{"data":{"id":"us-ky/krs-304.24-220","jurisdiction":"us-ky","citation":"KRS 304.24-220","heading":"Contingent liability of mutual member.","body":"(1) Except as otherwise provided in KRS 304.24 -260 with respect to nonassessable\npolicies, each member of a domestic mutual insurer shall have a contingent liability,\npro rata and not one for another, for the discharge of its obligations, which\ncontingent liability shall be in such maximum amount as is specified in the insurer's\narticles of incorporation consistent with paragraph (d) of subsection (3) of KRS\n304.24-040.\n(2) Every policy issued by the insurer shall contain a statement of the contingent\nliability.\n(3) Termination of the policy of any such member shall not relieve the member of\ncontingent liability for his proportion of the obligations of the insurer which accrued\nwhile the policy was in force as provided in KRS 304.24-230.\n(4) Unrealized contin gent liability of members does not constitute an asset of the\ninsurer in any determination of its financial condition.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=29554","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:51Z","sha256":"4a77984c63ad16f238ec325af72b29f82d5e756b1d79f0ee70d10cebb9204eb6","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.24-210","next":"us-ky/krs-304.24-230"},"notice":"GroundRules: Original legal text. Not legal advice."}