299.490 Admission and withdrawal of member companies of reinsurance company.
139 words·~1 min read·
/ky/chapter-299/299-490A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)Any domestic mutual or assessment and cooperative fire insurance company may,
with the consent of the directors of the reinsurance company, become a member
thereof by filing with the commissioner a certificate of its intention and a certificate
showing the vote of its directors authorizing it to become a member of the
reinsurance company.
(2)Any member company may, by paying its proportion of the liabilities of the
reinsurance company then existing, withdraw its membership from a reinsurance
company. The member company shall certify to the commissioner its intention to
withdraw its membership, and give written notice to the secretary of the reinsurance
company of its intention to withdraw thirty
(30)days in advance. Upon withdrawal
of any member company the reinsurance company shall at once cancel all policies
of insurance held by and through the company withdrawing.