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56.090 Rate of premium, how fixed and certified.

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56.090 Rate of premium, how fixed and certified. Before July 1 of each year the cabinet shall fix, upon each public building and upon each <br>class of personal property belonging to or controlled or used by the state or any agency of <br>the state, the rate of premium that the cabinet deems to be the average rate charged by <br>responsible insurance companies doing business in this state for insurance against damage <br>by fire and other hazards upon property of like kind and degree of risk. The premium and <br>insurance shall be calculated upon ninety percent (90%) of the valuation. Before July 1 of <br>each year the cabinet shall certify to the State Treasurer the premium to be charged <br>against each agency of the state. Effective: July 15, 2010 <br>History: Amended 2010 Ky. Acts ch. 24, sec. 42, effective July 15, 2010. -- Amended 1982 Ky. Acts ch. 406, sec. 3, effective July 15, 1982. -- Amended 1950 Ky. Acts <br>ch. 192, sec. 3. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, <br>1942, from Ky. Stat. secs. 4636-24, 4636-25.