{"data":{"id":"us-ky/krs-304.24-120","jurisdiction":"us-ky","citation":"KRS 304.24-120","heading":"Formation of mutual -- Applications for insurance.","body":"(1) Upon receipt of the commissioner's approval of the bond or deposit as provided in\nKRS 304.24-110, the directors and officers of the proposed domestic mutual insurer\nmay commence solicitation of such requisite applications for insurance policies as\nthey may accept, and may receive deposits of premiums thereon.\n(2) All such applications shall be in writing signed by the applicant, covering subjects\nof insurance resident, located or to be performed in this state.\n(3) All such applications shall provide that:\n(a) Issuance of the policy is contingent upon the insurer qualifying for and\nreceiving a certificate of authority;\n(b) No insurance is in effect unless and until the certificate of authority has been\nissued; and\n(c) The prepaid premium or deposit, and membe rship or policy fee, if any, shall\nbe refunded in full to the applicant if organization is not completed and the\ncertificate of authority is not issued and received by the insurer before a\nspecified reasonable date, which date shall be not later than one ( 1) year after\nthe date of the certificate of incorporation.\n(4) All qualifying premiums collected shall be in cash.\n(5) Solicitation for such qualifying applicants for insurance shall be by licensed agents\nof the corporation, and the commissioner shall, up on the corporation's application\ntherefor, issue temporary agent's licenses expiring on the date specified pursuant to\nparagraph (c) of subsection (3) of this section to individuals qualified as for a\nresident's license except as to the taking or passing o f an examination. The\ncommissioner may suspend or revoke any such license for any of the causes and\npursuant to the same procedures as are applicable to suspension or revocation of\nlicenses of agent's in general under Subtitle 9.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=29544","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:51Z","sha256":"fa5067b6dff13804ea4dfb7c0319d62d7cea37250c66bfa50fa3e986de917ad9","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.24-110","next":"us-ky/krs-304.24-130"},"notice":"GroundRules: Original legal text. Not legal advice."}