{"data":{"id":"us-ky/krs-299.210","jurisdiction":"us-ky","citation":"KRS 299.210","heading":"Reinsurance.","body":"(1) An assessment or cooperative life insurance company, including such companies as\nare organized under the provisions of KRS Chapter 303 and KRS 304.32 -010 to\n304.32-270, may be wholly reinsured in, and its assets to the extent required to\nestablish adequate reserves transferred to, and its liabilities assumed by a mutual or\nstock insurer pursuant to an agreement of reinsurance approved by the\ncommissioner of insurance after such hearing as the commissioner may require, and\napproved by two-thirds (2/3) of the members of such company who are present at a\nmeeting of such members duly called for such purpose, and vote thereon.\n(2) Any such reinsurance agreement shall determine the amount of surplus, if any, of\nsuch cooperative or assessment company and shall make  adequate provision for\npaying to the members of such company their respective shares of such surplus\ndetermined in such manner as may be approved by the commissioner.\n(3) If the transfer or reinsurance is approved, every policyholder of the company who\nfiles with its secretary, within ten (10) days after the meeting, written notice of his\npreference to be transferred to some other company than that named in the contract,\nshall be accorded all the rights and privileges, if any, in aid of the transfer, that\nwould have been accorded under the terms of the contract had he been transferred to\nthe company named therein.\n(4) No domestic company shall transfer its risks or any part thereof to, or reinsure its\nrisks or any part thereof in, any insurance company of a nother state or country that\nis not at the time of the transfer or reinsurance authorized to do insurance business\nin this state.","path":["KRS Chapter 299"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=15842","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:27Z","sha256":"6f390323725c98da5734ba7feb987d348e059aa4e3b94878b3e3e3e7fbdada66","source_id":"us-ky","stale":false,"prev":"us-ky/krs-299.200","next":"us-ky/krs-299.215"},"notice":"GroundRules: Original legal text. Not legal advice."}