Kentucky Statutes 304.6-170 – Calculation of reserves
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(1) Reserves for any category of policies, contracts, or benefits as established by the commissioner, which are subject to subsection (2) of KRS § 304.6-140, may be calculated, at the option of the insurer, according to any standards which produce greater aggregate reserves for such category than those calculated according to the minimum standard herein provided, but the rate or rates of interest used for policies and contracts, other than annuity and pure endowment contracts, shall not be greater than the corresponding rate or rates of interest used in calculating any nonforfeiture benefits provided for therein.
(2) Any such company which at any time shall have adopted any standard of valuation producing greater aggregate reserves than those calculated according to the minimum standard herein provided may, with the approval of the commissioner, adopt any lower standard of valuation, but not lower than the minimum required by this subtitle, except that for the purposes of this section, the holding of additional reserves previously determined by the appointed actuary to be necessary to render the opinion requested by KRS § 304.6-171 shall not be deemed to be the adoption of a higher standard of valuation.
Effective: June 24, 2015
History: Amended 2015 Ky. Acts ch. 57, sec. 13, effective June 24, 2015. — Amended
2010 Ky. Acts ch. 24, sec. 1005, effective July 15, 2010. — Amended 1996 Ky. Acts ch. 289, sec. 3, effective July 15, 1996. — Amended 1978 Ky. Acts ch. 280, sec. 6, effective June 17, 1978. — Created 1970 Ky. Acts ch. 301, subtit. 6, sec. 17, effective June 18, 1970.
(2) Any such company which at any time shall have adopted any standard of valuation producing greater aggregate reserves than those calculated according to the minimum standard herein provided may, with the approval of the commissioner, adopt any lower standard of valuation, but not lower than the minimum required by this subtitle, except that for the purposes of this section, the holding of additional reserves previously determined by the appointed actuary to be necessary to render the opinion requested by KRS § 304.6-171 shall not be deemed to be the adoption of a higher standard of valuation.
Terms Used In Kentucky Statutes 304.6-170
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
Effective: June 24, 2015
History: Amended 2015 Ky. Acts ch. 57, sec. 13, effective June 24, 2015. — Amended
2010 Ky. Acts ch. 24, sec. 1005, effective July 15, 2010. — Amended 1996 Ky. Acts ch. 289, sec. 3, effective July 15, 1996. — Amended 1978 Ky. Acts ch. 280, sec. 6, effective June 17, 1978. — Created 1970 Ky. Acts ch. 301, subtit. 6, sec. 17, effective June 18, 1970.