{"data":{"id":"us-ky/krs-299.400","jurisdiction":"us-ky","citation":"KRS 299.400","heading":"Collection and use of membership or policy fees -- Levy and collection of","body":"assessments.\n(1) Any company may collect such membership fees or policy fees as are provided for\nin its bylaws, and any portion of the fees not expended for agents' commissions and\nthe expenses of writing insurance shall be placed in the reserve fund of the\ncompany.\n(2) The directors or executive committee of the company may declare, levy and issue\nassessments in such amounts and at such times as in their judgment is for the best\ninterests of the company. When the reserve fund equals one and one -half percent\n(1.5%) of the insurance in force against fire, and two and one-half percent (2.5%) of\nthe insurance in force against windstorm, and one -half of one percent (0.5%) of the\ninsurance in force against any other hazard, then no assessment shall be made for a\ngreater sum than the amount of losses and expenses sustained and accrued since the\nlast previous assessment was issued. All assessments shall be made pro rata upon\nall property at such time insured, according to its classification.\n(3) If at any time the total liabilities of a company exceed its actual cash assets to an\namount equal to fifty cents ($0.50) for each one hundred dollars ($100) of insurance\nheld by the company, the s ecretary shall notify the officer whose duty it is to call a\nmeeting of the directors or executive committee, and that officer shall immediately\ncall the directors or executive committee in session. The directors or executive\ncommittee shall, within thirty  (30) days, declare, levy and issue an assessment\nsufficient to pay all the liabilities of the company that are in excess of its actual cash\nassets.","path":["KRS Chapter 299"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=15862","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:27Z","sha256":"8d1f70d531f7844cfd2a1baa6f64b76a5a5b6031b66fa18fc9d5fb0203e73ba8","source_id":"us-ky","stale":false,"prev":"us-ky/krs-299.390","next":"us-ky/krs-299.410"},"notice":"GroundRules: Original legal text. Not legal advice."}