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299.210 Reinsurance.
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An assessment or cooperative life insurance company, including such
companies as are organized under the provisions of KRS Chapter 303 and
KRS 304.32-010 to 304.32-270, may be wholly reinsured in, and its assets to
the extent required to establish adequate reserves transferred to, and its
liabilities assumed by a mutual or stock insurer pursuant to an agreement of
reinsurance approved by the commissioner of insurance after such hearing as
the commissioner may require, and approved by two-thirds (2/3) of the
members of such company who are present at a meeting of such members
duly called for such purpose, and vote thereon.
Any such reinsurance agreement shall determine the amount of surplus, if any,
of such cooperative or assessment company and shall make adequate
provision for paying to the members of such company their respective shares
of such surplus determined in such manner as may be approved by the
commissioner.
If the transfer or reinsurance is approved, every policyholder of the company
who files with its secretary, within ten (10) days after the meeting, written notice
of his preference to be transferred to some other company than that named in
the contract, shall be accorded all the rights and privileges, if any, in aid of the
transfer, that would have been accorded under the terms of the contract had he
been transferred to the company named therein.
No domestic company shall transfer its risks or any part thereof to, or reinsure
its risks or any part thereof in, any insurance company of another state or
country that is not at the time of the transfer or reinsurance authorized to do
insurance business in this state.
Effective:July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 887, effective July 15, 2010. -Amended 1972 Ky. Acts ch. 203, sec. 50, effective June 16, 1972. -- Amended
1950 Ky. Acts ch. 21, sec. 5, effective September 1, 1950. -- Recodified 1942
Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 668.
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