Kentucky Statutes 299.210 – Reinsurance
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(1) An assessment or cooperative life insurance company, including such companies as are organized under the provisions of KRS Chapter 303 and KRS § 304.32-010 to
304.32-270, may be wholly reinsured in, and its assets to the extent required to establish adequate reserves transferred to, and its liabilities assumed by a mutual or stock insurer pursuant to an agreement of reinsurance approved by the commissioner of insurance after such hearing as the commissioner may require, and approved by two-thirds (2/3) of the members of such company who are present at a meeting of such members duly called for such purpose, and vote thereon.
(2) Any such reinsurance agreement shall determine the amount of surplus, if any, of such cooperative or assessment company and shall make adequate provision for paying to the members of such company their respective shares of such surplus determined in such manner as may be approved by the commissioner.
(3) If the transfer or reinsurance is approved, every policyholder of the company who files with its secretary, within ten (10) days after the meeting, written notice of his preference to be transferred to some other company than that named in the contract, shall be accorded all the rights and privileges, if any, in aid of the transfer, that would have been accorded under the terms of the contract had he been transferred to the company named therein.
(4) No domestic company shall transfer its risks or any part thereof to, or reinsure its risks or any part thereof in, any insurance company of another state or country that is not at the time of the transfer or reinsurance authorized to do insurance business in this state.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 887, effective July 15, 2010. — Amended
1972 Ky. Acts ch. 203, sec. 50, effective June 16, 1972. — Amended 1950 Ky. Acts ch. 21, sec. 5, effective September 1, 1950. — Recodified 1942 Ky. Acts ch. 208, sec.
1, effective October 1, 1942, from Ky. Stat. sec. 668.
304.32-270, may be wholly reinsured in, and its assets to the extent required to establish adequate reserves transferred to, and its liabilities assumed by a mutual or stock insurer pursuant to an agreement of reinsurance approved by the commissioner of insurance after such hearing as the commissioner may require, and approved by two-thirds (2/3) of the members of such company who are present at a meeting of such members duly called for such purpose, and vote thereon.
Terms Used In Kentucky Statutes 299.210
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Commissioner: means the commissioner of the Department of Insurance. See Kentucky Statutes 299.010
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- 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) Any such reinsurance agreement shall determine the amount of surplus, if any, of such cooperative or assessment company and shall make adequate provision for paying to the members of such company their respective shares of such surplus determined in such manner as may be approved by the commissioner.
(3) If the transfer or reinsurance is approved, every policyholder of the company who files with its secretary, within ten (10) days after the meeting, written notice of his preference to be transferred to some other company than that named in the contract, shall be accorded all the rights and privileges, if any, in aid of the transfer, that would have been accorded under the terms of the contract had he been transferred to the company named therein.
(4) No domestic company shall transfer its risks or any part thereof to, or reinsure its risks or any part thereof in, any insurance company of another state or country that is not at the time of the transfer or reinsurance authorized to do insurance business in this state.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 887, effective July 15, 2010. — Amended
1972 Ky. Acts ch. 203, sec. 50, effective June 16, 1972. — Amended 1950 Ky. Acts ch. 21, sec. 5, effective September 1, 1950. — Recodified 1942 Ky. Acts ch. 208, sec.
1, effective October 1, 1942, from Ky. Stat. sec. 668.