Magnifying Glass
Back to Sponsored Content

Kentucky Judge Approves Settlement In AIK Comp Case

25 Apr, 2008 WorkersCompensation.com

                               Frankfort, KY. (CompNewsNetwork) - A settlement agreement including a $5 million payment on behalf of former officers and trustees of AIK Comp has been approved by Franklin Circuit Court Judge Thomas D. Wingate.
    
The order was entered on April 17, approving a settlement agreement with Philadelphia Insurance Company to pay the money, the maximum amount available under the professional liability insurance policy covering AIK Comp's former officers and trustees. According to John Burkholder, acting executive director of the Kentucky Office of Insurance and AIK Comp rehabilitator, the $5 million will be used to reduce the fund's deficit and pay benefits to injured workers.
    
The settlement agreement requires dismissal of all claims against former officers and trustees and enters a "bar order,” which prohibits future lawsuits against those company officials.
   
However, the order does not end any actions filed against other defendants, including AIK Comp's sponsoring organization, its auditor and its actuary for alleged failures in the operation, management and sponsorship of AIK Comp.
   
AIK Comp, a self-insured workers' compensation fund, entered rehabilitation in August 2004 and former member businesses have been assessed over $90.7 million to fulfill the fund's benefit obligations.

    • Read Also

    IOH Announces Appointment of Scott Strickland as Chief Operating Officer (COO) 

    SAN DIEGO, CA — July 1, 2024 — Institutes of Health (“IOH”), a leading transdisciplinary Workers’ Compensation treatment organization focused on patients suffering from complex and chronic conditions, is delighted to announce the appointment of […]
    Rising Medical Solutions Becomes Bronze Associate Partner of WorkCompCollege.com 

    Lakewood Ranch, FL (July 2, 2024) – WorkCompCollege.com, a division of Workers’ Compensation Educational Services, LLC, has announced a Bronze Associate Partnership with Rising Medical Solutions (Rising). Their mission to “make lives better” is consistent […]
    The Key Role of a Workers’ Comp Case Manager 

    Close attention through the claim lifecycle ensures the best claimant outcomes   In the world of workers’ compensation, where endless variables seem to be at play, Horizon Casualty Services, Inc., (HCS) acknowledges that having a clear […]

    About The Author

    • WorkersCompensation.com

    More by This Author

    Webinar: Building a Resilient Workforce

    Strategies for Workers’ Comp and Employee Well-being When: Aug. 7, 2 p.m. to 2:45 p.m. EDT Who: Dr. Claire Muselman from WorkersCompensation.com and Ian Colton from MedCall What: Join our webinar Building a Resilient Workforce, to […]
    IOH Announces Appointment of Scott Strickland as Chief Operating Officer (COO) 

    SAN DIEGO, CA — July 1, 2024 — Institutes of Health (“IOH”), a leading transdisciplinary Workers’ Compensation treatment organization focused on patients suffering from complex and chronic conditions, is delighted to announce the appointment of […]
    PhysNet Achieves Fifth Consecutive Year of SOC 2 Type II Certification

    Jacksonville, FL, June 3, 2024 – PhysNet proudly announces its attainment of SOC 2 Type II compliance for the fifth consecutive year, reinforcing its commitment to providing enterprise-level security for customer data within its cloud-based […]

    Read More

    IOH Announces Appointment of Scott Strickland as Chief Operating Officer (COO) 

    SAN DIEGO, CA — July 1, 2024 — Institutes of Health (“IOH”), a leading transdisciplinary Workers’ Compensation treatment organization focused on patients suffering from complex and chronic conditions, is delighted to announce the appointment of […]
    Rising Medical Solutions Becomes Bronze Associate Partner of WorkCompCollege.com 

    Lakewood Ranch, FL (July 2, 2024) – WorkCompCollege.com, a division of Workers’ Compensation Educational Services, LLC, has announced a Bronze Associate Partnership with Rising Medical Solutions (Rising). Their mission to “make lives better” is consistent […]
    The Key Role of a Workers’ Comp Case Manager 

    Close attention through the claim lifecycle ensures the best claimant outcomes   In the world of workers’ compensation, where endless variables seem to be at play, Horizon Casualty Services, Inc., (HCS) acknowledges that having a clear […]
    Ametros’ Melissa Coleman Honored by the IAIABC as a 2024 NextGen Winner

    Wilmington, Mass. (June 24, 2024) – The IAIABC has recognized Melissa Coleman as a 2024 NextGen Award Winner. Coleman is the Senior Vice President of Marketing for Ametros, which helps people manage their medical funds following workers’ […]
    PhysNet Achieves Fifth Consecutive Year of SOC 2 Type II Certification

    Jacksonville, FL, June 3, 2024 – PhysNet proudly announces its attainment of SOC 2 Type II compliance for the fifth consecutive year, reinforcing its commitment to providing enterprise-level security for customer data within its cloud-based […]
    WorkCompCollege.com Welcomes Alistair Ienstein as New Academic Innovator 

    June 20, 2024 – WorkCompCollege.com is thrilled to announce the appointment of Alistair Ienstein as its new Academic Innovator. Alistair, a unique and revolutionary AI presence, is poised to transform the learning experience for students […]

    Request a Demo

    To request a free demo of one of our products, please fill in this form. Our sales team will get back to you shortly.