{"data":{"id":"us-ky/krs-304.27-270","jurisdiction":"us-ky","citation":"KRS 304.27-270","heading":"Merger or conversion.","body":"(1) A domestic reciprocal insurer upon affirmative vote of not less than two-thirds (2/3)\nof its subscribers who vote on such merger pursuant to due notice and the approval\nof the commissioner of the terms therefor, may merge with another reciprocal\ninsurer or be converted to a stock or mutual insurer.\n(2) Such a stock or mutual insurer shall be subject to the same capital or surplus\nrequirements and shall have the same rights as a like domestic insurer transacting\nlike kinds of insurance.\n(3) The commissioner shall not approve any plan for such merger or conversion which\nis inequitable to subscribers, or which, if for conversion to a stock insurer, does not\ngive each subscriber preferential right to acquire stock of the proposed insurer\nproportionate to his or her interest in the reciprocal insurer as determined in\naccordance with KRS 304.27 -260 and a reasonable length of time within which to\nexercise such right.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=29635","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:52Z","sha256":"ce69bb505983b54054df06d64e14685d6004f3ad4fd687efbc48e830798a6261","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.27-260","next":"us-ky/krs-304.27-280"},"notice":"GroundRules: Original legal text. Not legal advice."}