On an annual basis, the board may declare a dividend in accordance with Subtitle 24 of KRS Chapter 304, and distribute the same in the form of premium discounts, dividends, or a combination of dividends and discounts, at its discretion, if:
(1) The funding obtained pursuant to KRS 342.829 has been repaid in full;
(2) An independent actuarial report of the prior year's operations has been completed and reviewed by the board;
(3) The authority has met all expenses for administration and claims for the prior year; and (4) Adequate reserves exist to pay all claims.