{"data":{"id":"us-ky/krs-299.290","jurisdiction":"us-ky","citation":"KRS 299.290","heading":"Use of surplus of former company -- Assets and liabilities.","body":"(1) Any surplus that may be found to exist in the assets of the assessment or\ncooperative company over and above all its liabilities, including the legal reserve\nfor all outstanding policies in force, as ascertained and certified by the director, at\nthe date of its reorganization as a stock or mutual company, shall be held as a fund\nfor the security of the policyholders of the assessment or cooperative company. This\nfund shall not, under any circumstances, pass to the ownership of the stockholders\nor members of the reorganized company, or be distributed among them, or be used\nor encroached upon for the payment of dividends upon the capital stock, but the\nfund may be used to pay the losses incurred by the reorganized company upon\npolicies written upon the cooperative or assessment plan prior to the reorganization.\n(2) Upon the completion of its reorganization as a stock company, the assets and\nliabilities of the assessment or cooperative company shall become the assets and\nliabilities of the stock company, except  as otherwise provided in KRS 299.220 to\n299.300.","path":["KRS Chapter 299"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=15851","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:27Z","sha256":"6c2c9f06b9bdcf45fa91a3443aca0a0b41c9f11376c4b962f91c2a5fa1774649","source_id":"us-ky","stale":false,"prev":"us-ky/krs-299.280","next":"us-ky/krs-299.300"},"notice":"GroundRules: Original legal text. Not legal advice."}