2006 Kentucky Revised Statutes - .140   Formation of mutual -- Failure to qualify.

304.24-140 Formation of mutual -- Failure to qualify. If the proposed domestic insurer fails to complete its organization and to secure its original certificate of authority within one (1) year after the date of its certificate of incorporation, its corporate powers shall cease, and the executive director shall return or cause to be returned to the persons entitled thereto all advance deposits or payments of premiums held in trust under KRS 304.24-130. Effective: June 18, 1970 History:Created 1970 Ky. Acts ch. 301, subtit. 24, sec. 14, 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.