2014 Kentucky Revised Statutes CHAPTER 299 - ASSESSMENT OR COOPERATIVE INSURANCE 299.550 Change to mutual plan of company writing insurance other than life.
Download as PDF
299.550 Change to mutual plan of company writing insurance other than life.
Any company operating under the provisions of KRS 299.310 et seq. may become a
mutual insurer as defined in Chapter 304 of the Kentucky Revised Statutes upon the
approval of such change by two-thirds (2/3) of the authorized vote of the
membership of the company, such authorized vote to be determined by the
provisions of KRS 299.350; and such vote to be at a regular annual meeting of the
membership of the company, notice of which meeting shall have been given to the
membership in writing at least thirty (30) days in advance, setting forth the fact that a
vote upon such conversion shall be taken at said meeting. In the event of such
conversion of a company, the effective date of the conversion shall be fixed by
resolution of the membership, and all policies in force as of the effective date of
conversion shall remain in force unless sooner canceled until the next regular
assessment thereon or until one (1) year after the effective date of conversion,
whichever is earlier. All policies written after the effective date of conversion in all
respects shall be in conformity with the provisions of Chapter 304 of the Kentucky
Revised Statutes. The plan of conversion must be submitted to and approved by the
commissioner before it becomes effective.
Effective:July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 902, effective July 15, 2010. -Created 1970 Ky. Acts ch. 63, sec. 1, effective June 18, 1970.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
