KY HB448 | 2020 | Regular Session

Status

Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on February 19 2020 - 25% progression, died in committee
Action: 2020-02-24 - posted in committee
Pending: House Economic Development & Workforce Investment Committee
Text: Latest bill text (Introduced) [PDF]

Summary

Amend KRS 342.120 to require the Division of Workers' Compensation Funds to engage in a program to resolve outstanding indemnity liabilities through lump-sum payments beginning January 1, 2021; amend KRS 342.122 to set the special fund assessment rate at no less than 6.29 percent; to cap funding for financing the expenditures for certain programs in the Labor Cabinet; and to reduce the assessment rate to 1 percent for funding the Labor Cabinet through the provisions of KRS 342.122 once the special fund balance has reached a balance sufficient to produce enough revenue to amortize the remaining claims and fund the operations of the Kentucky Workers' Compensation Funding Commission; amend KRS 342.1223 to require the Kentucky Workers' Compensation Funding Commission to produce and submit a biennial financial audit and management review to the Interim Joint Committee on Appropriations and Revenue by December 31 of odd-numbered years; amend KRS 342.1224 to change the membership of the Kentucky Workers' Compensation Funding Commission.

Tracking Information

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Title

AN ACT relating to payment of outstanding liabilities funded through assessments upon insurance premiums.

Sponsors


History

DateChamberAction
2020-02-24Houseposted in committee
2020-02-21Houseto Economic Development & Workforce Investment (H)
2020-02-19Houseintroduced in House

Subjects


Kentucky State Sources


Bill Comments

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