KRS 304.6-155: Annuity and endowment contracts other than group annuity.

This section shall apply to all annuity and pure endowment contracts other than group

annuity and pure endowment contracts purchased under a retirement plan or plan of

deferred compensation, established or maintained by an employer (including a partnership

or sole proprietorship) or by an employee organization, or by both, other than a plan

providing individual retirement accounts or individual retirement annuities under Section

408 of the Internal Revenue Code, as now or hereafter amended. Reserves accordi ng to

the commissioners annuity reserve method for benefits under annuity or pure endowment

contracts, excluding any disability and accidental death benefits in such contracts, shall be

the greatest of the respective excesses of the present values, at the date of valuation, of

the future guaranteed benefits, including guaranteed nonforfeiture benefits, provided for

by such contracts at the end of each respective contract year, over the present value, at the

date of valuation, of any future valuation conside rations derived from future gross

considerations, required by the terms of such contract, that become payable prior to the

end of such respective contract year. The future guaranteed benefits shall be determined

by using the mortality table, if any, and th e interest rate, or rates, specified in such

contracts for determining guaranteed benefits. The valuation considerations are the

portions of the respective gross considerations applied under the terms of such contracts

to determine nonforfeiture values.