KRS 304.24-060: Qualification of newly organized stock insurer.

(1) Upon receiving the application provided for in subsection (4) of KRS 304.24 -050,

the commissioner shall make an examination of the affairs of the proposed

corporation to ascertain whether it has complied with requirements of law and has

fully paid-in capital stock and assets in amount necessary to qualify for authority to

transact the kind or kinds of insurance proposed to be transacted. As a part of such

examination the commissioner shall require the incorporators or directors to certify,

under oath, that assets exhibited to him or her are the bona fide property of the

proposed corporation.

(2) If after such examination the commissioner finds that the proposed corporation is

fully entitled thereto, the commissioner shall issue to it his or her certificate o f

authority to transact the kind or kinds of insurance for which it has qualified.