2011 Kentucky Revised Statutes Subtitle 7. Investments 304.7.240 Special investments of pension, retirement or profit-sharing plan, life insurance, or annuity funds -- Specified separate accounts of insurer.
KY Rev Stat § 304.7.240 (1996 through Reg Sess) What's This?
304.7-240 Special investments of pension, retirement or profit-sharing plan, life
insurance, or annuity funds -- Specified separate accounts of insurer.
(1)
(2)
The amounts allocated to each separate account established by the insurer in
connection with a pension, retirement or profit-sharing plan, life insurance or an
annuity pursuant to KRS 304.15-390 together with accumulations thereon, may be
invested and reinvested in any class of investments which may be authorized in the
written contract or agreement without regard to any requirements or limitations
prescribed by this subtitle; except, that to the extent that the insurer's reserve
liability with regards to:
(a) Benefits guaranteed as to amount and duration; and
(b) Funds guaranteed as to principal amount or stated rate of interest, is
maintained in any separate account, a portion of the assets of such separate
account at least equal to such reserve liability shall be invested in accordance
with the applicable provisions of this subtitle.
The investments in such separate account or accounts shall not be taken into
account in applying the investment limitations applicable to other investments of
the insurer.
On application by an insurer, the commissioner may approve different investment
limitations and restrictions for specified separate accounts of the insurer. The
commissioner shall only approve the insurer's proposed limitations and restrictions
if he or she finds that the requested investment limitations and restrictions
adequately protect the interests of the insured protected by the separate account and
the solvency of the insurer.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1010, effective July 15, 2010. -Amended 2000 Ky. Acts ch. 388, sec. 31, effective July 14, 2000. -- Amended 1986
Ky. Acts ch. 437, sec. 10, effective July 15, 1986. -- Created 1970 Ky. Acts ch. 301,
subtit. 7, sec. 24, effective June 18, 1970.
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