{"data":{"id":"us-ky/krs-304.27-060","jurisdiction":"us-ky","citation":"KRS 304.27-060","heading":"Organization of reciprocal insurer.","body":"(1) Twenty-five (25) or more persons domiciled in this state may organize a domestic\nreciprocal insurer and make application to the commissioner for a certificate of\nauthority to transact insurance.\n(2) The proposed attorney shall fulfill the requirements of a nd shall execute and file\nwith the commissioner when applying for a certificate of authority, a declaration\nsetting forth:\n(a) The name of the insurer;\n(b) The location of the insurer's principal office, which shall be the same as that\nof the attorney and shall be maintained within this state;\n(c) The kinds of insurance proposed to be transacted;\n(d) The names and addresses of the original subscribers;\n(e) The designation and appointment of the proposed attorney and a copy of the\npower of attorney;\n(f) The names and addresses of the officers and directors of the attorney, if a\ncorporation, or its members, if a firm;\n(g) The powers of the subscribers' advisory committee; and the names and terms\nof office of the members thereof;\n(h) A copy of the subscribers' agreement;\n(i) That all moneys paid to the reciprocal insurer shall, after deducting therefrom\nany sum payable to the attorney, be held in the name of the insurer and for the\npurposes specified in the subscribers' agreement;\n(j) A statement that each of th e original subscribers has in good faith applied for\ninsurance of a kind proposed to be transacted, and that the insurer has received\nfrom each such subscriber the full premium or premium deposit required for\nthe policy applied for, for a term of not less than six (6) months at an adequate\nrate theretofore filed with the commissioner;\n(k) A statement of the financial condition of the insurer, a schedule of its assets,\nand a statement that the surplus as required by KRS 304.3-120 is on hand; and\n(l) A copy of each policy, indorsement, and application form it then proposes to\nissue or use.\n(3) The declaration shall be acknowledged by the attorney in the manner required for\nthe acknowledgment of deeds.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=29614","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:52Z","sha256":"32849fe5e1d4876da3b24e18afc9da49ee5add950584df8ca7faf68027efeb39","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.27-050","next":"us-ky/krs-304.27-070"},"notice":"GroundRules: Original legal text. Not legal advice."}