Kentucky Statutes 304.24-600 – Conversion of domestic mutual insurer to stock insurer
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(1) A domestic mutual insurer may convert to a stock insurer by amendment of its articles of incorporation and upon compliance with the requirements of KRS
304.24-600 to 304.24-625 and the applicable requirements of this subtitle and
Subtitle 3 of this chapter.
(2) A domestic mutual insurer shall only convert to a stock insurer in accordance with a plan of conversion approved by the commissioner.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1350, effective July 15, 2010. — Created
2000 Ky. Acts ch. 42, sec. 1, effective July 14, 2000.
304.24-600 to 304.24-625 and the applicable requirements of this subtitle and
Terms Used In Kentucky Statutes 304.24-600
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- 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
Subtitle 3 of this chapter.
(2) A domestic mutual insurer shall only convert to a stock insurer in accordance with a plan of conversion approved by the commissioner.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1350, effective July 15, 2010. — Created
2000 Ky. Acts ch. 42, sec. 1, effective July 14, 2000.