Kentucky Statutes 304.37-510 – Reorganization of foreign mutual insurance company forming mutual insurance holding company — Hearing — Approval
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(1) A foreign mutual insurance company may reorganize upon the approval of the commissioner and in compliance with the requirement of any law or regulation which is applicable to the foreign mutual insurance company by merging its policyholders’ membership interests into a mutual insurance holding company formed under KRS § 304.37-505 and continuing the corporate existence of the reorganizing foreign mutual insurance company as a foreign stock insurance company subsidiary of the mutual insurance holding company. The commissioner, after a public hearing as provided in KRS § 304.37-120(4)(b), may approve the proposed merger. A merger under this section is subject to KRS 304. 37-120(1), (2), (3), (6), and (7).
(2) The reorganizing foreign mutual insurance company may remain a foreign company after the merger and may be admitted to do business in this state. A foreign mutual insurance company which is a party to the merger may at the same time redomesticate in this state by complying with the applicable requirements of this state and its state of domicile. The provisions of KRS § 304.37-120 shall apply to a merger authorized under this section.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1488, effective July 15, 2010. — Created
1998 Ky. Acts ch. 546, sec. 3, effective July 15, 1998.
(2) The reorganizing foreign mutual insurance company may remain a foreign company after the merger and may be admitted to do business in this state. A foreign mutual insurance company which is a party to the merger may at the same time redomesticate in this state by complying with the applicable requirements of this state and its state of domicile. The provisions of KRS § 304.37-120 shall apply to a merger authorized under this section.
Terms Used In Kentucky Statutes 304.37-510
- Commissioner: means :
(a) The commissioner of insurance of this state. See Kentucky Statutes 304.37-010 - Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Foreign: when applied to a corporation, partnership, limited partnership, business trust, statutory trust, or limited liability company, includes all those incorporated or formed by authority of any other state. See Kentucky Statutes 446.010
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1488, effective July 15, 2010. — Created
1998 Ky. Acts ch. 546, sec. 3, effective July 15, 1998.