{"data":{"id":"us-ky/krs-304.37-500","jurisdiction":"us-ky","citation":"KRS 304.37-500","heading":"Definitions for KRS 304.37-500 to 304.37-580.","body":"The following definitions shall apply to KRS 304.37-500 to 304.37-580:\n(1) \"Interested person\" means:\n(a) Any affiliated person of a company;\n(b) Any member of the immediate family of any natural person who is an\naffiliated person of a company;\n(c) Any person or partner or employee of any person who at any time since the\nbeginning of the last two (2) completed fiscal years of a company has acted as\nlegal counsel for the company; or\n(d) Any natural person whom the commissioner by order shall have determined to\nbe an interested person by reason of having had, at any time since the\nbeginning of the last two (2) completed fiscal years of a company, a material\nbusiness or professional relationship with a company or with the principal\nexecutive officer of the company;\n(2) \"Intermediate holding company\" means a holding company which is a subsidiary of\na mutual insurance holding company and which either directly or through a\nsubsidiary intermediate holding company has one (1) or more subsidiary\nreorganized insurance companies of which a majority of the voting shares of the\ncapital stock would otherwise have been required by KRS 304.37 -505, to be at all\ntimes owned by the mutual insurance holding company. The commissioner shall\nhave jurisdiction over an intermediate ho lding company as if it were a mutual\ninsurance holding company;\n(3) \"Majority of the voting shares of the capital stock of the reorganized insurance\ncompany\" means shares of the capital stock of the reorganized insurance company\nwhich carry the right to ca st a majority of the votes entitled to be cast by all of the\noutstanding shares of the capital stock of the reorganized insurance company for the\nelection of directors and on all other matters submitted to a vote of the shareholders\nof the reorganized insu rance company. The ownership of a majority of the voting\nshares of the capital stock of the reorganized insurance company which are required\nby KRS 304.37 -505 to be held by the mutual insurance holding company may be\nheld by indirect ownership through one (1) or more intermediate holding companies\nin a corporate structure approved by the commissioner, provided, however, that\nindirect ownership through one (1) or more intermediate holding companies shall\nnot result in the mutual insurance holding company own ing less than the equivalent\nof a majority of the voting shares of the capital stock of the reorganized insurance\ncompany;\n(4) \"Mutual insurance holding company\" means a holding company organized on the\nmutual plan and incorporated under the laws of Kentuc ky, resulting from the\nreorganization of a domestic mutual insurance company in accordance with KRS\n304.37-505 and 304.37-510, with one (1) or more stock insurance holding company\nsubsidiaries or stock insurance company subsidiaries;\n(5) \"Plan of reorganiz ation\" means a plan to reorganize a domestic mutual insurance\ncompany by forming a mutual insurance holding company; and\n(6) \"Stock offering\" means any proposed sale, exchange, transfer, or other change of\nownership of stock or of securities convertible in to or exchangeable or exercisable\nfor stock; including but not limited to an initial public offering, private equity\nplacement, or grants of stock options and other equity based compensation. For\npurposes of KRS 304.37 -570, 304.37 -575, and 304.37 -580, \"sto ck offering\" shall\nnot mean:\n(a) An offering of preferred stock which is not convertible or exchangeable into\ncommon stock and which has no ordinary voting rights; or\n(b) A transfer of stock between a mutual insurance holding company, an\ninsurance company subsidiary of a mutual holding company, and an insurance\ncompany subsidiary of an intermediate holding company subsidiary to a\nmutual holding company.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=29945","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:56Z","sha256":"f4dd02838f8eb3f72a0762ad72c1fc922fcaabaf134ae60f3ee60939ff0e1ffa","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.37-160","next":"us-ky/krs-304.37-505"},"notice":"GroundRules: Original legal text. Not legal advice."}