Kentucky Statutes 304.29-291 – Foreign or alien society — Admission
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No foreign or alien society shall transact business in this state without a license issued by the commissioner. Any society desiring admission to this state shall comply substantially with the requirements and limitations of this subtitle applicable to domestic societies. Any society may be licensed to transact business in this state upon filing with the commissioner:
(1) A duly certified copy of its articles of incorporation;
(2) A copy of its bylaws, certified by its secretary or corresponding officer;
(3) A power of attorney to the commissioner as prescribed in KRS § 304.29-351;
(4) A statement of its business under oath of its president and secretary or corresponding officers in a form prescribed by the commissioner, duly verified by an examination made by the supervising insurance official of its home state or other state, territory, province, or country, satisfactory to the commissioner;
(5) Certification from the proper official of its home state, territory, province, or country that the society is legally incorporated and licensed to transact business therein;
(6) Copies of its certificate forms; and
(7) Such other information as the commissioner may deem necessary; and upon a showing that its assets are invested in accordance with the provisions of this subtitle.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1400, effective July 15, 2010. — Created
1988 Ky. Acts ch. 310, sec. 29, effective January 1, 1989.
(1) A duly certified copy of its articles of incorporation;
Terms Used In Kentucky Statutes 304.29-291
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Certificate: shall mean the document issued as written evidence of the benefit contract. See Kentucky Statutes 304.29-041
- 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
- Foreign: when applied to a corporation, partnership, limited partnership, business trust, statutory trust, or limited liability company, includes all those incorporated or formed by authority of any other state. See Kentucky Statutes 446.010
- Oath: A promise to tell the truth.
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- Society: shall mean fraternal benefit society, unless otherwise indicated. See Kentucky Statutes 304.29-041
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
(2) A copy of its bylaws, certified by its secretary or corresponding officer;
(3) A power of attorney to the commissioner as prescribed in KRS § 304.29-351;
(4) A statement of its business under oath of its president and secretary or corresponding officers in a form prescribed by the commissioner, duly verified by an examination made by the supervising insurance official of its home state or other state, territory, province, or country, satisfactory to the commissioner;
(5) Certification from the proper official of its home state, territory, province, or country that the society is legally incorporated and licensed to transact business therein;
(6) Copies of its certificate forms; and
(7) Such other information as the commissioner may deem necessary; and upon a showing that its assets are invested in accordance with the provisions of this subtitle.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1400, effective July 15, 2010. — Created
1988 Ky. Acts ch. 310, sec. 29, effective January 1, 1989.