Kentucky Statutes 304.37-545 – Approval of policy credit, dividend, or distribution
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No policyholder who is a member of a mutual insurance holding company shall receive because of a membership interest any payment of a policy credit, dividend, or other distribution unless the payment has been approved by the commissioner. The commissioner, after a public hearing, if satisfied the proposed payment is fair and equitable to policyholders who are members, may approve the proposed payment and may require as a condition of approval modification of the proposed payment as the commissioner finds necessary for the protection of policyholders.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1492, effective July 15, 2010. — Created
1998 Ky. Acts ch. 546, sec. 10, effective July 15, 1998.
Effective: July 15, 2010
Terms Used In Kentucky Statutes 304.37-545
- 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
- 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
History: Amended 2010 Ky. Acts ch. 24, sec. 1492, effective July 15, 2010. — Created
1998 Ky. Acts ch. 546, sec. 10, effective July 15, 1998.