299.500 Policies of reinsurance -- Rates -- Directors -- Liability of member
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/ky/299-500A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
companies -- Limitation of risks.
(1)Reinsurance companies formed under KRS 299.480 may issue policies of
reinsurance to and through its member companies only, on their risks, and upon the
terms and rates provided for by its bylaws. Such reinsurance companies shall have
not less than five
(5)directors, and one
(1)director shall be chosen from the officers
of each member company.
(2)The member companies shall be liable for the indebtedness of such reinsurance
company, if its losses and expenses at any time exceed its income and assets, in the
proportion of liability fixed by the bylaws of the reinsurance company. Such
reinsurance company shall not issue policies on one
(1)risk for a greater amount
than a sum equal to three cents ($0.03) for each one hundred dollars ($100)
insurance in force in its combined member companies.