{"data":{"id":"us-ky/krs-304.37-555","jurisdiction":"us-ky","citation":"KRS 304.37-555","heading":"Plan of reorganization.","body":"The reorganizing or merging insurer shall file a plan of reorganization, approved by the\naffirmative vote of a majority of its board of directors, for review and approval by the\ncommissioner. The plan shall provide the following:\n(1) Establishing a mutual insurance holding company with at least one (1) stock\ninsurance company subsidiary or one (1) wholly owned intermediate holding\ncompany with a stock insurance subsidiary, the shares of which shall be held\nexclusively by the wholly owned intermediate holding company;\n(2) Protecting the immediate and long term interests of existing policyholders;\n(3) Ensuring immediate membership in the mutual insurance holding company of all\nexisting policyholders of the reorganizing domestic mutual insurance company;\n(4) Providing for membership interest of future policyholders;\n(5) Describing the number of members of the board of directors of the mutual insurance\nholding company required to be policyholders;\n(6) Demonstrating that, in the event of proceedings under Subtitle  33 of KRS Chapter\n304 involving a stock insurance company subsidiary of the mutual insurance\nholding company which resulted from the reorganization of a domestic mutual\ninsurance company, the assets of the mutual insurance holding company will be\navailable to satisfy the policyholder obligations of the stock insurance company;\n(7) Describing how any accumulation or prospective accumulation of earnings by the\nmutual insurance holding company, which is or would be in excess of that\ndetermined by the board of directors of the mutual insurance holding company to be\nnecessary, shall inure to the exclusive benefit of the policyholders of its insurance\ncompany subsidiaries who are members;\n(8) Describing the nature and content of the annual report and financial st atement to be\nsent to each member;\n(9) Describing the applicant's plan for a stock offering in accordance with the\nprovisions of KRS 304.37-570; and\n(10) Describing other relevant matters the applicant deems appropriate.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=29956","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:56Z","sha256":"5a79c11f1ab02098eb76a57fb00dc10cfc1e7b8487156acae44cd4067dac6c22","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.37-550","next":"us-ky/krs-304.37-560"},"notice":"GroundRules: Original legal text. Not legal advice."}