KRS 304.15-250: Standard provisions -- Reversionary annuities.

(1) Except as stated herein, no contract for a reversionary annuity shall be delivered or

issued for delivery in this state unless it contains in substance each of the following

provisions:

(a) Any such reversionary annuity contract shall contain the provision s specified

in KRS 304.15 -190 to 304.15 -230, inclusive, except that under KRS 304.15 -

190, the insurer may at its option provide for an equitable reduction of the

amount of the annuity payments in settlement of an overdue payment in lieu

of providing for de duction of such payments from an amount payable upon

settlement under the contract.

(b) In such reversionary annuity contracts there shall be a provision that the

contract may be reinstated at any time within three (3) years from the date of

default in mak ing stipulated payments to the insurer, upon production of

evidence of insurability satisfactory to the insurer, and upon condition that all

overdue payments and any indebtedness to the insurer on account of the

contract be paid, or, within the limits perm itted by the then cash values of the

contracts, reinstated, with the interest as to both payments and indebtedness at

a rate specified in the contract.

(2) This section shall not apply to group annuities or to annuities included in life

insurance policies, and any of such provisions not applicable to single premium

annuities shall not to that extent be incorporated therein.