KRS 299.040: Authorization of a domestic company to do business -- Requirements --

When may begin business.

Upon filing in the office of the commissioner the required articles of incorporation,

together with a sworn statement by three (3) of the incorporators that at least two hundred

(200) persons, eligible under the proposed laws of the company to membership therein,

have in good faith made application in writing for membership, the articles shall be

referred to and examined by the Attorney General. If the articl es are found by him to be

conformable to and not inconsistent with the laws of the state, he shall certify accordingly

and return them, with his certificate of conformity, to the commissioner. The

commissioner shall cause the articles, with the certificate of the Attorney General, to be

recorded in a book to be kept for the purpose, and shall deliver to the company a certified

copy of the papers so filed and recorded in his or her office, and of the certificate of the

Attorney General, together with the lic ense of the commissioner to the company to

engage in the business proposed in the articles. Upon the certified copy and license being

filed in the office of the clerk of the county where the company is to be located, the

incorporators and those that may th ereafter become associated with them, or their

successors, shall constitute a body-politic and corporate, but may not commence business

until at least two hundred (200) persons have subscribed, in writing, to be insured therein

in the aggregate amount of at least $200,000, and the company has established a guaranty

fund of $100,000 for the protection of its policyholders or members, and the

commissioner has certified that it has complied with the provisions of law and is

authorized to transact business.