KRS 304.24-400: Affiliations of stock insurers.

(1) A domestic stock insurer shall not acquire a controlling interest in the shares of

another stock insurer by an exchange of securities or partly in exchange for

securities and partly for cash or property, unless the insurer has first submitted the

plan for such acquisition and exchange to the commissioner and the commissioner

has approved the same.

(2) The commissioner shall not so approve unless he or she finds the plan for such

acquisition and exchange and the terms and conditions thereof to be fair and

equitable to all parties concerned therein, after a hearing to which all persons to

whom it is proposed to issue securities in such exchange shall have the right to

appear.

(3) Notice and conduct of such hearing shall be as provided in Subtitle 2.