304.8-150 Deposit of reserves by domestic life insurers.
(1)
(2)
Except as provided in subsection (2) of this section, every domestic life insurer
shall, within ninety (90) days after the net cash value of each policy in force has
been ascertained as required by law, deposit with the commissioner for the security
and benefit of its policyholders, assets in an amount which, together with the sums
as may be deposited by it with other states and governments by the requirements of
their laws, shall be not less than the ascertained valuation of all policies in force less
any sums that it has advanced from its legal reserve to its policyholders on the
pledge to it of their policies and any accumulations thereon.
If the legal reserve or the aggregate ascertained valuation of all policies in force in
any domestic life insurer equals twenty million dollars (,000,000), no further
deposit shall be required of the insurer so long as the legal reserve remains at or
above twenty million dollars (,000,000), unless the insurer elects to represent on
its policies or otherwise that the legal reserve or cash value of its policies thereafter
written is on deposit with this state or one or more of its designated agencies, in
which event the insurer shall deposit assets as above set out in an amount equal to
the ascertained valuation of all of its policies in force at the time the representation
is made.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1036, effective July 15, 2010. -Amended 2004 Ky. Acts ch. 24, sec. 25, effective July 13, 2004. -- Created 1970 Ky.
Acts ch. 301, subtit. 8, sec. 15, effective June 18, 1970.
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