{"data":{"id":"us-ky/krs-299.430","jurisdiction":"us-ky","citation":"KRS 299.430","heading":"Action to collect unpaid assessments -- Exclusion of policyholder --","body":"Refund.\n(1) An action may be brought by the company against any policyholder to recover all\nassessments, made upon him under the provisions of KRS 299.310 to 299.470 or\nunder the bylaws of the company, that he neglects or refuses to pay. If the company\nis compelled to bring action in order to collect an assessment, it may recover the\namount assessed with fifty percent (50%) added thereto, in addition to lawful\ninterest, as a penalty for the neglect and refusal to pay within the time required.\n(2) The officers of a company may proceed to collect any assessment when due and\nunpaid for thirty (30) days, and the refusal or neglect on their part to endeavor to do\nso, or to perform any of th e duties imposed by KRS 299.310 to 299.470, shall\nrender them liable individually for the amount lost by any person because of such\nneglect or refusal, and an action may be maintained against them for such loss.\n(3) A policyholder who refuses to pay his as sessment may, for that or any other reason\nsatisfactory to the directors or executive committee, be excluded by a majority of\nthe directors or executive committee, or as the bylaws may prescribe, from the\ncompany. He shall remain liable for payment of any assessment made prior to his\nexclusion, and for the penalty above provided in case action is brought against him\nwithin twelve (12) months after the time the assessment was due. If any\npolicyholder is excluded as provided in this subsection, and the policy issued to him\nis canceled, the secretary shall at once enter that fact, with the date, upon the records\nof the company, and notify the policyholder, in person or by mail, of his exclusion.\nIf by mail, the postage shall be prepaid and the notice shall be a ddressed to the\naddress given in the application or policy, or the last address given the secretary by\nthe policyholder. From and after the date of personal notice, or five (5) days after\nthe mailing of notice, the policy shall be canceled and all liabilit y for the policy\nshall cease, but the insured shall be entitled to receive from the company a\nrepayment of an equitable portion of all unearned money in excess of his legal\ncontribution to the reserve fund to which he has contributed. Not more than twenty\npercent (20%) of assessments may be computed as the policyholders' legal\ncontribution to the reserve fund.","path":["KRS Chapter 299"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=15865","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:27Z","sha256":"19287f6b6ceb02b19311115588d8e7832cb0c30335b3a58b5f0e138fad96803b","source_id":"us-ky","stale":false,"prev":"us-ky/krs-299.420","next":"us-ky/krs-299.440"},"notice":"GroundRules: Original legal text. Not legal advice."}