Insurance Department seeks to manage school funds

FRANKFORT, Ky. (AP) - 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 said the Insurance Department's lawyers filed petitions Thursday in Franklin County Circuit Court seeking to have the funds placed in rehabilitation due to serious financial problems. The cabinet said in a news release that the plan would save at least $21 million over earlier proposals.

The cabinet said the Kentucky School Boards Insurance Trust has been operating under a deficit that has become increasingly worse.

The petitions seek to have $48.5 million in assessment plans approved. The cabinet said members of self-insured funds sign agreements and are responsible for resolving the deficits through the assessments.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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