Statutes

The following summary outlines key provisions from KRS Chapter 342 that govern the Funding Commission's operations.

  • 342.120 - Establishes the Division of Workers’ Compensation Fund in the Office of Workplace Standards, closed the Special Fund liability for claims incurred after 12/12/1996, and provides for payment of settlement for income benefits
  • 342.122 - Outlines purpose of assessments; directs Funding Commission to impose assessments on workers compensation insurance premiums and self-insured contributions; requires Funding Commission to determine annual assessments; establishes due dates for payment of premium assessments and collection by insurance carriers; requires assessment payors to provide an annual list of employers, premiums collected, and their SIC code; and provides other administrative requirements
  • 342.1221 - Establishes penalty and interest rates for late payment of assessments
  • 342.1222 - Addresses refunds or credits on canceled or returned premiums
  • 342.1223 - Identifies duties and responsibilities of the Funding Commission
  • 342.1224 - Establishes the membership requirements and appointment of the Funding Commission Board of Directors; sets forth duties and responsibilities
  • 342.1225 - Requires annual audit of Commission’s financial statements
  • 342.1226 - Allows Special Fund and Funding Commission to share records as needed to meet KRS requirements
  • 342.1227 - Prohibits loan or transfer of funds from Funding Commission to the Commonwealth or agency
  • 342.1228 - Exempts Funding Commission from Governor’s reorganization powers
  • 342.1229 - Establishes the Benefit Reserve Fund within the Funding Commission
  • 342.1231 - Outlines procedures for protesting special fund assessments; allows Funding Commission to recapture audit costs from auditees
  • 342.1241 - Describes purpose of Coal Workers' Pneumoconiosis Fund and transfers responsibilities for black lung claims to coal employers and producers
  • 342.1242 - Establishes Coal Workers’ Pneumoconiosis Fund; describes liability for benefits; requires employers to defend claims; sets initial rates and due dates for assessments and coal severance; requires Funding Commission to evaluate actuarial soundness and manage resources in the same manner as the Special Fund