Self-insurance of public housing authority

Any public housing authority created pursuant to KRS Chapter 80 may self-insure, subject to approval of the commissioner by filing with the commissioner in satisfactory form: (1) A continuing undertaking by the owner or other appropriate person to pay tort liabilities; (2) Evidence that appropriate provision exists for prompt and efficient administration of all claims; and (3) Evidence that reliable financial arrangements, deposits, or commitments exist providing coverage substantially equivalent to that afforded by a policy of insurance for payment of claims against a public housing authority.