{"data":{"id":"us-ky/krs-304.24-440","jurisdiction":"us-ky","citation":"KRS 304.24-440","heading":"Mutual member's share of assets on liquidation.","body":"(1) Upon any liquidation of a domestic mutual insurer, its assets remaining after\ndischarge of its indebtedness, policy obligations, repayment of contributed or\nborrowed surplus, if any, and expenses of administration, shall be distributed to\ncurrently existing persons who had been members of the insurer for at least one (1)\nyear and who were its members at any time within thirty -six (36) months next\npreceding the date such liquidation was authorized or ordered, or date of last\ntermination of the insurer's cert ificate of authority whichever date is the earlier;\nexcept, that if the commissioner has reason to believe that those in charge of the\nmanagement of the insurer have caused or encouraged the reduction of the number\nof members of the insurer in anticipation  of liquidation and for the purpose of\nreducing thereby the number of persons who may be entitled to share in distribution\nof the insurer's assets, the commissioner may enlarge the thirty -six (36) month\nqualification period above provided for by such addit ional period as he or she may\ndeem to be reasonable.\n(2) The insurer shall make a reasonable classification of its policies so held by such\nmembers, and a formula based upon such classification for determining the\nequitable distributive share of each such member. Such classification and formula\nshall be subject to the approval of the commissioner.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=29577","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:51Z","sha256":"476b3bf962a132627b7c33258f2285c18234eb428edad6c2a047db955360e882","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.24-430","next":"us-ky/krs-304.24-500"},"notice":"GroundRules: Original legal text. Not legal advice."}