Kentucky Statutes 304.37-560 – Purpose of application and plan
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The application and plan of reorganization submitted to the commissioner shall demonstrate that:
(1) Policyholder interests are properly preserved and protected; (2) The plan is fair and equitable to policyholders; and
(3) The financial condition of the applicant will not be diminished.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1495, effective July 15, 2010. — Created
1998 Ky. Acts ch. 546, sec. 13, effective July 15, 1998.
(1) Policyholder interests are properly preserved and protected; (2) The plan is fair and equitable to policyholders; and
Terms Used In Kentucky Statutes 304.37-560
- Commissioner: means :
(a) The commissioner of insurance of this state. See Kentucky Statutes 304.37-010 - Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
(3) The financial condition of the applicant will not be diminished.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1495, effective July 15, 2010. — Created
1998 Ky. Acts ch. 546, sec. 13, effective July 15, 1998.