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