KRS 304.8-150: Deposit of reserves by domestic life insurers.

(1) Except as provided in subsection (2) of this section, every domestic life insurer

shall, within ninety (90) days after the net cash value of each policy in force has

been ascertained as required by law, deposit with the commissioner for the security

and benefit of its policyholders, assets in an amount which, together with the sums

as may be deposited by it with other states and governments by the requirements of

their laws, shall be not less than the ascertained valuation of all policies in force less

any sums that it has advanced from its legal reserve to its policyholders on the

pledge to it of their policies and any accumulations thereon.

(2) If the legal reserve or the aggregate ascertained valuation of all policies in force in

any domestic life insurer equals twenty million dollars ($20,000,000), no further

deposit shall be required of the insurer so long as the legal reserve remains at or

above twenty million dollars ($20,000,000), unless the insurer elects to represent on

its policies or otherwise tha t the legal reserve or cash value of its policies thereafter

written is on deposit with this state or one or more of its designated agencies, in

which event the insurer shall deposit assets as above set out in an amount equal to

the ascertained valuation o f all of its policies in force at the time the representation

is made.