{"data":{"id":"us-ky/krs-304.24-390","jurisdiction":"us-ky","citation":"KRS 304.24-390","heading":"Merger -- Consolidation of insurers.","body":"(1) A domestic insurer may merge or consolidate with one (1) or more domestic or\nforeign insurers, by complying with the applicable provisions of the statutes of this\nstate governing the merger or consolidation of corporations formed for profit, but\nsubject to subsections (2), (3), and (4) of this section.\n(2) No such merger or consolidation shall be effectuated unless in advance thereof the\nplan and agreement therefor have been filed with the commissioner and approved in\nwriting by him or her after a hearing t hereon. The commissioner shall give such\napproval within a reasonable time after such filing unless the commissioner finds\nsuch plan or agreement:\n(a) Is contrary to law; or\n(b) Inequitable to the stockholders or members of the insurers involved; or\n(c) Would substantially reduce the security of and service to be rendered to\npolicyholders of the domestic insurer in this state or elsewhere; or\n(d) Would materially tend to lessen competition in the insurance business in this\nstate or elsewhere as to the kinds  of insurance involved, or would materially\ntend to create a monopoly as to such business; or\n(e) Is subject to other material and reasonable objections.\n(3) No director, officer, agent or employee of any insurer party to such merger or\nconsolidation, or member of the family of such director, officer, agent, or employee,\nshall receive any fee, commission, compensation or other valuable consideration\nwhatsoever for in any manner aiding, promoting or assisting therein except as set\nforth in such plan or agreement.\n(4) If members of an insurer are entitled to vote, two -thirds (2/3) of the votes cast by\nsuch members of such insurer, as are represented at the meeting in person or by\nproxy, is necessary for the approval of any such agreement or plan.\n(5) If the commissioner does not approve any such plan or agreement he or she shall so\nnotify the insurer in writing specifying his or her reasons therefor.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=29571","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:51Z","sha256":"7a342fc261fb5e7b213aa2f9f0f729c1f5777d6dd01fb8e745080b9fadf2cfe1","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.24-380","next":"us-ky/krs-304.24-400"},"notice":"GroundRules: Original legal text. Not legal advice."}