KRS 304.8-040: Home office real property as deposit.

(1) The commissioner may accept the home office real property of a domestic insurer as

a part of any deposit of assets required of the insurer under this code. For this

purpose the insurer shall convey such real property by deed to the commissioner,

and the deed shall be duly recorded and deposited with the commissioner.

(2) Real property so deposited shall not be sold or further encumbered by the insurer

except upon advance approval of the commissioner after full submission of the

purposes and detail of the sa le or encumbrance to the commissioner. The

commissioner shall join in the execution of any deed or other document required to

consummate the sale or encumbrance. Upon the sale or encumbrance the insurer

shall deposit other assets in lieu of such real property.

(3) This real property shall be valued at its fair value as determined by the

commissioner.