(1) A domestic stock insurer shall not acquire a controlling interest in the shares of another stock insurer by an exchange of securities or partly in exchange for securities and partly for cash or property, unless the insurer has first submitted the plan for such acquisition and exchange to the commissioner and the commissioner has approved the same.
(2) The commissioner shall not so approve unless he or she finds the plan for such acquisition and exchange and the terms and conditions thereof to be fair and equitable to all parties concerned therein, after a hearing to which all persons to whom it is proposed to issue securities in such exchange shall have the right to appear.

Terms Used In Kentucky Statutes 304.24-400

  • 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
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts

(3) Notice and conduct of such hearing shall be as provided in Subtitle 2.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1344, effective July 15, 2010. — Created
1970 Ky. Acts ch. 301, subtit. 24, sec. 40, effective June 18, 1970.

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