2011 Kentucky Revised Statutes Subtitle 37. Insurance Holding Company Systems 304.37.540 Annual statement -- Limitation on aggregate pledges and encumbrances of assets -- Investment of net worth in subsidiaries.
KY Rev Stat § 304.37.540 (1996 through Reg Sess) What's This?
304.37-540 Annual statement -- Limitation on aggregate pledges
encumbrances of assets -- Investment of net worth in subsidiaries.
(1)
(2)
(3)
and
In addition to any other items required to be filed with the department under this
chapter, each mutual insurance holding company shall supply to the Department of
Insurance, by March 1 of each year, an annual statement consisting of the following:
(a) An income statement;
(b) A balance sheet;
(c) A cash flow statement;
(d) Complete information on the status of any closed block of business formed as
a part of a plan or reorganization;
(e) An investment plan covering all assets; and
(f) A statement disclosing any intention to pledge, borrow against, alienate,
hypothecate, or in any way encumber the assets of the mutual insurance
holding company.
The aggregate pledges and encumbrances of a mutual holding company's assets
shall not affect more than forty-nine percent (49%) of the company's stock in any
subsidiary insurance holding company or subsidiary insurance company that
resulted from a reorganization or merger.
At least fifty percent (50%) of the generally accepted accounting practices net worth
of a mutual insurance holding company shall be invested in insurance company
subsidiaries.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1491, effective July 15, 2010. -- Created
1998 Ky. Acts ch. 546, sec. 9, effective July 15, 1998.
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