{"data":{"id":"us-ky/krs-299.550","jurisdiction":"us-ky","citation":"KRS 299.550","heading":"Change to mutual plan of company writing insurance other than life.","body":"Any company operating under the provisions of KRS 299.310 et seq. may become a\nmutual insurer as defined in Chapter 304 of the Kentucky Revised Statutes upon the\napproval of such change by two -thirds (2/3) of the authorized vote of the membership of\nthe company, such authorized vote to be determined by the provisions of KRS 299.350;\nand such vote to be at a regular annual meeting of the membership of the company, notice\nof which meeting shall have been given to the membership in writing at least thirty (30)\ndays in advance, setting forth the fact that a vote upon such conversion shall be taken at\nsaid meeting. In the event of such conversion of a company, the effective date of the\nconversion shall be fixed by resolution of the membership, and all policies in  force as of\nthe effective date of conversion shall remain in force unless sooner canceled until the next\nregular assessment thereon or until one (1) year after the effective date of conversion,\nwhichever is earlier. All policies written after the effectiv e date of conversion in all\nrespects shall be in conformity with the provisions of Chapter 304 of the Kentucky\nRevised Statutes. The plan of conversion must be submitted to and approved by the\ncommissioner before it becomes effective.","path":["KRS Chapter 299"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=15882","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:27Z","sha256":"ab9fce28513141af0e2621e072ef2063237c0c4f3874fd8d9bcdd2c1cc5e81fc","source_id":"us-ky","stale":false,"prev":"us-ky/krs-299.540","next":"us-ky/krs-299.990"},"notice":"GroundRules: Original legal text. Not legal advice."}