304.8-020 Deposits to be for benefit of policyholders, creditors, and states.
(1)
(2)
(3)
All deposits shall be held by the commissioner in trust for the benefit and protection
of all of the insurer's policyholders and creditors in the United States.
The deposit of a domestic insurer shall further be security for payment of taxes,
assessments, forfeitures, fines, or other charges due and unpaid to this state or any
other state in which the insurer has been authorized to transact insurance, and may
be applied to the extent as may be necessary for payment.
Except, that deposits required pursuant to the retaliatory provision, KRS 304.3-270,
or required of a domestic insurer pursuant to the laws of another state, may be
limited to the uses and purposes as are consistent with the provision or laws. But no
deposit so required of a domestic insurer shall be allowed in lieu of or as a credit
upon any deposit required of an insurer under this subtitle if the purpose of the
deposit so required by another state is materially inconsistent with the purpose
stated in subsection (1) of this section.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1027, effective July 15, 2010. -Amended 2004 Ky. Acts ch. 24, sec. 19, effective July 13, 2004. -- Created 1970 Ky.
Acts ch. 301, subtit. 8, sec. 2, effective June 18, 1970.
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