{"data":{"id":"us-ky/krs-304.6-040","jurisdiction":"us-ky","citation":"KRS 304.6-040","heading":"Liabilities, in general.","body":"In any determination of the financial condition of an insurer, capital stock and liabilities\nto be charged against its assets shall include:\n(1) The amount of its capital stock outstanding, if any, less the amount of shares held\nby the insurer as treasury stock as provided in subsection (3) of KRS 304.6-020;\n(2) The amount, estimated consistent with the provisions of Subtitle 6, necessary to pay\nall of its unpaid losses and claims incurred on or prior to the date of statement,\nwhether reported or unreported , together with the expenses of adjustment or\nsettlement thereof;\n(3) With reference to life insurance policies and annuity contracts, and disability and\naccidental death benefits in or supplemental thereto:\n(a) The amount of reserves on life insurance pol icies and annuity contracts in\nforce, valued according to the tables of mortality, rates of interest, and\nmethods adopted pursuant to KRS 304.6-130 to 304.6-180, inclusive;\n(b) Reserves for disability benefits, for both active and disabled lives required b y\nparagraph (e) of subsection (2) of KRS 304.6-140;\n(c) Reserves for accidental death benefits, required by paragraph (f) of subsection\n(2) of KRS 304.6-140; and\n(d) Any additional reserves which may be required by the commissioner\nconsistent with applicab le customary and general practice in insurance\naccounting as set forth in regulations promulgated by the commissioner but no\nsuch additional reserve shall be required of any company solely for contingent\nliabilities which may arise under any agreement, fil ed with and approved by\nthe commissioner, for the assumption of liability by the company growing out\nof the acts of its exclusive agents within the course and scope of their\nrepresentation;\n(4) Reserves for health insurance required by KRS 304.6-070;\n(5) With reference to insurance other than specified in subsections (3) and (4) of this\nsection, and other than title insurance, the amount of the policy reserves computed\nin accordance with Subtitle 6;\n(6) Taxes, expenses and other obligations due or accrued a t the date of the statement;\nand\n(7) Deferred tax liabilities as defined in SSAP No. 10.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=16774","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:38Z","sha256":"6a4cbce2ea482fd0da9a5bf1f2148d7e3e000a0ea93020cc1990b265a90a4570","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.6-030","next":"us-ky/krs-304.6-050"},"notice":"GroundRules: Original legal text. Not legal advice."}