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Fri November 8, 2013
KY Dept. Of Insurance Wants To Manage School Funds
The Kentucky Department of Insurance is asking to be allowed to manage funds used for school board workers' compensation and property and liability claims.
The Public Protection Cabinet says the Insurance Department's lawyers filed petitions yesterday in Franklin County Circuit Court seeking to have the funds placed in rehabilitation due to serious financial problems.
The cabinet says the plan would save at least $21 million over earlier proposals.
The petitions seek to have $48 point 5 million dollars in assessment plans approved. The cabinet said members of self-insured funds sign agreements and are responsible for resolving the deficits through the assessments.