{"data":{"id":"us-ky/krs-304.24-430","jurisdiction":"us-ky","citation":"KRS 304.24-430","heading":"Voluntary dissolution.","body":"(1) A solvent domestic stock or mutual insurer, which then is not the subject of a\ndelinquency proceeding under Subtitle 33 of this chapter, may voluntarily dissolve\nunder a plan therefor in writing authorized by its board of directors, approved or\nadopted by stockholders or members as hereinafter provided, and filed with and\napproved by the commissioner. The plan shall provide for the disposition, by bulk\nreinsurance or other lawful procedure, of all insurance in force in the insurer, for\nfull discharge of all  obligations of the insurer, and designate or provide for trustees\nto conduct and administer the settlement of the insurer's affairs.\n(2) The commissioner shall approve the plan unless found by him or her to be unlawful\nor unfair or inequitable or prejudicial to the interests of stockholders, policyholders,\nor creditors.\n(3) If a mutual insurer, the plan must have been approved by vote of not less than two -\nthirds (2/3) of the policyholders voting thereon at a special meeting of such\npolicyholders called and held for the purpose pursuant to such reasonable notice and\ninformation as the commissioner may have approved.\n(4) If a stock insurer, the plan must have been adopted by vote of not less than two -\nthirds (2/3) of all outstanding voting securities of the in surer at a special meeting of\nsuch security holders called and held for the purpose.\n(5) Following approval of the dissolution and plan therefor by members or adoption\nthereof by stockholders as above provided, and approval by the commissioner, the\ntrustees designated or provided for in the plan shall proceed to execute the plan.\nWhen all liabilities of the corporation have been discharged or otherwise adequately\nprovided for, and all assets of the corporation have been liquidated and distributed\nin accordance with the plan, the trustees shall so certify in quadruplicate under oath\nin writing. The trustees shall deliver the original and the three (3) copies of such\ncertificate to the commissioner. The commissioner shall make such examination of\nthe affairs of the corporation, and of the liquidation and distribution of its assets and\ndischarge of or provision for its liabilities as the commissioner deems advisable. If\nupon such examination the commissioner finds that the facts set forth in the\ncertificate of t he trustees are true, the commissioner shall inscribe his or her\napproval on the certificate, file the original thereof so inscribed in the office of the\nSecretary of State, file copy thereof in the department, and return the remaining two\n(2) copies to the trustees. The trustees shall file one (1) of such copies for recording\nin the office of the county clerk of the county in which the corporation's principal\nplace of business is located, and retain the fourth copy for the corporate files.\n(6) Upon filing the certificate of the trustees with the Secretary of State as provided in\nsubsection (5) of this section, the Secretary of State shall issue to the trustees his or\nher certificate of dissolution, and the corporate existence of the corporation shall\nthereupon forever terminate. The Secretary of State shall charge and collect a fee of\ntwenty-five dollars ($25) for the filing of the trustee's certificate, and shall deposit\nthe same with the State Treasurer for credit to the general fund.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=29576","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:51Z","sha256":"13576aa92cc9514a664bf5eb47d6dabfc06cda2a0bd37ffcbc8a6e5a1dead184","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.24-420","next":"us-ky/krs-304.24-440"},"notice":"GroundRules: Original legal text. Not legal advice."}