299.510 Reinsurance of risks by mutual or assessment and cooperative fire
131 words·~1 min read·
/ky/299-510A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
insurance companies.
(1)Any domestic mutual fire insurance company, or any domestic cooperative and
assessment fire insurance company, without amending its charter or articles of
incorporation, may by policy, treaty or other agreement, cede to or accept from any
other insurance company or insurer, insurance or reinsurance upon the whole or any
part of any risk provided such other insurance companies or insurers shall at all
times maintain the full standards of solvency required under laws of this state of
like insurance companies or insurers.
(2)KRS 299.510 to 299.530 shall not empower any such mutual fire insurance
company or any such cooperative and assessment fire insurance company to assume
or carry insurance or reinsurance on any risk or class of risks prohibited in its
charter, articles of incorporation or bylaws.