304.24 -160 Membership in mutuals. (1) Each policyholder of a domestic mutual insurer, other than of a reinsurance contract, is a member of the insurer with all rights and obligations of such membership, and the policy shall so specify. (2) Any person, government or governmental agency, state o r political subdivision thereof, public or private corporation, board, association, firm, estate, trustee or fiduciary may be a member of a domestic, foreign, or alien mutual insurer. Any officer, stockholder, trustee or legal representative of any such co rporation, board, association or estate may be recognized as acting for or on its behalf for the purpose of such membership, and shall not be personally liable upon any contract of insurance for acting in such representative capacity. (3) Any domestic corp oration may participate as a member of a mutual insurer as an incidental purpose for which such corporation is organized. Effective: June 18, 1970 History: Created 1970 Ky. Acts ch. 301, subtit. 24, sec. 16, effective June 18, 1970.
Kentucky Legal Code