KRS 304.24-607: Commissioner's review of plan of conversion -- Hearing and comments

-- Approval or disapproval.

(1) The commissioner shall have ninety (90) days to review the plan of conversion after

it is filed. Upon completion of the review, the commissioner sha ll schedule a public

hearing on the plan of conversion.

(2) The commissioner shall hold a hearing upon the plan of conversion in accordance

with KRS 304.2-310.

(3) The converting insurer shall present evidence that the plan of conversion complies

with KRS 304.24-600 to 304.24-625.

(4) Persons wishing to make comments and submit information may submit written

statements prior to the public hearing and may appear and be heard at the hearing.

These comments shall be part of the record and shall be considered b y the

commissioner before issuing an order on the plan of conversion.

(5) At least forty -five (45) days prior to the hearing date, the converting mutual shall

provide information regarding the hearing to the eligible members and its other

policyholders and certificate holders. The information provided shall include a brief

statement of the subject of the hearing, the date, time, and location of the hearing, a

description of members eligible to vote on the plan of conversion, and a statement

indicating the l ocation at which the public portion of the application may be

examined. This information shall be provided by mail or by other means approved

by the commissioner.

(6) Following the hearing, the commissioner shall, by order, approve, conditionally

approve, or disapprove the plan of conversion. The commissioner may require, as a

condition of approval of the plan of conversion, modification of the proposed plan

of conversion. The insurer shall file the amendments required by the conditional

approval within thi rty (30) days of the date of the order. The commissioner may

grant an extension for filing amendments for good cause shown. If the applicant

does not timely file the required amendments, the plan of conversion shall be

deemed disapproved.