(1) Upon receiving the application provided for in subsection (4) of KRS § 304.24-050, the commissioner shall make an examination of the affairs of the proposed corporation to ascertain whether it has complied with requirements of law and has fully paid-in capital stock and assets in amount necessary to qualify for authority to transact the kind or kinds of insurance proposed to be transacted. As a part of such examination the commissioner shall require the incorporators or directors to certify, under oath, that assets exhibited to him or her are the bona fide property of the proposed corporation.
(2) If after such examination the commissioner finds that the proposed corporation is fully entitled thereto, the commissioner shall issue to it his or her certificate of authority to transact the kind or kinds of insurance for which it has qualified.

Terms Used In Kentucky Statutes 304.24-060

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Corporation: may extend and be applied to any corporation, company, 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
  • Oath: A promise to tell the truth.

Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1323, effective July 15, 2010. — Created
1970 Ky. Acts ch. 301, subtit. 24, sec. 6, effective June 18, 1970.

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