Three (3) or more domestic mutual or cooperative and assessment fire insurance companies may organize a reinsurance company to reinsure their risks by certifying to the commissioner their intention and filing with him certificates properly acknowledged showing the vote of the directors of the companies authorizing them to become members of the reinsurance company. The name of the reinsurance company shall be contained in the certificate to the commissioner and shall be approved by the commissioner. Such reinsurance company shall be a distinct corporation.
Effective: July 15, 2010

Terms Used In Kentucky Statutes 299.480

  • 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
  • Directors: when applied to corporations, includes managers or trustees. See Kentucky Statutes 446.010
  • 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

History: Amended 2010 Ky. Acts ch. 24, sec. 898, effective July 15, 2010. — Created
1950 Ky. Acts ch. 21, sec. 8.

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