Kentucky Revised Statutes
Statutes Last Updated July 23, 2012
Includes Enactments through the 2012 Extraordinary Session This page was produced on 7/24/2012 at 8:50:01 AM
Terms & Conditions | PDF Viewer KRS Chapter 304.24
Terms & Conditions | PDF Viewer
.010 Scope.
.020 Definitions.
.030 Applicability of general corporation statutes.
.040 Incorporation of domestic stock, combined stock and mutual life, or mutual insurers -- Votes allotted to stockholders and policyholders.
.050 Procedures preliminary to qualification.
.060 Qualification of newly organized stock insurer.
.070 Completion of incorporation -- General powers and duties.
.080 Amendment of articles of incorporation -- Mutual insurers.
.090 Amendment of articles of incorporation -- Stock insurers.
.095 Articles of incorporation of a combined stock and mutual life insurance company -- Possible amendments.
.100 Formation of mutual -- Initial qualifications.
.110 Formation of mutual -- Bond.
.120 Formation of mutual -- Applications for insurance.
.130 Formation of mutual -- Trust deposit of premiums.
.140 Formation of mutual -- Failure to qualify.
.150 Additional kinds of insurance -- Mutuals.
.160 Membership in mutuals.
.170 Bylaws of mutual.
.180 Rights of mutual members in general.
.190 Meetings of members of mutual insurer.
.200 Special meetings of members of mutual insurer.
.210 Voting rights of mutual members.
.220 Contingent liability of mutual member.
.230 Levy of contingent liability.
.240 Enforcement of contingent liability.
.250 Nonassessable policies -- Mutual insurers.
.260 Nonassessable policies -- Revocation of authority.
.270 Prohibited pecuniary interests.
.280 Management and exclusive agency contracts.
.290 Principal office -- Records -- Assets.
.300 Borrowed surplus.
.310 Participating policies.
.320 Dividends to stockholders.
.330 Dividends to policyholders.
.340 Issuance of policies in other states.
.350 Impairment of capital or assets.
.360 Mutualization of stock insurer.
.370 Conversion of stock insurer to ordinary business corporation.
.380 Repealed, 2000.
.390 Merger -- Consolidation of insurers.
.400 Affiliations of stock insurers.
.410 Repealed, 2000.
.415 Report disclosing material acquisitions and dispositions of assets, nonrenewals, cancellations, or revisions of ceded reinsurance agreements -- Exceptions.
.420 Bulk reinsurance.
.430 Voluntary dissolution.
.440 Mutual member's share of assets on liquidation.
.500 Approval of foreign insurer as domestic insurer -- Transfer of domicile of domestic insurer to another state -- Continuance of certificate of authority upon transfer of corporate domicile after merger or consolidation.
Insurer Demutualization
.600 Conversion of domestic mutual insurer to stock insurer.
.601 Definitions for KRS 304.24-600 to 304.24-625.
.603 Amendment of articles of incorporation -- Plan of conversion.
.605 Application for approval of plan of conversion -- Actuarial opinion.
.607 Commissioner's review of plan of conversion -- Hearing and comments -- Approval or disapproval.
.609 Findings requiring commissioner's approval of plan -- Hiring of experts -- Deposits in anticipation of expenses -- Commissioner may consider effect of insurer's past actions.
.611 Vote on plan of conversion and proposed amendments -- Meeting of members -- Notice of right to vote and accompanying materials -- Voting by proxy.
.613 Effect of conversion.
.615 Consideration distributed to eligible members.
.617 Fairness of method or formula in plan of conversion.
.619 Dividend preservation provisions.
.621 Use of closed block to preserve dividend expectations.
.623 Acquisition of beneficial ownership of voting securities after conversion.
.625 Sale or issuance of stock or other security after conversion.
