One Large Legal Battle Over KSBIT Ends With Settlement

One chapter in the long legal saga involving the defunct Kentucky School Board Insurance Trust ended last week with a multimillion-dollar settlement.  Under the agreement, two entities will recoup a portion of funds they paid into KSBIT, which went bankrupt in 2013 after 35 years of providing workers’ compensation, and property and liability insurance, to school districts, colleges and universities. After premiums lagged behind claims for decades and created deficits, the state Insurance Department transferred management of the fund to the Kentucky League of Cities in 2010. The l...