KRS 304.37-545: Approval of policy credit, dividend, or distribution.

No policyholder who is a member of a mutual insurance holding company shall receive

because of a membership interest any payment of a policy credit, dividend, or other

distribution unless the payment has been approved by the commissioner. The

commissioner, after a public hearing, if satisfied the proposed payment is fair and

equitable to policyholders who are members, may approve the proposed payment and

may require as a condition of approval modification of the proposed payment as the

commissioner finds necessary for the protection of policyholders.