Section 304.50-120 - Aggregate excess insurance - Standards for waiver and exemption - Administrative regulations - Eligibility to write excess liability coverage for group(1) The commissioner shall promulgate administrative regulations setting forth the requirements for aggregate excess insurance and the standards for granting a waiver, but a workers' compensation self-insured group shall not be required to purchase aggregate excess insurance if the group's fund balance is thirty percent (30%) or more of earned premiums.(2) Except for a worker's compensation self-insured group granted a waiver or exempted under subsection (1) of this section, the trustees shall purchase aggregate excess insurance.(3) The trustees shall purchase specific excess insurance coverage with a limit of at least twenty-five million dollars ($25,000,000) per occurrence.(4) To be eligible to write excess liability coverage for a self-insured group, a casualty insurance company shall at all times maintain twenty-five million dollars ($25,000,000) of minimum policyholder surplus.Effective:7/15/2010
Amended 2010, Ky. Acts ch. 24, sec. 1642, effective7/15/2010. --Amended 2008, Ky. Acts ch. 183, sec. 7, effective 7/15/2008. -- Created 2005, Ky. Acts ch. 7, sec. 24, effective 3/1/2005.