Skip to main content
Find a Lawyer

Kentucky Revised Statutes Title XXV. Business and Financial Institutions § 304.24-601.Definitions for KRS 304.24-600 to 304.24-625

Current as of January 01, 2025 | Updated by Findlaw Staff

As used in KRS 304.24-600 to 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.

(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 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.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Kentucky Revised Statutes Title XXV. Business and Financial Institutions § 304.24-601.Definitions for KRS 304.24-600 to 304.24-625 - last updated January 01, 2025 | https://codes.findlaw.com/ky/title-xxv-business-and-financial-institutions/ky-rev-st-sect-304-24-601/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard