Section 304.24-617 - Fairness of method or formula in plan of conversionIn determining whether the method or formula in the plan of conversion is fair and equitable, the commissioner may consider the following factors:
(2) Number of eligible members;(3) Length of membership in the converting mutual;(4) Premiums paid by members;(6) Risk of line of insurance;(7) Sources of the proportionate contributions to historical surplus, based on such groupings, classification, historical information, assumptions, and projections as are actuarially sound and reasonable;(8) For a converting mutual that is a property and casualty company, the net earned premiums each eligible member has paid to the converting mutual, compared to the total net earned premiums paid by all eligible members, in each case during the period of time specified in the plan of conversion; and(9) Any other relevant factors the commissioner may deem appropriate.Effective:7/15/2010
Amended 2010, Ky. Acts ch. 24, sec. 1357, effective7/15/2010. -- Created 2000, Ky. Acts ch. 42, sec. 10, effective 7/14/2000.