Kentucky Statutes 299.300 – Ascertainment and payment of interest of policyholders dissenting to change — Additional reserve fund
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(1) The commissioner, upon request and the payment to him of the usual fees, shall ascertain and certify the proportionate interest, in the assets of the cooperative or assessment company before its reorganization, of each of the policyholders of the cooperative or assessment company who refuse, within six (6) months after notice, to assent to the change into a stock or mutual company. The interest of a member so dissenting shall not be valued at more than his proportionate part of the accumulated emergency fund, to be determined by the commissioner as of the date of the reorganization.
(2) The amount of the interest of each such dissenting policyholder shall be paid over to the commissioner on demand within thirty (30) days after ascertainment, and upon the payment or tender of the amount of interest so ascertained and certified the membership of the dissenting policyholder shall cease.
(3) Out of the remainder of the assets in excess of the sum required for the compensation of dissenting policyholders, there shall be deposited with the custodian of insurance securities, under the laws providing for the deposit of legal reserve, a sum equal to such reserve, as computed by the commissioner, in addition to the deposit of $100,000 provided for by KRS § 299.250.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 891, effective July 15, 2010. — Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 681b-8.
(2) The amount of the interest of each such dissenting policyholder shall be paid over to the commissioner on demand within thirty (30) days after ascertainment, and upon the payment or tender of the amount of interest so ascertained and certified the membership of the dissenting policyholder shall cease.
Terms Used In Kentucky Statutes 299.300
- 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
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
(3) Out of the remainder of the assets in excess of the sum required for the compensation of dissenting policyholders, there shall be deposited with the custodian of insurance securities, under the laws providing for the deposit of legal reserve, a sum equal to such reserve, as computed by the commissioner, in addition to the deposit of $100,000 provided for by KRS § 299.250.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 891, effective July 15, 2010. — Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 681b-8.