{"data":{"id":"us-ky/krs-304.24-100","jurisdiction":"us-ky","citation":"KRS 304.24-100","heading":"Formation of mutual -- Initial qualifications.","body":"(1) When newly organized, a domestic mutual insurer may be authorized to transact any\none of the kinds of insurance listed in the schedule contained in subsection (2) of\nthis section.\n(2) When applying for an original certificate of authority, the insurer must be otherwise\nqualified therefor under this code, and must have received and accepted bona fide\napplications as to substantial insurable subjects for insurance coverage of a\nsubstantial character of the kind of insurance proposed to be transacted, must hav e\ncollected in cash the full premium therefor at a rate not less than that usually\ncharged by other insurers for comparable coverages, and must have surplus funds\non hand and deposited as of the date such insurance coverages are to become\neffective, all in accordance with that part of the following schedule which applies to\nthe kind of insurance the insurer proposes to transact:\n(a)   (b) (c) (d) (e)\nMin. No. Min. No. Minimum Min. Amt.\nKind of  of Apps. Subjects Premium Ins. ea.\nInsurance  Accepted Covered Collected Subject\nLife (i)  500 500 Annual $1,000\nDisability (ii) 500 500 Quarterly $   15\nLife \u0026 Health 500 500 Quarterly (weekly\nindem.)\nProperty (iii) 100 250 Annual $1,000\nCasualty (iv) 250 500 Annual $1,000\nexcluding surety\nand workers'\ncompensation\nCasualty with 250 1,500 Quarterly $1,000\nworkers'\ncompensation\n(a)   (f) (g)\nMax.Amt. Deposit of\nIns. ea. Min. Sur-\nKind of  Subject plus Funds\nInsurance  (v) (vi)\nLife (i)  $ 2,500 $  500,000\nDisability (ii) $    30 $  500,000\nLife \u0026 Health (weekly $  500,000\nindem.)\nProperty (iii) $ 3,000 $  500,000\nCasualty (iv) $10,000 $1,000,000\nexcluding surety\nand workers'\ncompensation\nCasualty with $10,000 $1,500,000\nworkers'\ncompensation\nExpendable Surplus: In addition to surplus deposited and thereafter to be maintained as\nshown in column (g) above, the insurer when first authorized must have on hand surplus\nfunds, which it can thereafter expend in the conduct of its business, in amount not less\nthan $500,000 or 50 percent of the deposited surplus required of it under the above\nschedule, whichever is the larger amount.\n(3) The following provisions are respectively applicable to the foregoing schedule and\nprovisions as indicated by like Roman numerals appearing in such schedule:\n(i) No group insurance or term policies for terms of less than ten (10) years shall\nbe included.\n(ii) No group, blanket or family plans of insurance shall be included. In lieu of\nweekly indemnity a like premium value in medical, surgical, and hospital\nbenefits may be provided. Any accidental death or dismemberment benefit\nprovided shall not exceed $2,500.\n(iii) Only insurance of the owner's interest in real property may be included.\n(iv) Must include insurance of legal liability for bodily injury and property\ndamage, to which the maximum and minimum insured amounts apply.\n(v) The maximums provided for in this column (f) are net of applicable\nreinsurance.\n(vi) The deposit of surplus in the amount specified in column (g) must thereafter\nbe maintained unimpaired. The deposit is subject to the provisions of Subtitle\n8.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=29542","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:51Z","sha256":"ab2b19b705597cc53c65884107b2de97dc07812486130a2a773b323d1bec8f59","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.24-095","next":"us-ky/krs-304.24-110"},"notice":"GroundRules: Original legal text. Not legal advice."}