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2009 Kentucky Revised Statutes
Subtitle 29. Fraternal Benefit Societies
304.29.151 Conversion into mutual life insurance company.

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304.29-151 Conversion into mutual life insurance company. Any domestic fraternal benefit society may be converted and licensed as a mutual life <br>insurance company by compliance with all the requirements of the insurance laws of this <br>state for mutual life insurance companies. A plan of conversion shall be prepared in <br>writing by the board of directors setting forth in full the terms and conditions of <br>conversion. The affirmative vote of two-thirds (2/3) of all members of the supreme <br>governing body at a regular or special meeting shall be necessary for the approval of the <br>plan. No conversion shall take effect unless and until approved by the commissioner who <br>may give approval if he or she finds that that proposed change is in conformity with the <br>requirements of law and not prejudicial to the certificate holders of the society. Effective: July 15, 2010 <br>History: Amended 2010 Ky. Acts ch. 24, sec. 1395, effective July 15, 2010. -- Created 1988 Ky. Acts ch. 310, sec. 15, effective January 1, 1989.

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