{"data":{"id":"us-ky/krs-304.24-250","jurisdiction":"us-ky","citation":"KRS 304.24-250","heading":"Nonassessable policies -- Mutual insurers.","body":"(1) A domestic mutual insurer while maintaining unimpaired surplus funds not less in\namount than the minimum paid -in capital stock and surplus required to be\nmaintained by a domestic stock insurer, formed under this code, for authority to\ntransact the same kin ds or kind of insurance, may, upon receipt of the\ncommissioner's order so authorizing, extinguish the contingent liability to\nassessment of its members as to all its policies in force and may omit provisions\nimposing contingent liability in all policies currently issued.\n(2) The commissioner shall not authorize a domestic insurer to extinguish the\ncontingent liability of any of its members or in any of its policies to be issued,\nunless it qualifies to and does extinguish such liability of all its members an d in all\nsuch policies for all kinds of insurance transacted by it.\n(3) A foreign or alien mutual insurer may issue nonassessable policies to its members\nin this state pursuant to its charter and the laws of its domicile.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=29557","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:51Z","sha256":"20f08b8bef64b31fa51e5f6629fb716a800e856378ffd1461ab9a6a89ebb443b","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.24-240","next":"us-ky/krs-304.24-260"},"notice":"GroundRules: Original legal text. Not legal advice."}