KRS 304.7-320: Protective agreements and reorganization securities.

(1) An insurer may enter into an agreement for the purpose of protecting its interests in

securities lawfully held by it, or for the purpose of reorganization of the corporation

which issued or is obligated on account of the securities, and may deposit the

securities with a committee appointed under an agreement.

(2) An insurer may accept corporate stocks, bonds or other securities distributed in

accordance with the agreement or reorganization. Any securities so received which

are otherwise ineligible as invest ments of the insurer shall be disposed of as

provided in KRS 304.7-014.