KRS 304.24-050: Procedures preliminary to qualification.

(1) Upon receipt of the articles of incorporation of the proposed insurer, the

commissioner shall submit such articles to the Attorney General for examination.

Within ten (10) days after receipt thereof the Attorney General shall return the

articles to the com missioner with a written statement as to whether the articles

comply with law.

(2) If the Attorney General has found the articles to be in compliance with law and has

so stated to the commissioner, the commissioner shall stamp or otherwise certify his

or her approval thereon, retain one (1) copy of the articles for his or her files and

deliver the remaining three (3) copies of the articles to the incorporators for filing as

provided by laws governing business corporations generally.

(3) The incorporators shall concurrently file with the commissioner duplicates of filings

made on behalf of the corporation with the commissioner of the Department of

Financial Institutions pursuant to KRS Chapter 292, and upon compliance with the

provisions of such chapter gover ning sale of securities, the incorporators may open

books to receive subsections for capital stock of the corporation.

(4) After all stock stated by the articles as to the amount of capital with which the

corporation will begin business (which shall not be less than the applicable

minimum amounts required by the provisions of this code to qualify for authority to

transact the kind of insurance specified by the articles) has been subscribed and paid

for either in cash or in assets of the kind eligible for in vestment of a domestic

insurer under this code, the incorporators shall make application for a certificate of

authority as provided in Subtitle 3 of this chapter.

(5) In addition to the requirements of this subtitle, the incorporators shall also comply

with such other applicable laws governing the organization of domestic business

corporations as are not in conflict with the provisions of this subtitle.