{"data":{"id":"us-ky/krs-304.15-390","jurisdiction":"us-ky","citation":"KRS 304.15-390","heading":"Pension, retirement, profit -sharing, life insurance, or annuity","body":"agreements -- Separate accounts.\n(1) A domestic life insurer may establish one (1) or more separate accounts, and may\nallocate thereto, in accordance with the terms of a written contra ct or agreement,\nany amounts paid to the insurer in connection with a pension, retirement or profit -\nsharing plan, life insurance, or an annuity which are to be applied to provide\nbenefits payable in fixed or in variable dollar amounts or in both.\n(2) The i ncome, if any, and gains and losses, realized or unrealized, on each such\naccount shall be credited to or charged against the amounts allocated to the account\nin accordance with the agreement, without regard to other income, gains or losses of\nthe insurer.\n(3) Assets allocated to a separate account shall be valued at their market value on the\ndate of valuation, or if there is no readily available market, then in accordance with\nthe terms of the applicable contract or agreement; except, that the portion of t he\nassets of such separate account at least equal to the insurer's reserve liability with\nregard to the guaranteed benefits and funds referred to in subsection (1) of this\nsection, if any, shall be valued in accordance with rules otherwise applicable to th e\ninsurer's assets.\n(4) If the agreement provides for payment of benefits in variable amounts, the contract\nshall contain a statement of the essential features of the procedure to be followed by\nthe insurer in determining the dollar amount of such variable  benefits. Any such\ncontract and any certificate issued thereunder shall state that such dollar amount\nmay decrease or increase and shall contain on its first page a statement that the\nbenefits thereunder are on a variable basis.\n(5) No domestic life insurer, and no other authorized life insurer, shall be authorized to\ndeliver within this state any such contract or agreement providing benefits in\nvariable amounts until the insurer has satisfied the commissioner that its condition\nor methods of operation in connection with the issuance of such contracts or\nagreements will not render its operation hazardous to the public or its policyholders\nin this state. In determining the qualification of an insurer requesting such authority,\nthe commissioner shall consider, among other things:\n(a) The history and financial condition of the insurer;\n(b) The character, responsibility and general fitness of the officers and directors of\nthe insurer; and\n(c) In the case of an insurer other than a domestic insurer, whether the s tatutes or\nregulations of the jurisdiction of its incorporation provide a degree of\nprotection to policyholders and the public which is substantially equal to that\nprovided by this section and the rules and regulations issued thereunder.\n(6) Amounts allocated by domestic life insurers to separate accounts in the exercise of\nthe power granted by this section shall be owned by the insurer and the insurer shall\nnot be, or hold itself to be, a trustee, in respect to such amounts.\n(7) The commissioner shall have sole authority to regulate the issuance and sale of such\nagreements, and to make rules and regulations for the effectuation of this section.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=17244","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:44Z","sha256":"1c28eae7706f2fe9950a554cb92b5045993c4baceb2c965c25c09ac58afccfab","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.15-380","next":"us-ky/krs-304.15-400"},"notice":"GroundRules: Original legal text. Not legal advice."}