{"data":{"id":"us-ky/krs-304.24-130","jurisdiction":"us-ky","citation":"KRS 304.24-130","heading":"Formation of mutual -- Trust deposit of premiums.","body":"(1) All sums collected by a domestic mutual corporation as premiums or fees on\nqualifying applications for insurance therein shall be deposited in trust in a bank or\ntrust company in this state under a written trust agreement consistent with this\nsection and w ith paragraph (c) of subsection (3) of KRS 304.24 -120 and 304.24 -\n140. The corporation shall file an executed copy of such trust agreement with the\ncommissioner.\n(2) Upon issuance to the corporation of a certificate of authority as an insurer for the\nkind o f insurance for which such applications were solicited, all funds so held in\ntrust shall become the funds of the insurer, and the insurer shall thereafter in due\ncourse issue and deliver its policies for which premiums had been paid and\naccepted. The insur ance provided by such policies shall be effective as of the date\nof the certificate of authority or thereafter as provided by the respective policies.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=29545","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:51Z","sha256":"8e0f9c145e410fbfed63d473393ef395a4fed0355fd2a581d6fa558872fa11e4","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.24-120","next":"us-ky/krs-304.24-140"},"notice":"GroundRules: Original legal text. Not legal advice."}