304.37-580 Prohibited ownership interests -- Prohibited acquisition offer to
acquire.
(1)
(2)
(3)
At no time shall the officers, directors, or insiders of the mutual insurance holding
company and its subsidiaries and affiliates beneficially own, in the aggregate, more
than eighteen percent (18%) of the voting stock of the insurance company
subsidiary of a mutual insurance holding company, an intermediate holding
company subsidiary of a mutual insurance company, or an insurance company
subsidiary of an intermediate holding company subsidiary to a mutual insurance
holding company.
This subsection applies to directors of the mutual insurance holding company and
its subsidiaries and affiliates. These directors shall not purchase or beneficially own,
in the aggregate, more than three percent (3%) of the voting stock of an insurance
company subsidiary of a mutual insurance company or an insurance company
subsidiary of an intermediate holding company subsidiary to a mutual insurance
holding company.
No person may directly or indirectly offer to acquire or acquire, in any manner,
beneficial ownership of more than fifteen percent (15%) of any class of voting
securities of an insurance company subsidiary of a mutual insurance holding
company, an intermediate holding company subsidiary of a mutual insurance
company, or an insurance company subsidiary of an intermediate holding company
subsidiary to a mutual insurance holding company.
Effective: July 15, 1998
History: Created 1998 Ky. Acts ch. 546, sec. 17, effective July 15, 1998.
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