2014 Kentucky Revised Statutes
CHAPTER 299 - ASSESSMENT OR COOPERATIVE INSURANCE
299.040 Authorization of a domestic company to do business -- Requirements -- When may begin business.
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<![CDATA[299.040 Authorization of a domestic company
Requirements -- When may begin business.
to
do
business
--
Upon filing in the office of the commissioner the required articles of incorporation,
together with a sworn statement by three (3) of the incorporators that at least two
hundred (200) persons, eligible under the proposed laws of the company to
membership therein, have in good faith made application in writing for membership,
the articles shall be referred to and examined by the Attorney General. If the articles
are found by him to be conformable to and not inconsistent with the laws of the
state, he shall certify accordingly and return them, with his certificate of conformity,
to the commissioner. The commissioner shall cause the articles, with the certificate
of the Attorney General, to be recorded in a book to be kept for the purpose, and
shall deliver to the company a certified copy of the papers so filed and recorded in
his or her office, and of the certificate of the Attorney General, together with the
license of the commissioner to the company to engage in the business proposed in
the articles. Upon the certified copy and license being filed in the office of the clerk of
the county where the company is to be located, the incorporators and those that may
thereafter become associated with them, or their successors, shall constitute a
body-politic and corporate, but may not commence business until at least two
hundred (200) persons have subscribed, in writing, to be insured therein in the
aggregate amount of at least $200,000, and the company has established a
guaranty fund of $100,000 for the protection of its policyholders or members, and the
commissioner has certified that it has complied with the provisions of law and is
authorized to transact business.
Effective:July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 883, effective July 15, 2010. -Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky.
Stat. sec. 661.
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