Specifications include, but are not limited to: Create a new actuarial model or modify the existing actuarial model, which is used as a tool to aid in the estimate of the amount of security required by KRS 342.340(1) and 803 KAR 25:021 to be deposited by self-insured or formerly self-insured employers. to secure the employer’s incurred compensation payment liabilities. The model shall evaluate employer loss data, insurance industry benchmark data, and other factors to produce a reasonable estimate of security required to assure direct payment of workers’ compensation benefits to employees injured during the employer’s period of self-insurance and to allow for the calculation of a simulated premium as defined in KRS 342.0011(28).