KRS 304.15-344: Commissioner's approval.

(1) In the case of any plan of life insurance which provides for future premium

determination, the amounts of which are to be determined by the insurer based on

then estimates of future experience, or in the case of any plan of life insurance

which is of such a nature that minimum values cannot be determined by the

methods described in KRS 304.15-310 to 304.15-340 and in KRS 304.15-342, then:

(a) The commissioner must be satisfied that the benefits provided under the plan

are substantially as favorable to polic yholders and insureds as the minimum

benefits otherwise required by KRS 304.15-310 to 304.15-360 herein;

(b) The commissioner must be satisfied that the benefits and the pattern of

premiums of that plan are not such as to mislead prospective policyholders or

insureds;

(c) The cash surrender values and paid-up nonforfeiture benefits provided by such

plan must not be less than the minimum values and benefits required for the

plan computed by a method consistent with the principles of KRS 304.15 -310

to 304.15 -360, as determined by regulations promulgated by the

commissioner.

(d) Notwithstanding any other provision in the laws of this state, any policy,

contract or certificate providing life insurance under any such plan must be

affirmatively approved by the commissioner before it can be marketed, issued,

delivered or used in this state.