{"data":{"id":"us-ky/krs-304.15-250","jurisdiction":"us-ky","citation":"KRS 304.15-250","heading":"Standard provisions -- Reversionary annuities.","body":"(1) Except as stated herein, no contract for a reversionary annuity shall be delivered or\nissued for delivery in this state unless it contains in substance each of the following\nprovisions:\n(a) Any such reversionary annuity contract shall contain the provision s specified\nin KRS 304.15 -190 to 304.15 -230, inclusive, except that under KRS 304.15 -\n190, the insurer may at its option provide for an equitable reduction of the\namount of the annuity payments in settlement of an overdue payment in lieu\nof providing for de duction of such payments from an amount payable upon\nsettlement under the contract.\n(b) In such reversionary annuity contracts there shall be a provision that the\ncontract may be reinstated at any time within three (3) years from the date of\ndefault in mak ing stipulated payments to the insurer, upon production of\nevidence of insurability satisfactory to the insurer, and upon condition that all\noverdue payments and any indebtedness to the insurer on account of the\ncontract be paid, or, within the limits perm itted by the then cash values of the\ncontracts, reinstated, with the interest as to both payments and indebtedness at\na rate specified in the contract.\n(2) This section shall not apply to group annuities or to annuities included in life\ninsurance policies,  and any of such provisions not applicable to single premium\nannuities shall not to that extent be incorporated therein.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=17223","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:44Z","sha256":"6a4d34b50934c5d37eb76328c25b9c6a2b7c54c9926e0a83c22491d0751f6304","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.15-240","next":"us-ky/krs-304.15-260"},"notice":"GroundRules: Original legal text. Not legal advice."}