As used in KRS § 304.24-600 to KRS § 304.24-625, unless the context requires otherwise:
(1) “Converting mutual” means a domestic mutual insurer that adopts a plan of conversion under KRS § 304.24-603 that will result in the insurer converting into a domestic stock insurer.

Terms Used In Kentucky Statutes 304.24-601

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • 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
  • 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

(2) “Eligible member” means:
(a) Any person who is a member of the converting mutual on the date the converting mutual’s board of directors adopts a resolution proposing a plan of conversion;
(b) Any person who has been a member of the converting mutual within the last three (3) years prior to the date the converting mutual’s board of directors adopts a resolution proposing a plan of conversion; and
(c) Any person who is a certificate holder under a group policy if the person meets the condition in paragraph (a) or (b) of this subsection and inclusion of the certificate holder as an eligible member is necessary for a fair and equitable distribution.
(3) “Former mutual” means the domestic stock insurer resulting from the conversion of a converting mutual to a stock insurer pursuant to a plan of conversion in accordance with KRS § 304.24-600 to KRS § 304.24-625.
(4) “Membership interests” means:
(a) The voting rights of members of a domestic mutual insurer as provided by law and by the insurer’s articles of incorporation and bylaws; and
(b) The rights of members of a domestic mutual insurer to receive cash, stock, or other consideration in the event of a conversion to a stock insurer under KRS
304.24-600 to 304.24-625 or a dissolution under KRS § 304.24-430.
(5) “Plan of conversion” means the plan of conversion described in KRS § 304.24-603 and includes the proposed amendment to the converting mutual’s articles of incorporation, unless the context requires otherwise.
Effective: July 14, 2000
History: Created 2000 Ky. Acts ch. 42, sec. 2, effective July 14, 2000.