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