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Tue January 15, 2013
KSBIT To Disband By The End of Summer
The financially troubled Kentucky School Boards Insurance Trust, or KSBIT will disband this summer, meaning school districts will have to find new providers for workers compensation, property and liability insurance policies.
The closure also means financial consequences for the Commonwealth's 174 school districts. They will have to divvy up 60 million dollars to cover the cost of past insurance claims. The Kentucky School Boards Association had turned the insurance program over to the Kentucky League of Cities, but a financial review revealed the insurance program had problems worse than first believed, forcing the June 30th shutdown.