Kentucky Statutes 299.510 – Reinsurance of risks by mutual or assessment and cooperative fire insurance companies
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(1) Any domestic mutual fire insurance company, or any domestic cooperative and assessment fire insurance company, without amending its charter or articles of incorporation, may by policy, treaty or other agreement, cede to or accept from any other insurance company or insurer, insurance or reinsurance upon the whole or any part of any risk provided such other insurance companies or insurers shall at all times maintain the full standards of solvency required under laws of this state of like insurance companies or insurers.
(2) KRS § 299.510 to KRS § 299.530 shall not empower any such mutual fire insurance company or any such cooperative and assessment fire insurance company to assume or carry insurance or reinsurance on any risk or class of risks prohibited in its charter, articles of incorporation or bylaws.
Effective: September 1. 1950
History: Created 1950 Ky. Acts ch. 21, sec. 11, effective September 1, 1950.
Formerly codified as KRS § 299.483
(2) KRS § 299.510 to KRS § 299.530 shall not empower any such mutual fire insurance company or any such cooperative and assessment fire insurance company to assume or carry insurance or reinsurance on any risk or class of risks prohibited in its charter, articles of incorporation or bylaws.
Terms Used In Kentucky Statutes 299.510
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Domestic: when applied to a corporation, partnership, business trust, or limited liability company, means all those incorporated or formed by authority of this state. See Kentucky Statutes 446.010
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
Effective: September 1. 1950
History: Created 1950 Ky. Acts ch. 21, sec. 11, effective September 1, 1950.
Formerly codified as KRS § 299.483