KRS 299.017: Effect of failure to operate for one year -- Termination of new licensing

beginning July 15, 1998.

(1) When any company licensed under this chapter transfers or suspends its business or

fails to actively and in good faith operate its corporate franchi ses, powers, and

privileges in the due course of business and in the fulfillment of the design and

purpose of its creation for the period of one (1) year, it shall be deemed to have

abandoned the purpose of its creation, and it shall not thereafter, direct ly or

indirectly, resume its business or operate in any manner any of its corporate

franchises, powers, or privileges, and they shall for all purposes thereby become and

remain forever inoperative and void.

(2) On July 15, 1998, no company not previously licensed shall be licensed to engage in

the business of assessment or cooperative insurance as set forth in KRS 299.310 to

299.470 and 299.990.