{"data":{"id":"us-ky/krs-304.6-020","jurisdiction":"us-ky","citation":"KRS 304.6-020","heading":"Assets not allowed.","body":"The following expressly shall not be allowed as assets in any determination of the\nfinancial condition of an insurer:\n(1) Good will, trade names, and other like intangible assets, except as expressly\npermitted and as prescribed by the National Association of Insurance\nCommissioners' accounting practices and procedures;\n(2) Advances to officers or directors (other than policy loans) whether secured or not,\nand advances to employees, agents and other persons on personal security only;\n(3) Stock of such insurer, owned by it, or loans secured thereby. Any such stock owned\nby such insurer shall be held as treasury stock and be deducted from the total issue\nof outstanding shares;\n(4) Furniture, fixtures, furnishings, safes, vehicles, libraries, stationery, literat ure and\nsupplies. The following assets are not excluded assets under this subsection:\n(a) Equipment authorized under subsection (1) of KRS 304.6-010;\n(b) For title insurers, such materials and plants as the insurer is expressly\nauthorized to invest in unde r paragraph (k) of subsection (1) of KRS 304.6 -\n010;\n(c) Such personal property as the insurer is permitted to hold pursuant to Subtitle\n7 or which is reasonably necessary for the maintenance and operation of real\nestate lawfully acquired and held by the in surer, other than real estate used by\nit for home office, branch office, and similar purposes; and\n(d) For health reporting entities, furniture, medical equipment, fixtures, and\nleasehold improvements used for the direct delivery of health care services;\n(5) The amount, if any, by which the aggregate book value of investments as carried in\nthe ledger assets of the insurer exceeds the aggregate value thereof as determined\nunder this code;\n(6) Due and accrued investment income determined to be uncollectible i n accordance\nwith SSAP No. 5;\n(7) Due and accrued investment interest determined to be uncollectible in accordance\nwith SSAP No. 5;\n(8) Nonoperating system software;\n(9) Leasehold improvements that do not meet the definition of assets set forth in SSAP\nNo. 4;\n(10) Deposits in suspended depositories;\n(11) Receivables determined to be uncollectible or otherwise impaired in accordance\nwith SSAP No. 5;\n(12) Automobiles, airplanes, and other vehicles;\n(13) A loan receivable and accrued interest, if collateralized by the reporting entity's own\nstock;\n(14) Prepaid expenses; and\n(15) Any other asset that does not meet the definition of an asset, or has been specifically\nidentified as a nonadmitted asset in the accounting practices and procedures manual.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=16772","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:38Z","sha256":"cc3788b0b3b4addc89b1ce03af85ea2a19e7aefc07e6dcb69c916d0ada32bcd6","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.6-010","next":"us-ky/krs-304.6-030"},"notice":"GroundRules: Original legal text. Not legal advice."}