304.24 -260 Nonassessable policies -- Revocation of authority. (1) The commissioner shall revoke the authority of a domestic mutual insurer to issue policies without contingent liability if: (a) At any time the insurer's assets are less than the sum of its liabilities and the surplus required for such authority; or (b) The insurer, by resolution of its board of directors approved by a majority of its members, requests that the authority be revoked. (2) During the absence of such authority the insurer shall not issue any policy without providing therein for the contingent l iability of the policyholder, nor renew any policy which is then in force without indorsing the same to provide for such contingent liability. Effective: July 15, 2010 History: Amended 2010 Ky. Acts ch. 24, sec. 1336, effective July 15, 2010. -- Created 1970 Ky. Acts ch. 301, subtit. 24, sec. 26, effective June 18, 1970.
Kentucky Legal Code