KRS 304.7-280: Conversion and incidental rights.

Nothing in this subtitle shall be deemed to prohibit an insurer from making an investment

otherwise authorized under this subtitle, because the investment is convertible into other

securities in which the insurer is not permitted to invest under this subti tle, or because the

insurer receives in connection with such investment stock warrants, whether or not

detachable, stock options, stock, property interests or other assets of any kind. Anything

so received by the insurer and in which the insurer is otherwi se not authorized to invest,

shall be carried on its books at no value.