{"data":{"id":"us-ky/krs-304.24-613","jurisdiction":"us-ky","citation":"KRS 304.24-613","heading":"Effect of conversion.","body":"(1) Upon the effective date of the plan of conversion:\n(a) The converting mutual shall be converted from a domestic mutual insurer to a\ndomestic stock insurer, and the former mutual shall have all the rights,\nprivileges, immunities, and powers and shall be sub ject to all the duties and\nliabilities of a stock insurer existing under this chapter;\n(b) The membership interests of every member and policyholder of the converting\nmutual shall be extinguished and cease; and\n(c) The rights of every policyholder, certifi cate holder, and other insured of the\nconverting mutual under any contract of insurance shall continue in force in\naccordance with the terms, provisions, and conditions of the contract,\nincluding rights, if any, to dividends.\n(2) The former mutual shall be  a continuation of the existence of the original\nconverting mutual. The conversion in no way shall annul, modify, or change any of\nthe original converting mutual's existing suits, rights, contracts, or liabilities. The\nformer mutual shall be vested in all the rights, franchises, and interests of the\nconverting mutual in and to every species of property without any deed or transfer,\nand the former mutual shall succeed to all the obligations and liabilities of the\nconverting mutual and retain all rights and c ontracts existing prior to effectiveness\nof the conversion.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=29586","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:51Z","sha256":"6a25db0173a86c71dd53d854287ec1c2314d5afcbbdae88b4751285eb46d4873","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.24-611","next":"us-ky/krs-304.24-615"},"notice":"GroundRules: Original legal text. Not legal advice."}