Ky. Rev. Stat. § 304.37-545
Current through 2024 Ky. Acts ch. 225
No policyholder who is a member of a mutual insurance holding company shall receive because of a membership interest any payment of a policy credit, dividend, or other distribution unless the payment has been approved by the commissioner. The commissioner, after a public hearing, if satisfied the proposed payment is fair and equitable to policyholders who are members, may approve the proposed payment and may require as a condition of approval modification of the proposed payment as the commissioner finds necessary for the protection of policyholders.
KRS 304.37-545
Amended 2010, Ky. Acts ch. 24, sec. 1492, effective7/15/2010. -- Created 1998, Ky. Acts ch. 546, sec. 10, effective 7/15/1998.