{"data":{"id":"us-ky/krs-342.801","jurisdiction":"us-ky","citation":"KRS 342.801","heading":"Legislative findings and intent.","body":"(1) The General Assembly finds and declares that:\n(a) An adequate and available workers' compensation insurance market does not\nexist for employers in the Commonwealth;\n(b) Approximately fifty percent (50%) of the private workers' compensation\ninsurance market  resides in the residual market mechanism for workers'\ncompensation;\n(c) The voluntary insurance market has declined to the point that employers in the\nCommonwealth, who lack the financial capability to cover their own risk,\nhave few insurance options exce pt the residual market mechanism through\nwhich to maintain their statutorily-required workers' compensation coverage;\n(d) A lack of an adequate market for workers' compensation insurance threatens\nthe economic welfare of the Commonwealth and its ability to  create and\nmaintain jobs for the citizens of Kentucky;\n(e) Employers in the Commonwealth and other states are required by law to\nprovide workers' compensation coverage to their employees and, therefore, the\nGeneral Assembly has a responsibility to ensure employers an available and\nadequate insurance mechanism through which employers may discharge their\nstatutory duty regarding workers' compensation; and\n(f) State funds have historically and traditionally been a viable participant in the\nworkers' compensati on insurance market, that workers' compensation state\nfunds exist in twenty -five (25) states, and that at least seven (7) states have\ncreated competitive state funds since 1983.\n(2) Therefore, it is the intent of the General Assembly in creating the Employ ers'\nMutual Insurance Authority to establish a self -supporting competitive state fund for\nthe purpose of providing both a market of last resort for employers in the\nCommonwealth and another competitive source of insurance in the voluntary\nmarket through wh ich employers may secure and maintain their workers'\ncompensation coverage required under this chapter.","path":["KRS Chapter 342"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=32560","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:58:32Z","sha256":"39ffa8460d7ebbde853b727d311512e738dabf1a88b1acbe37d41489a3bf83e0","source_id":"us-ky","stale":false,"prev":"us-ky/krs-342.800","next":"us-ky/krs-342.803"},"notice":"GroundRules: Original legal text. Not legal advice."}