KRS 299.380: Issuance of policies -- Amount of single risk limited by total insurance in

force.

(1) The directors of every company shall cause to be issued policies of insurance signed

by their president and secretary, agreeing in the name of the company to pay al l

losses or damages, not exceeding the amount insured, caused by the risk insured

against, as provided by and during the time named in the policy. Every policy shall

have attached thereto a printed copy of the bylaws.

(2) A company shall not insure any one (1) risk for more than one thousand dollars

($1,000) for each fifty thousand dollars ($50,000) of reserve fund which the

company has at the time the risk is insured plus:

(a) Three thousand dollars ($3,000), if the company has less than two million

dollars ($2,000,000) insurance in force when the risk is insured; or

(b) Five thousand dollars ($5,000), if the company has as much as two million

($2,000,000) but less than five million dollars ($5,000,000) insurance in force

when the risk is insured; or

(c) Six thousand dollars ($6,000), if the company has as much as five million

dollars ($5,000,000) but less than twelve million dollars ($12,000,000)

insurance in force when the risk is insured; or

(d) Five cents ($0.05) for each one hundred dollars ($100) of insurance in force at

the time the risk is insured, if the company has twelve million dollars

($12,000,000) or more insurance in force when the risk is insured, provided,

however, that a company may insure for greater sums any one (1) risk where

the company is fully protected by reinsurance, as provided by law, in the

amounts in excess of that set out above.