2006 Kentucky Revised Statutes - .400   Affiliations of stock insurers.

304.24-400 Affiliations of stock insurers. (1) A domestic stock insurer shall not acquire a controlling interest in the shares of another stock insurer by an exchange of securities or partly in exchange for securities and partly for cash or property, unless the insurer has first submitted the plan for such acquisition and exchange to the executive director and the executive director has approved the same. (2) The executive director shall not so approve unless he finds the plan for such acquisition and exchange and the terms and conditions thereof to be fair and equitable to all parties concerned therein, after a hearing to which all persons to whom it is proposed to issue securities in such exchange shall have the right to appear. (3) Notice and conduct of such hearing shall be as provided in Subtitle 2. Effective: June 18, 1970 History:Created 1970 Ky. Acts ch. 301, subtit. 24, sec. 40, 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.