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299.250 Requirements for reorganized company to begin business.
The reorganized company may not do any business as a stock company until the
amount of stock determined as provided in KRS 299.240, and as authorized by law,
has been subscribed and paid for, at not less than par, and the provisions of the law
concerning stock companies have been complied with, and the proceeds of the
capital stock to the amount of at least $100,000 have been invested in securities
such as those in which insurance companies are permitted by law to make
investments, and such securities to the amount of at least $100,000 have been
deposited with the custodian of insurance securities to guarantee the payment of
policies issued by the company, and until the commissioner has, upon request,
valued the assets of the company and its outstanding policies and has given his
certificate that the admitted assets of the company, including its capital stock, are
sufficient to provide reserve upon all outstanding assessment policies, valued as
provided in KRS 299.280, over and above all other bona fide debts of the company
and claims against it, and that the company has complied with all of the laws
regarding life insurance companies upon the stock or mutual plan, as the case may
be.
Effective:July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 889, effective July 15, 2010. -Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky.
Stat. sec. 681b-5.
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