{"data":{"id":"us-ky/krs-304.24-170","jurisdiction":"us-ky","citation":"KRS 304.24-170","heading":"Bylaws of mutual.","body":"(1) A domestic mutual insurer shall have bylaws for the government of its affairs. The\ninsurer's initial board of directors shall adopt original bylaws, subject to the\napproval of the insurer's members at the next meeting of members.\n(2) The bylaws shall contain provisions, consistent with this code, relating to:\n(a) The voting rights of members;\n(b) Election of directors, and the number, qualifications, terms of office and\npowers of directors;\n(c) Annual and special meetings of members;\n(d) The number, designa tion, election, terms and powers and duties of the\nrespective corporate officers;\n(e) Deposit, custody, disbursement and accounting for corporate funds;\n(f) Fidelity bonds covering officers and employees of the insurer handling its\nfunds, to be issued by the corporate surety and to be in such amount as may be\nreasonable; and\n(g) Such other matters as may be customary, necessary, or convenient for the\nmanagement or regulation of corporate affairs.\n(3) The insurer shall promptly file with the commissioner a c opy, certified by the\ninsurer's secretary, of its bylaws and of every modification thereof or addition\nthereto. The commissioner shall disapprove any bylaw provision deemed by him or\nher, after a hearing held thereon, to be unlawful, unreasonable, inadequate, unfair or\ndetrimental to the proper interests or protection of the insurer's members or any\nclass thereof. The insurer shall not, after receiving written notice of such\ndisapproval and during the existence thereof, effectuate any bylaw provision so\ndisapproved.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=29549","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:51Z","sha256":"80763fdcfe058219b32df9ef4e73973420188277468426ff74305d3cfc6a026d","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.24-160","next":"us-ky/krs-304.24-180"},"notice":"GroundRules: Original legal text. Not legal advice."}