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299.030 Organization of a domestic company.
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Persons desiring to form an organization for the purpose of transacting the business
of life or casualty insurance, or both, upon the assessment or cooperative plan, may
associate together and effect an organization as prescribed in this section.
Any number of persons not less than thirteen (13) may associate to establish such an
insurance company.
In addition to the general requirements for all corporations, the articles of
incorporation shall specify the class of insurance the company proposes to transact;
and on what business plan or principle; the number and amount of agreements for
insurance, if any; and such other facts as may be necessary to explain and make
manifest the object and purposes of the corporation. The words "insurance
company" shall be a part of the title of every such corporation, and also the word
"mutual."
In addition to complying with the provisions of KRS Chapter 271B, the
incorporators shall file a certified copy of the articles of incorporation in the office
of the commissioner.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 882, effective July 15, 2010. -- Amended
1988 Ky. Acts ch. 23, sec. 184, effective January 1, 1989. -- Amended 1972 Ky. Acts
ch. 274, sec. 159. -- Amended 1950 Ky. Acts ch. 21, sec. 4, effective September 1,
1950. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from
Ky. Stat. sec. 660.
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