Any domestic fraternal benefit society may be converted and licensed as a mutual life insurance company by compliance with all the requirements of the insurance laws of this state for mutual life insurance companies. A plan of conversion shall be prepared in writing by the board of directors setting forth in full the terms and conditions of conversion. The affirmative vote of two-thirds (2/3) of all members of the supreme governing body at a regular or special meeting shall be necessary for the approval of the plan. No conversion shall take effect unless and until approved by the commissioner who may give approval if he or she finds that that proposed change is in conformity with the requirements of law and not prejudicial to the certificate holders of the society.
Effective: July 15, 2010

Terms Used In Kentucky Statutes 304.29-151

  • Certificate: shall mean the document issued as written evidence of the benefit contract. See Kentucky Statutes 304.29-041
  • 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
  • Laws: shall mean the society's articles of incorporation, constitution and bylaws, however designated. See Kentucky Statutes 304.29-041
  • Society: shall mean fraternal benefit society, unless otherwise indicated. See Kentucky Statutes 304.29-041
  • State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010

History: Amended 2010 Ky. Acts ch. 24, sec. 1395, effective July 15, 2010. — Created
1988 Ky. Acts ch. 310, sec. 15, effective January 1, 1989.

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