2016 Kentucky Revised Statutes CHAPTER 304 - INSURANCE CODE Subtitle 6 - Assets and Liabilities 304.6-155 Annuity and endowment contracts other than group annuity.
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304.6-155 Annuity and endowment contracts other than group annuity.
This section shall apply to all annuity and pure endowment contracts other than group
annuity and pure endowment contracts purchased under a retirement plan or plan of
deferred compensation, established or maintained by an employer (including a partnership
or sole proprietorship) or by an employee organization, or by both, other than a plan
providing individual retirement accounts or individual retirement annuities under Section
408 of the Internal Revenue Code, as now or hereafter amended. Reserves according to
the commissioners annuity reserve method for benefits under annuity or pure endowment
contracts, excluding any disability and accidental death benefits in such contracts, shall be
the greatest of the respective excesses of the present values, at the date of valuation, of
the future guaranteed benefits, including guaranteed nonforfeiture benefits, provided for
by such contracts at the end of each respective contract year, over the present value, at the
date of valuation, of any future valuation considerations derived from future gross
considerations, required by the terms of such contract, that become payable prior to the
end of such respective contract year. The future guaranteed benefits shall be determined
by using the mortality table, if any, and the interest rate, or rates, specified in such
contracts for determining guaranteed benefits. The valuation considerations are the
portions of the respective gross considerations applied under the terms of such contracts
to determine nonforfeiture values.
Effective: June 17, 1978
History: Created 1978 Ky. Acts ch. 280, sec. 4, effective June 17, 1978.
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