There is a newer version of this Section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
304.24-625 Sale or issuance of stock or other security after conversion.

Universal Citation: KY Rev Stat § 304.24-625 (2018)
Previous

Download as PDF
304.24-625 Sale or issuance of stock or other security after conversion. During the one (1) year period following the effective date of the plan of conversion, neither the former mutual nor any affiliate company shall sell or issue, or adopt any plan or benefit program providing for the sale or issuance of, any stock or other equity security except: (1) As disclosed in the approved plan of conversion; or (2) As otherwise approved by the commissioner, upon a finding that the stock transaction: (a) Will not frustrate the plan of conversion as approved by the members and the commissioner; and (b) Is not adverse to the best interests of the policyholders of the former mutual, without regard to any interests of policyholders as shareholders of the former mutual or any affiliate company. Effective: July 15, 2010 History: Amended 2010 Ky. Acts ch. 24, sec. 1361, effective July 15, 2010. -- Created 2000 Ky. Acts ch. 42, sec. 14, effective July 14, 2000.
Previous
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.