{"data":{"id":"us-ky/krs-299.280","jurisdiction":"us-ky","citation":"KRS 299.280","heading":"Handling of assessment policies previously written.","body":"(1) Any company reorganized as a life insurance company on the mutual or stock plan\nshall, unless a higher method of valuation is provided for in its assessment policies\npreviously written, value each of such policies as an ordinary life policy in force for\none (1) year before the date of reorganization, regardless of the length of time\nactually in force, according to the methods provided by law for such valuation.\n(2) The assessment policies and all rights and liabilities attached thereto, and all the\npowers and obligations of the company with reference to them, shall survive as long\nas the policies remain in force, except that the policies shall thereafter be considered\nas ordinary life policies, as provided in subsection (1) of this section.\n(3) The reorganized company may not levy any further assessments even though such\nright may have been previously reserved in its policies, but may collect as premiums\nthe stipulated payments of dues provided for in the policies.","path":["KRS Chapter 299"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=15850","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:27Z","sha256":"a60e13dbeb6065bc9f9f03df0ac8ff1ad2ff04a18d6b8799151308b02a2d553d","source_id":"us-ky","stale":false,"prev":"us-ky/krs-299.270","next":"us-ky/krs-299.290"},"notice":"GroundRules: Original legal text. Not legal advice."}