2006 Kentucky Revised Statutes - .170   Calculation of reserves.

304.6-170 Calculation of reserves. (1) Reserves for any category of policies, contracts, or benefits as established by the executive director, which are subject to subsection (2) of KRS 304.6-140, may be calculated, at the option of the insurer, according to any standards which produce greater aggregate reserves for such category than those calculated according to the minimum standard herein provided, but the rate or rates of interest used for policies and contracts, other than annuity and pure endowment contracts, shall not be higher than the corresponding rate or rates of interest used in calculating any nonforfeiture benefits provided for therein. (2) Any such company which at any time shall have adopted any standard of valuation producing greater aggregate reserves than those calculated according to the minimum standard herein provided may, with the approval of the executive director, adopt any lower standard of valuation, but not lower than the minimum herein provided; provided, however, that for the purposes of this section, the holding of additional reserves previously determined by a qualified actuary to be necessary to render the opinion requested by KRS 304.6-171 shall not be deemed to be the adoption of a higher standard of valuation. Effective: July 15, 1996 History:Amended 1996 Ky. Acts ch. 289, sec. 3, effective July 15, 1996. -- Amended 1978 Ky. Acts ch. 280, sec. 6, effective June 17, 1978. -- Created 1970 Ky. Acts ch. 301, subtit. 6, sec. 17, effective June 18, 1970. Legislative Research Commission Note (6/20/2005). 2005 Ky. Acts chs. 11, 85, 95, 97, 98, 99, 123, and 181 instruct the Reviser of Statutes to correct statutory references to agencies and officers whose names have been changed in 2005 legislation confirming the reorganization of the executive branch. Such a correction has been made in this section. Page 1 of 1