2013 Kentucky Revised Statutes CHAPTER 304 - INSURANCE CODE Subtitle 6 - Assets and Liabilities 6.6-155 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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