KRS 304.37-510: Reorganization of foreign mutual insurance company forming mutual

insurance holding company -- Hearing -- Approval.

(1) A foreign mutual insurance company may reorganize upon the approval of the

commissioner and in compliance with the requirement o f any law or regulation

which is applicable to the foreign mutual insurance company by merging its

policyholders' membership interests into a mutual insurance holding company

formed under KRS 304.37 -505 and continuing the corporate existence of the

reorganizing foreign mutual insurance company as a foreign stock insurance

company subsidiary of the mutual insurance holding company. The commissioner,

after a public hearing as provided in KRS 304.37 -120(4)(b), may approve the

proposed merger. A merger under this section is subject to KRS 304. 37-120(1), (2),

(3), (6), and (7).

(2) The reorganizing foreign mutual insurance company may remain a foreign company

after the merger and may be admitted to do business in this state. A foreign mutual

insurance company wh ich is a party to the merger may at the same time

redomesticate in this state by complying with the applicable requirements of this

state and its state of domicile. The provisions of KRS 304.37 -120 shall apply to a

merger authorized under this section.