KRS § 342.803 Kentucky Employers' Mutual Insurance Authority.
AI-assisted research summary: The Authority is created and must operate as a self-supporting public insurer for employers.
342.803 Kentucky Employers' Mutual Insurance Authority. (1) The Kentucky Employers' Mutual Insurance Authority is created as a nonprofit, independent, self-supporting de jure municipal corporation and political subdivision of the Commonwealth which shall be a public body corporate and politic to insure employers in the Commonwealth for workers' compensation, employers' liability insurance and coverage required by the Federal Coal Mine Health & Safety Act, the Jones Act, and the Longshore and Harbor Workers Act incidental to and written in conjunction with workers' compensation. The General Assembly hereby recognizes that the operation of a competitive state fund is a unique activity for state government and that a corporate structure will best enable the authority to be managed in an entrepreneurial and business-like manner. The authority shall function in a manner similar to a governing board for a domestic mutual insurance company and shall be subject to the provisions of KRS Chapter 304 applicable to domestic mutual insurance companies, unless otherwise provided or exempted in KRS 342.801 to 342.843. (2) Except for initial funding for start-up, the authority shall be entirely self-supporting. (3) The authority or its liabilities shall not be deemed to constitute a debt or a liability of the Commonwealth or a pledge of the faith and credit of the Commonwealth. (4) The authority shall provide coverage and issue policies as an insurer in the voluntary market and as an insurer of last resort. Effective: July 15, 1998 History: Amended 1998 Ky. Acts ch. 361, sec. 1, effective July 15, 1998. -- Amended 1996 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 39, effective December 12, 1996. -- Created 1994 Ky. Acts ch. 181, Part 12, sec. 40, effective April 4, 1994.