KRS 299.550: Change to mutual plan of company writing insurance other than life.

Any company operating under the provisions of KRS 299.310 et seq. may become a

mutual insurer as defined in Chapter 304 of the Kentucky Revised Statutes upon the

approval of such change by two -thirds (2/3) of the authorized vote of the membership of

the company, such authorized vote to be determined by the provisions of KRS 299.350;

and such vote to be at a regular annual meeting of the membership of the company, notice

of which meeting shall have been given to the membership in writing at least thirty (30)

days in advance, setting forth the fact that a vote upon such conversion shall be taken at

said meeting. In the event of such conversion of a company, the effective date of the

conversion shall be fixed by resolution of the membership, and all policies in force as of

the effective date of conversion shall remain in force unless sooner canceled until the next

regular assessment thereon or until one (1) year after the effective date of conversion,

whichever is earlier. All policies written after the effectiv e date of conversion in all

respects shall be in conformity with the provisions of Chapter 304 of the Kentucky

Revised Statutes. The plan of conversion must be submitted to and approved by the

commissioner before it becomes effective.