There is a newer version of this Section
2022
2021
2020
2019
2018 (you are here)
Other previous versions
View our newest version here

2018 Kentucky Revised Statutes
CHAPTER 304 - INSURANCE CODE
Subtitle 24 - Domestic Stock and Mutual Insurers
304.24-613 Effect of conversion.

Universal Citation: KY Rev Stat § 304.24-613 (2018)
Previous Next

Download as PDF
304.24-613 Effect of conversion. (1) (2) Upon the effective date of the plan of conversion: (a) The converting mutual shall be converted from a domestic mutual insurer to a domestic stock insurer, and the former mutual shall have all the rights, privileges, 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. 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.
Previous Next
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.