{"data":{"id":"us-ky/krs-304.24-601","jurisdiction":"us-ky","citation":"KRS 304.24-601","heading":"Definitions for KRS 304.24-600 to 304.24-625.","body":"As used in KRS 304.24-600 to 304.24-625, unless the context requires otherwise:\n(1) \"Converting mutual\" means a domestic mutual insurer that adopts a plan of\nconversion under KRS 304.24 -603 that will result in the insurer converting into a\ndomestic stock insurer.\n(2) \"Eligible member\" means:\n(a) Any person who is a member of the converting mutual on the date the\nconverting mutual's board of directors adopts a resolution proposing a plan of\nconversion;\n(b) Any person who has been a member of the converting m utual within the last\nthree (3) years prior to the date the converting mutual's board of directors\nadopts a resolution proposing a plan of conversion; and\n(c) Any person who is a certificate holder under a group policy if the person\nmeets the condition in paragraph (a) or (b) of this subsection and inclusion of\nthe certificate holder as an eligible member is necessary for a fair and\nequitable distribution.\n(3) \"Former mutual\" means the domestic stock insurer resulting from the conversion of\na converting mut ual to a stock insurer pursuant to a plan of conversion in\naccordance with KRS 304.24-600 to 304.24-625.\n(4) \"Membership interests\" means:\n(a) The voting rights of members of a domestic mutual insurer as provided by law\nand by the insurer's articles of incorporation and bylaws; and\n(b) The rights of members of a domestic mutual insurer to receive cash, stock, or\nother consideration in the event of a conversion to a stock insurer under KRS\n304.24-600 to 304.24-625 or a dissolution under KRS 304.24-430.\n(5) \"Plan of conversion\" means the plan of conversion described in KRS 304.24 -603\nand includes the proposed amendment to the converting mutual's articles of\nincorporation, unless the context requires otherwise.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=29580","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:51Z","sha256":"1caae9f2ada5f8716baec57ccdc928adcadbfafb6fcf01d886d9829e925dba6d","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.24-600","next":"us-ky/krs-304.24-603"},"notice":"GroundRules: Original legal text. Not legal advice."}