56.100 State fire and tornado insurance fund -- Payments into -- Limit on risk -- Certificate of terms and conditions. - Kentucky Statutes

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56.100 State fire and tornado insurance fund -- Payments into -- Limit on risk -- Certificate of terms and conditions. (1) Each fiscal year the State Treasurer shall deduct from any funds in his hands payable to an agency for the care and maintenance of public buildings or property,
an amount equal to the premiums certified to him as chargeable against that agency.
The amount so debited shall be credited to an account kept by the State Treasurer
and known as the state fire and tornado insurance fund. No premium shall be
charged on any one (1) subject of risk upon a valuation of more than five hundred
thousand dollars ($500,000) unless the cabinet has contracted for reinsurance that
limits the liability of the fund to five hundred thousand dollars ($500,000) upon
such subject of risk. (2) The cabinet shall prescribe a certificate setting forth the terms and conditions of coverage under the state fire and tornado insurance fund. Different forms of
certificates may be used for different risks. Such certificates may contain such terms
and conditions as the cabinet may prescribe, including, but not limited to, a
deductible in order that there be fair allocation of significant losses and the
elimination of unnecessary costs in administering the state fire and tornado
insurance fund. Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 44, effective July 15, 2010. -- Amended 1986 Ky. Acts ch. 437, sec. 1, effective July 15, 1986. -- Amended 1982 Ky. Acts
ch. 406, sec. 4, effective July 15, 1982. -- Amended 1960 Ky. Acts ch. 100, sec. 1,
effective June 16, 1960. -- Amended 1954 Ky. Acts ch. 225, sec. 1. -- Amended 1950
Ky. Acts ch. 192, sec. 4. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective
October 1, 1942, from Ky. Stat. sec. 4636-26.