Kentucky Revised Statutes Title VII. Public Property and Public Printing § 56.100.Commonwealth’s property and casualty insurance fund; payments into; limit on risk; certificate of terms and conditions

(1)(a) 1. Each fiscal year, the State Treasurer shall deduct from any funds in the Treasury payable to an agency for the care and maintenance of public buildings or property an amount equal to the premiums certified to him or her as chargeable against that agency.

2. The amount so debited shall be credited to an account kept by the State Treasurer and known as the Commonwealth's property and casualty insurance fund.

1. On and after March 31, 2025, until June 30, 2030, a premium shall not be charged on any one (1) subject of risk upon a valuation of more than ten million dollars ($10,000,000), unless the Office of the Controller in the cabinet has contracted for reinsurance that limits the liability of the fund to ten million dollars ($10,000,000) upon that risk; and

2. On and after July 1, 2030, a premium shall not be charged on any one (1) subject of risk upon a valuation of more than one million dollars ($1,000,000), unless the Office of the Controller in the cabinet has contracted for reinsurance that limits the liability of the fund to one million dollars ($1,000,000) upon that risk.