{"data":{"id":"us-ky/krs-304.24-619","jurisdiction":"us-ky","citation":"KRS 304.24-619","heading":"Dividend preservation provisions.","body":"(1) No dividend preservation provisions shall provide in any way or substitute for the\ndistribution of consideration to eligible members upon extinguishing their\nmembership interests.\n(2) Any dividend preservation provision may be limited to participating indi vidual life\ninsurance policies and participating individual annuity contracts in force or deemed\nto be in force by the plan of conversion on the effective date of the plan of\nconversion for which the converting mutual insurer has an experience -based\ndividend scale due, paid, or accrued by action of the board of directors of the\nconverting mutual in the year in which the plan of reorganization is adopted, except\nthat:\n(a) Policies that would be included but for the fact that their recent issuance\nresults in no dividends for an initial period, may be included;\n(b) Policies that are in force as extended term insurance may be included; and\n(c) Other categories of policies and benefits not described in this subsection may\nbe included or excluded with approval of the commissioner.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=29589","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:51Z","sha256":"a4e388176b517bce608288b01ad7867b03d72989d8d08915d5c030f24d12dcdc","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.24-617","next":"us-ky/krs-304.24-621"},"notice":"GroundRules: Original legal text. Not legal advice."}