{"data":{"id":"us-ky/krs-304.24-050","jurisdiction":"us-ky","citation":"KRS 304.24-050","heading":"Procedures preliminary to qualification.","body":"(1) Upon receipt of the articles of incorporation of the proposed insurer, the\ncommissioner shall submit such articles to the Attorney General for examination.\nWithin ten (10) days after receipt thereof the Attorney General shall return the\narticles to the com missioner with a written statement as to whether the articles\ncomply with law.\n(2) If the Attorney General has found the articles to be in compliance with law and has\nso stated to the commissioner, the commissioner shall stamp or otherwise certify his\nor her approval thereon, retain one (1) copy of the articles for his or her files and\ndeliver the remaining three (3) copies of the articles to the incorporators for filing as\nprovided by laws governing business corporations generally.\n(3) The incorporators shall concurrently file with the commissioner duplicates of filings\nmade on behalf of the corporation with the commissioner of the Department of\nFinancial Institutions pursuant to KRS Chapter 292, and upon compliance with the\nprovisions of such chapter gover ning sale of securities, the incorporators may open\nbooks to receive subsections for capital stock of the corporation.\n(4) After all stock stated by the articles as to the amount of capital with which the\ncorporation will begin business (which shall not be  less than the applicable\nminimum amounts required by the provisions of this code to qualify for authority to\ntransact the kind of insurance specified by the articles) has been subscribed and paid\nfor either in cash or in assets of the kind eligible for in vestment of a domestic\ninsurer under this code, the incorporators shall make application for a certificate of\nauthority as provided in Subtitle 3 of this chapter.\n(5) In addition to the requirements of this subtitle, the incorporators shall also comply\nwith such other applicable laws governing the organization of domestic business\ncorporations as are not in conflict with the provisions of this subtitle.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=29536","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:51Z","sha256":"26b7bec88a71b34312a1b7b64226752f3b06a1dde5639aabbb0d052e7ae7e7a2","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.24-040","next":"us-ky/krs-304.24-060"},"notice":"GroundRules: Original legal text. Not legal advice."}