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304.24-050 Procedures preliminary to qualification.
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Upon receipt of the articles of incorporation of the proposed insurer, the
commissioner shall submit such articles to the Attorney General for examination.
Within ten (10) days after receipt thereof the Attorney General shall return the
articles to the commissioner with a written statement as to whether the articles
comply with law.
If the Attorney General has found the articles to be in compliance with law and has
so stated to the commissioner, the commissioner shall stamp or otherwise certify his
or her approval thereon, retain one (1) copy of the articles for his or her files and
deliver the remaining three (3) copies of the articles to the incorporators for filing as
provided by laws governing business corporations generally.
The incorporators shall concurrently file with the commissioner duplicates of filings
made on behalf of the corporation with the commissioner of the Department of
Financial Institutions pursuant to KRS Chapter 292, and upon compliance with the
provisions of such chapter governing sale of securities, the incorporators may open
books to receive subsections for capital stock of the corporation.
After all stock stated by the articles as to the amount of capital with which the
corporation will begin business (which shall not be less than the applicable
minimum amounts required by the provisions of this code to qualify for authority to
transact the kind of insurance specified by the articles) has been subscribed and paid
for either in cash or in assets of the kind eligible for investment of a domestic
insurer under this code, the incorporators shall make application for a certificate of
authority as provided in Subtitle 3 of this chapter.
In addition to the requirements of this subtitle, the incorporators shall also comply
with such other applicable laws governing the organization of domestic business
corporations as are not in conflict with the provisions of this subtitle.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1322, effective July 15, 2010. -Amended 1994 Ky. Acts ch. 165, sec. 24, effective July 15, 1994. -- Created 1970
Ky. Acts ch. 301, subtit. 24, sec. 5, effective June 18, 1970.
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