(1) The commissioner shall designate at least one (1) bank or trust company in each county of this state containing a city of the first class or a consolidated local government and such other banks as proposed by the insurer and approved by the commissioner which vaults shall be used as depositories for assets of insurers deposited under this code.
(2) Any expense associated with depositing assets under this chapter shall be borne by the insurer.

Terms Used In Kentucky Statutes 304.8-090

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • City: includes town. See Kentucky Statutes 446.010
  • Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
  • State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010

Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1030, effective July 15, 2010. — Amended 2004 Ky. Acts ch. 24, sec. 21, effective July 13, 2004. — Amended 2002
Ky. Acts ch. 346, sec. 226, effective July 15, 2002. — Created 1970 Ky. Acts ch. 301, subtit. 8, sec. 9, effective June 18, 1970.

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