Kentucky Statutes 304.6-134 – Exemption of specific product forms or product lines — Conditions
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(1) The commissioner may exempt specific product forms or product lines of a domestic company, that is licensed and doing business only in Kentucky, from the requirements of KRS § 304.6-143 if:
(a) The commissioner has issued an exemption in writing to the company and has not subsequently revoked the exemption in writing; and
(b) The company computes reserves using assumptions and methods used prior to the operative date of the valuation manual and any requirements established by the commissioner and promulgated by administrative regulation.
(2) A domestic company that has less than three hundred million dollars ($300,000,000) of ordinary life premiums or a company that is a member of a group of life insurers that has combined ordinary life premiums of less than six hundred million dollars ($600,000,000) and that is licensed and doing business in Kentucky is exempt from the requirements of KRS § 304.6-143 and KRS § 304.6-151 if:
(a) The appointed actuary has provided an unqualified opinion on the reserves in accordance with KRS § 304.6-171 for the prior calendar year; and
(b) The company has provided a certification by a qualified actuary that any universal life policy with a secondary guarantee, issued or assumed by the company after the operative date of the valuation manual, meets the definition of a nonmaterial secondary guarantee universal life product as defined in the valuation manual.
(3) For purposes of subsection (2) of this section, ordinary life premiums are measured as direct, plus reinsurance assumed from an unaffiliated company, from the prior calendar year annual statement.
(4) A domestic company that meets the requirements of subsection (2) of this section shall file a statement with the commissioner certifying that these requirements have been met for the current calendar year based on premiums and other values from the prior calendar year’s financial statements prior to July 1 of the current calendar year.
(5) For a domestic company that files a statement under subsection (4) of this section, KRS § 304.6-130, 304.6-132, 304.6-133, 304.6-140, 304.6-141, 304.6-145, 304.6-
150, 304.6-155, 304.6-160, 304.6-170, 304.6-171, 304.6-180, and 304.15-410 shall be applicable; however, any references to KRS § 304.6-143 and KRS § 304.6-151 shall not apply.
Effective: July 14, 2022
History: Amended 2022 Ky. Acts ch. 133, sec. 5, effective July 14, 2022. — Created
2015 Ky. Acts ch. 57, sec. 9, effective June 24, 2015.
(a) The commissioner has issued an exemption in writing to the company and has not subsequently revoked the exemption in writing; and
Terms Used In Kentucky Statutes 304.6-134
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Domestic: when applied to a corporation, partnership, business trust, or limited liability company, means all those incorporated or formed by authority of this state. See Kentucky Statutes 446.010
- Year: means calendar year. See Kentucky Statutes 446.010
(b) The company computes reserves using assumptions and methods used prior to the operative date of the valuation manual and any requirements established by the commissioner and promulgated by administrative regulation.
(2) A domestic company that has less than three hundred million dollars ($300,000,000) of ordinary life premiums or a company that is a member of a group of life insurers that has combined ordinary life premiums of less than six hundred million dollars ($600,000,000) and that is licensed and doing business in Kentucky is exempt from the requirements of KRS § 304.6-143 and KRS § 304.6-151 if:
(a) The appointed actuary has provided an unqualified opinion on the reserves in accordance with KRS § 304.6-171 for the prior calendar year; and
(b) The company has provided a certification by a qualified actuary that any universal life policy with a secondary guarantee, issued or assumed by the company after the operative date of the valuation manual, meets the definition of a nonmaterial secondary guarantee universal life product as defined in the valuation manual.
(3) For purposes of subsection (2) of this section, ordinary life premiums are measured as direct, plus reinsurance assumed from an unaffiliated company, from the prior calendar year annual statement.
(4) A domestic company that meets the requirements of subsection (2) of this section shall file a statement with the commissioner certifying that these requirements have been met for the current calendar year based on premiums and other values from the prior calendar year’s financial statements prior to July 1 of the current calendar year.
(5) For a domestic company that files a statement under subsection (4) of this section, KRS § 304.6-130, 304.6-132, 304.6-133, 304.6-140, 304.6-141, 304.6-145, 304.6-
150, 304.6-155, 304.6-160, 304.6-170, 304.6-171, 304.6-180, and 304.15-410 shall be applicable; however, any references to KRS § 304.6-143 and KRS § 304.6-151 shall not apply.
Effective: July 14, 2022
History: Amended 2022 Ky. Acts ch. 133, sec. 5, effective July 14, 2022. — Created
2015 Ky. Acts ch. 57, sec. 9, effective June 24, 2015.