2006 Kentucky Revised Statutes - .060   Qualification of newly organized stock insurer.

304.24-060 Qualification of newly organized stock insurer. (1) Upon receiving the application provided for in subsection (4) of KRS 304.24-050, the executive director shall make an examination of the affairs of the proposed corporation to ascertain whether it has complied with requirements of law and has fully paid-in capital stock and assets in amount necessary to qualify for authority to transact the kind or kinds of insurance proposed to be transacted. As a part of such examination the executive director shall require the incorporators or directors to certify, under oath, that assets exhibited to him are the bona fide property of the proposed corporation. (2) If after such examination the executive director finds that the proposed corporation is fully entitled thereto, he shall issue to it his certificate of authority to transact the kind or kinds of insurance for which it has qualified. Effective: June 18, 1970 History:Created 1970 Ky. Acts ch. 301, subtit. 24, sec. 6, effective June 18, 1970. Legislative Research Commission Note (6/20/2005). 2005 Ky. Acts chs. 11, 85, 95, 97, 98, 99, 123, and 181 instruct the Reviser of Statutes to correct statutory references to agencies and officers whose names have been changed in 2005 legislation confirming the reorganization of the executive branch. Such a correction has been made in this section.