A society shall invest its funds only in such investments as are authorized by the laws of this state for the investment of assets of life insurers and subject to the limitations thereon. Any foreign or alien society permitted or seeking to do business in this state which invests its funds in accordance with the laws of the state, district, territory, county or province in which it is incorporated, shall be held to meet the requirements of this section for the investment of funds.
Effective: January 1, 1989

Terms Used In Kentucky Statutes 304.29-211

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Foreign: when applied to a corporation, partnership, limited partnership, business trust, statutory trust, or limited liability company, includes all those incorporated or formed by authority of any other state. See Kentucky Statutes 446.010
  • Laws: shall mean the society's articles of incorporation, constitution and bylaws, however designated. See Kentucky Statutes 304.29-041
  • Society: shall mean fraternal benefit society, unless otherwise indicated. See Kentucky Statutes 304.29-041
  • State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010

History: Created 1988 Ky. Acts ch. 310, sec. 21, effective January 1, 1989.

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