There is a newer version of the Kentucky Revised Statutes
2009 Kentucky Revised Statutes
Subtitle 24. Domestic Stock and Mutual Insurers
304.24.613 Effect of conversion.
Download pdfprivileges, immunities, and powers and shall be subject to all the duties and
liabilities of a stock insurer existing under this chapter; (b) The membership interests of every member and policyholder of the converting mutual shall be extinguished and cease; and (c) The rights of every policyholder, certificate holder, and other insured of the converting mutual under any contract of insurance shall continue in force in
accordance with the terms, provisions, and conditions of the contract,
including rights, if any, to dividends. (2) The former mutual shall be a continuation of the existence of the original converting mutual. The conversion in no way shall annul, modify, or change any of
the original converting mutual's existing suits, rights, contracts, or liabilities. The
former mutual shall be vested in all the rights, franchises, and interests of the
converting mutual in and to every species of property without any deed or transfer,
and the former mutual shall succeed to all the obligations and liabilities of the
converting mutual and retain all rights and contracts existing prior to effectiveness
of the conversion. Effective: July 14, 2000
History: Created 2000 Ky. Acts ch. 42, sec. 8, effective July 14, 2000.
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