2006 Kentucky Revised Statutes - .545   Approval of policy credit, dividend, or distribution.

304.37-545 Approval of policy credit, dividend, or distribution. No policyholder who is a member of a mutual insurance holding company shall receive because of a membership interest any payment of a policy credit, dividend, or other distribution unless the payment has been approved by the executive director. The executive director, after a public hearing, if satisfied the proposed payment is fair and equitable to policyholders who are members, may approve the proposed payment and may require as a condition of approval modification of the proposed payment as the executive director finds necessary for the protection of policyholders. Effective: July 15, 1998 History:Created 1998 Ky. Acts ch. 546, sec. 10, effective July 15, 1998. Legislative Research Commission Note (6/20/2005). 2005 Ky. Acts chs. 11, 85, 95, 97, 98, 99, 123, and 181 instruct the Reviser of Statutes to correct statutory references to agencies and officers whose names have been changed in 2005 legislation confirming the reorganization of the executive branch. Such a correction has been made in this section. Page 1 of 1