{"data":{"id":"us-ky/krs-299.250","jurisdiction":"us-ky","citation":"KRS 299.250","heading":"Requirements for reorganized company to begin business.","body":"The reorganized company may not do any business as a stock company until the amount\nof stock determined as provided in KRS 299.240, and as authorized by law, has been\nsubscribed and paid for, at not less than par, and the provisions of the law concerning\nstock companies have been complied with, and the proceeds of the capital stock to the\namount of at least $100,000 have been invested in securities such as those in which\ninsurance companies are permitted by law to make investments, and such securities to th e\namount of at least $100,000 have been deposited with the custodian of insurance\nsecurities to guarantee the payment of policies issued by the company, and until the\ncommissioner has, upon request, valued the assets of the company and its outstanding\npolicies and has given his certificate that the admitted assets of the company, including its\ncapital stock, are sufficient to provide reserve upon all outstanding assessment policies,\nvalued as provided in KRS 299.280, over and above all other bona fide debts  of the\ncompany and claims against it, and that the company has complied with all of the laws\nregarding life insurance companies upon the stock or mutual plan, as the case may be.","path":["KRS Chapter 299"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=15847","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:27Z","sha256":"84bb16274ce269c4a531d8ad64af4c4579c4095f69de8930f2d0991fcb5629b3","source_id":"us-ky","stale":false,"prev":"us-ky/krs-299.240","next":"us-ky/krs-299.260"},"notice":"GroundRules: Original legal text. Not legal advice."}