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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 ($20,000,000),
no further deposit shall be required of the insurer so long as the legal reserve
remains at or above twenty million dollars ($20,000,000), 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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