304.15-250 Standard provisions -- Reversionary annuities.
(1)
(2)
Except as stated herein, no contract for a reversionary annuity shall be delivered or
issued for delivery in this state unless it contains in substance each of the following
provisions:
(a) Any such reversionary annuity contract shall contain the provisions specified
in KRS 304.15-190 to 304.15-230, inclusive, except that under KRS 304.15190, the insurer may at its option provide for an equitable reduction of the
amount of the annuity payments in settlement of an overdue payment in lieu
of providing for deduction of such payments from an amount payable upon
settlement under the contract.
(b) In such reversionary annuity contracts there shall be a provision that the
contract may be reinstated at any time within three (3) years from the date of
default in making stipulated payments to the insurer, upon production of
evidence of insurability satisfactory to the insurer, and upon condition that all
overdue payments and any indebtedness to the insurer on account of the
contract be paid, or, within the limits permitted by the then cash values of the
contracts, reinstated, with the interest as to both payments and indebtedness at
a rate specified in the contract.
This section shall not apply to group annuities or to annuities included in life
insurance policies, and any of such provisions not applicable to single premium
annuities shall not to that extent be incorporated therein.
Effective: June 18, 1970
History: Created 1970 Ky. Acts ch. 301, subtit. 15, sec. 25, effective June 18, 1970.
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