{"data":{"id":"us-ky/krs-342.817","jurisdiction":"us-ky","citation":"KRS 342.817","heading":"Rating plans, rates, and underwriting standards for different classes of","body":"risks -- Competitive nature and filing requirement for rates -- Annual report\non status of surplus.\n(1) The authority, through its board and manager, shall establish sep arate rating plans,\nrates, and underwriting standards for different classes of risks for the authority.\n(2) The rating plans, rates, and underwriting standards developed for the categories of\nrisk shall be based on generally accepted actuarial practices an d procedures as set\nforth in the Statement of Principles Regarding Property and Casualty Ratemaking of\nthe Casualty Actuarial Society, in accordance with the actuarial standards of\npractice and compliance guidelines of the Actuarial Standards Board. The ra tes\nshall be actuarially sound for both the voluntary market and the market of last resort\nand set at levels which are expected, in the aggregate, to be sufficient to pay all\nworkers' compensation claims incurred by the participating employer risks and other\npermitted expenses of the authority. The rates for the voluntary market and the\nmarket of last resort shall be filed individually with the commissioner of the\nDepartment of Insurance on forms prescribed by the commissioner by the\npromulgation of administrative regulations.\n(3) Multitiered premium or rating plans may be developed to provide workers'\ncompensation coverage to insureds in the Commonwealth.\n(4) The manager shall develop statistical and other information as necessary to\ndistinguish its writing s in the voluntary market, and its writings as a market of last\nresort.\n(5) The rates established by the authority for its policyholders shall be based only on\nKentucky loss experience data, except that other loss experience data may be\nutilized as a suppl ement to Kentucky data if supplemental or additional data are\nnecessary to establish statistical credibility of an employment classification.\n(6) Any and all rates, whether for the voluntary market or the market of last resort,\nestablished by the board are  deemed competitive and shall be filed with the\ncommissioner of insurance in accordance with KRS Chapter 304 in the same\nmanner as any other mutual insurance company writing workers' compensation in\nthe Commonwealth.\n(7) Notwithstanding any provision of KR S Chapter 304 to the contrary, the surplus\nrequirements for mutual insurance companies in the Commonwealth shall not apply\nto the authority until the authority has been in operation for eighty-four (84) months,\nunless modified by the General Assembly. In a ddition to other reporting\nrequirements in KRS 342.809 and 342.821, the authority shall report to the\nEconomic Development and Workforce Investment Committee of the General\nAssembly, no later than October 31 of each year, on the status of its efforts to bu ild\nand maintain a surplus as required by KRS Chapter 304.","path":["KRS Chapter 342"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=51286","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:58:32Z","sha256":"cf1d8d56ce02d89ca01d0775eeee8a82a6964e521556c94f44c35b22bb5e9f40","source_id":"us-ky","stale":false,"prev":"us-ky/krs-342.815","next":"us-ky/krs-342.819"},"notice":"GroundRules: Original legal text. Not legal advice."}