{"data":{"id":"us-ky/krs-342.811","jurisdiction":"us-ky","citation":"KRS 342.811","heading":"Powers and duties of board.","body":"The board of directors of the authority shall function in a manner similar to the governing\nbody of a mutual insurance company established pursuant to KRS Chapter 304, with all\nof the general corporate powers incidental thereto. The powers and duties of th e board\nshall include, but not be limited to, the power to:\n(1) Sue;\n(2) Hire a manager to administer the authority in accordance with the policies and\nprocedures of the board;\n(3) Hire an internal auditor who shall serve at the pleasure of and report dire ctly to the\nboard on the internal operations of the authority;\n(4) Adopt a corporate seal;\n(5) Develop and file with the Legislative Research Commission bylaws for the\noperation of the authority;\n(6) Develop bylaws to establish the contingent liability of the policyholders for\nassessment purposes required in KRS 342.823;\n(7) Examine and adopt an annual operating budget for the authority;\n(8) Serve as investment trustees and fiduciaries of the authority in accordance with the\nprovisions of KRS Chapter 386;\n(9) Incur debt in its own name and enter into financing agreements with the\nCommonwealth, its own agencies, or with a commercial bank, excluding the\nauthority to issue bonds;\n(10) Develop policy for the operation of the authority consistent with its mission  and\nfiduciary responsibility;\n(11) Adopt a procurement policy consistent with the provisions of KRS Chapter 45A,\nincluding competitive bidding procedures;\n(12) Develop and publish an annual report to policyholders, the Governor, the General\nAssembly, and interested parties that describes the financial condition of the\nauthority, including a statement of expenses, income, and actuarial soundness;\n(13) Pursuant to KRS Chapter 304, determine and establish an actuarially -sound price\nfor insurance offered by the authority, including any dividends or deviations;\n(14) Pursuant to KRS 342.823, assess policyholders;\n(15) Employ a qualified firm to conduct an internal review and management or\nperformance audit of the internal operations of the authority as needed or\ndetermined by the board, Attorney General, or Auditor of Public Accounts;\n(16) Approve a personnel policy subject to the provisions of KRS 342.813;\n(17) Approve all contracts entered into by the authority, in accordance with the bylaws\nand procurement policy of the board;\n(18) Conduct annually an independent audit of the financial condition of the authority;\nand\n(19) Perform all other acts necessary or convenient in the exercise of any power,\nauthority, or jurisdiction over the authority, either in the administration or in\nconnection with the business of the authority to fulfill the purpose of KRS 342.801\nto 342.843.","path":["KRS Chapter 342"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=32565","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:58:32Z","sha256":"c3c4f57a779de570159b8fb3fcb957f38289d50f95f407dd5bda73bcc70bad89","source_id":"us-ky","stale":false,"prev":"us-ky/krs-342.809","next":"us-ky/krs-342.813"},"notice":"GroundRules: Original legal text. Not legal advice."}