(1) (a) 1. Each fiscal year, the State Treasurer shall deduct from any funds in the Treasury payable to an agency for t he 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 Commonw ealth's property and casualty insurance fund. (b) Notwithstanding KRS 56.090: 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) s ubject 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. (2) (a) The Office of the Controller in the cabinet shall prescribe a certificate setting forth the terms and conditions of coverage under the Commonwealth's property and casualty insurance fund. (b) Different forms of certificates may be used for different risks and the certificates may contain such terms and conditions as the Office of the Controller in 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 Commonwealth's property and casualty insurance fund.
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