliance.\n(1) All funds collected by insurance companies from their insureds, prior to October 26,\n1987, for assessments of the Kentucky Reinsurance Association or special fund\ntaxes and assessments of the Kentucky Department of Revenue not previously paid,\nshall be paid in full by January 1, 1988, to the Kentucky Workers' Compensation\nFunding Commission.\n(2) To ensure compliance with the provisions of subsection (1) of this section, the\nDepartment of Revenue shall conduct audits of insurance companies. The costs of\nsuch audits shall be borne by the Kentucky Workers' Compensation Fundin g\nCommission. The Department of Revenue may enter an agreement with the\nDepartment of Insurance for assistance in conducting such audits or it may hire\nadditional auditors on a temporary basis. The audits shall commence within sixty\n(60) days from October 26, 1987, and shall be completed within six (6) months. The\naggregate findings of such audits shall be presented to the commissioner of revenue,\nthe commissioner of insurance, the Kentucky Workers' Compensation Funding\nCommission, and the Governor.\n(3) If the audits reveal noncompliance with subsection (1) of this section, the\nDepartment of Revenue shall notify the affected party of such fact. The affected\nparty shall remit the amount in question not later than thirty (30) days following\nnotification and the Department of Revenue shall institute a civil action in Franklin\nCircuit Court if remittance is not made within such thirty (30) day period.\n(4) The failure of an insurance company to comply with the provisions of this section\nshall constitute grounds for the revocation by the commissioner of insurance of such\nentity's authority to write workers' compensation coverage in the Commonwealth.\n(5) The Department of Revenue shall report to the commissioner of insurance the\nfailure of any insurance company to co mply with the provisions of this section and\nthe commissioner of insurance shall institute revocation procedures of such entity's\nauthority to write workers' compensation coverage in the Commonwealth.\n(6) \"Funds collected\" as used in subsection (1) of this  section shall mean all funds\ncollected without reduction for credits, refund, or returns of any type made to\ninsureds or group members after September 1, 1987.","path":["KRS Chapter 342"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=32507","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:58:32Z","sha256":"d4480de302a5c2db1e1ff982712b0e9e94e35f4111b0295041255c7cbd209199","source_id":"us-ky","stale":false,"prev":"us-ky/krs-342.445","next":"us-ky/krs-342.450"},"notice":"GroundRules: Original legal text. Not legal advice."}