{"data":{"id":"us-ky/krs-299.300","jurisdiction":"us-ky","citation":"KRS 299.300","heading":"Ascertainment and payment of interest of policyholders dissenting to","body":"change -- Additional reserve fund.\n(1) The commissioner, upon request and the payment to him of the usual fees, shall\nascertain and certify the proportionate interest, in the assets of the cooperative or\nassessment company before its reorganization, of each of the policyholders of the\ncooperative or assessment company who refuse, within six (6) months after notice,\nto assent to the change into a stock or mutual company. The interest of a member so\ndissenting shall not be valued at more than his proportionate part of the\naccumulated emergency fund, to be determined by the commissioner as of the date\nof the reorganization.\n(2) The amount of the interest of each such dissenting policyholder shall be paid over to\nthe commissioner on demand within thirty (30) days after ascertainment, and upon\nthe payment or tender of the amount of interest so ascertained and certified the\nmembership of the dissenting policyholder shall cease.\n(3) Out of the  remainder of the assets in excess of the sum required for the\ncompensation of dissenting policyholders, there shall be deposited with the\ncustodian of insurance securities, under the laws providing for the deposit of legal\nreserve, a sum equal to such res erve, as computed by the commissioner, in addition\nto the deposit of $100,000 provided for by KRS 299.250.","path":["KRS Chapter 299"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=15852","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:27Z","sha256":"ad0724ea7891b7ce84001812b3ce6dc1dffeeacc6697555729d6effaace9b28a","source_id":"us-ky","stale":false,"prev":"us-ky/krs-299.290","next":"us-ky/krs-299.310"},"notice":"GroundRules: Original legal text. Not legal advice."}