Kentucky Statutes 304.24-260 – Nonassessable policies — Revocation of authority
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(1) The commissioner shall revoke the authority of a domestic mutual insurer to issue policies without contingent liability if:
(a) At any time the insurer’s assets are less than the sum of its liabilities and the surplus required for such authority; or
(b) The insurer, by resolution of its board of directors approved by a majority of its members, requests that the authority be revoked.
(2) During the absence of such authority the insurer shall not issue any policy without providing therein for the contingent liability of the policyholder, nor renew any policy which is then in force without indorsing the same to provide for such contingent liability.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1336, effective July 15, 2010. — Created
1970 Ky. Acts ch. 301, subtit. 24, sec. 26, effective June 18, 1970.
(a) At any time the insurer’s assets are less than the sum of its liabilities and the surplus required for such authority; or
Terms Used In Kentucky Statutes 304.24-260
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Directors: when applied to corporations, includes managers or trustees. 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
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(b) The insurer, by resolution of its board of directors approved by a majority of its members, requests that the authority be revoked.
(2) During the absence of such authority the insurer shall not issue any policy without providing therein for the contingent liability of the policyholder, nor renew any policy which is then in force without indorsing the same to provide for such contingent liability.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1336, effective July 15, 2010. — Created
1970 Ky. Acts ch. 301, subtit. 24, sec. 26, effective June 18, 1970.