Ky. Rev. Stat. Ann. ch. 299 – Assessment Or Cooperative Insurance | Midpage

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Kentucky Revised Statutes

Chapter 299

Ky. Rev. Stat. Ann. ch. 299

Assessment Or Cooperative Insurance

Commonwealth of Kentucky

299.010Definitions and application.299.011Assessment.299.015Nature of policy to be stated on face.299.017Effect of failure to operate for one year -- Termination of new licensing beginning July 15, 1998.299.019Reporting and filing requirements.299.020Companies deemed engaged in life or casualty insurance business upon the cooperative or assessment plan.299.030Organization of a domestic company.299.040Authorization of a domestic company to do business -- Requirements -- When may begin business.299.045Subsequent licensure of assessment or cooperative life insurance companies prohibited.299.050Guaranty fund -- Creation -- Investments -- Deposit of securities -- Use of fund -- Rights of holders of certificates.299.060Emergency fund -- Creation -- Use -- Administration on discontinuance of business -- Reserve fund.299.070Abandonment of charter by a company -- Period for which charter is in force.299.100Annual meeting -- Adoption and amendment of bylaws -- Examination of books.299.110Election of officers.299.120Annual statement of condition.299.130Application, rule or bylaw referred to as having bearing on contract must accompany policy -- Use as evidence -- Type size.299.140Policy to state contract for payment -- Limit of amount -- Liability for payment.299.150Insurable age -- Insurable interest -- Change of beneficiary.299.160Notice of assessment -- Classification of expense.299.170Examination of policyholder claiming benefits.299.180Suspension of company from doing business on failure to pay loss -- Impounding of collections.299.190Investigation and action against company failing to pay loss -- Court to close business and appoint receiver.299.200Liability of officers of company failing to levy assessment to pay death claim.299.210Reinsurance.299.215Fees of Department of Insurance.299.220Assessment or cooperative life or casualty company may change to stock or mutual plan.299.230Meeting to change form of company -- Notice -- Vote necessary to change.299.240Fixing amount and shares of capital stock -- Sale of stock.299.250Requirements for reorganized company to begin business.299.260Types of insurance that may be written by a reorganized company.299.270Directors of reorganized company -- Election -- Powers.299.280Handling of assessment policies previously written.299.290Use of surplus of former company -- Assets and liabilities.299.300Ascertainment and payment of interest of policyholders dissenting to change -- Additional reserve fund.299.310Organization of assessment or cooperative company to write certain insurance other than life -- Membership -- Preliminary bond.299.320Authorization to do business -- Requirements.299.330Territory in which company may do business -- Change -- Removal of office.299.340Directors and officers -- Election -- Term of office -- Powers of directors -- Quorum -- Bonds.299.350Annual meeting -- Votes -- Bylaws -- Books.299.360Classification of insured property -- Separation of risks.299.370Reserve fund -- Source -- Use -- Investment.299.380Issuance of policies -- Amount of single risk limited by total insurance in force.299.390Assessment contract -- Lien -- Notice and adjustment of loss.299.400Collection and use of membership or policy fees -- Levy and collection of assessments.299.410Notice of assessment -- Form and service.299.420Maximum liability of policyholders for assessments.299.430Action to collect unpaid assessments -- Exclusion of policyholder -- Refund.299.440Withdrawal of member -- Admission of members after organization.299.450Annual statement of condition.299.460Examination of companies by commissioner -- Action against violators.299.470Companies organized under a special charter.299.480Organization of a reinsurance company by mutual or assessment and cooperative fire insurance companies.299.490Admission and withdrawal of member companies of reinsurance company.299.500Policies of reinsurance -- Rates -- Directors -- Liability of member companies -- Limitation of risks.299.510Reinsurance of risks by mutual or assessment and cooperative fire insurance companies.299.520Filing of copies of reinsurance contracts with the commissioner -- Inspection.299.530Annual report on reinsurance premiums -- Tax on premiums paid to unauthorized companies.299.540Fees of Department of Insurance.299.550Change to mutual plan of company writing insurance other than life.299.990Penalties.