KRS 304.24-140: Formation of mutual -- Failure to qualify.

If the proposed domestic insurer fails to complete its organization and to secure its

original certificate of authority within one (1) year after the date of its certificate of

incorporation, its corporate powers shall cease, and the commissioner shall ret urn or

cause to be returned to the persons entitled thereto all advance deposits or payments of

premiums held in trust under KRS 304.24-130.