There is a newer version of the Kentucky Revised Statutes
2009 Kentucky Revised Statutes
Subtitle 24. Domestic Stock and Mutual Insurers
304.24.601 Definitions for KRS 304.24-600 to 304.24-625.
Download pdf(1) "Converting mutual" means a domestic mutual insurer that adopts a plan of conversion under KRS 304.24-603 that will result in the insurer converting into a
domestic stock insurer. (2) "Eligible member" means: (a) Any person who is a member of the converting mutual on the date the converting mutual's board of directors adopts a resolution proposing a plan of
conversion; (b) Any person who has been a member of the converting mutual within the last three (3) years prior to the date the converting mutual's board of directors
adopts a resolution proposing a plan of conversion; and (c) Any person who is a certificate holder under a group policy if the person meets the condition in paragraph (a) or (b) of this subsection and inclusion of
the certificate holder as an eligible member is necessary for a fair and
equitable distribution. (3) "Former mutual" means the domestic stock insurer resulting from the conversion of a converting mutual to a stock insurer pursuant to a plan of conversion in
accordance with KRS 304.24-600 to 304.24-625. (4) "Membership interests" means: (a) The voting rights of members of a domestic mutual insurer as provided by law and by the insurer's articles of incorporation and bylaws; and (b) The rights of members of a domestic mutual insurer to receive cash, stock, or other consideration in the event of a conversion to a stock insurer under KRS
304.24-600 to 304.24-625 or a dissolution under KRS 304.24-430. (5) "Plan of conversion" means the plan of conversion described in KRS 304.24-603 and includes the proposed amendment to the converting mutual's articles of
incorporation, unless the context requires otherwise. Effective: July 14, 2000
History: Created 2000 Ky. Acts ch. 42, sec. 2, effective July 14, 2000.
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.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.