{"data":{"id":"us-ky/krs-304.6-130","jurisdiction":"us-ky","citation":"KRS 304.6-130","heading":"Calculation of reserve liabilities -- Application -- Exceptions -- Annual","body":"valuation.\n(1) (a) For policies and contracts issued prior to the operative date of the valuation\nmanual, the commissioner shall annually value, or cause to be valued, the\nreserve liabilities, hereinafter called reserves, for all outstanding life insurance\npolicies and annuity and pure endowment contracts of every life insurer\ntransacting business in this state, except that in the case of an alien insurer,\nsuch valuation shal l be limited to its United States business; and may certify\nthe amount of any such reserves, specifying the mortality table or tables, rate\nor rates of interest and methods, net leveled premium method or other, used in\nthe calculation of such reserves. In calculating such reserves, the\ncommissioner may use group methods and approximate averages for fractions\nof a year or otherwise. In lieu of the valuation of the reserves required of any\nforeign or alien insurer, the commissioner may accept any valuation ma de, or\ncaused to be made, by the insurance supervisory official of any state or other\njurisdiction when such valuation complies with the minimum standard\nprovided in KRS 304.6 -130 to 304.6 -180 and if the official of such state or\njurisdiction accepts as sufficient and valid for all legal purposes the certificate\nof valuation of the commissioner when such certificate states the valuation to\nhave been made in a specified manner according to which the aggregate\nreserves would be at least as large as if they had been computed in the manner\nprescribed by law of that state or jurisdiction. Where any such valuation is\nmade by the commissioner, the commissioner may use the actuary of the\ndepartment or employ an actuary for the purpose, and the reasonable\ncompensation and expenses of the actuary, at a rate approved by the\ncommissioner, upon demand by the commissioner supported by an itemized\nstatement of such compensation and expenses, shall be paid by the insurer.\nWhen a domestic insurer furnishes the commissioner wi th a valuation of its\noutstanding policies as computed by its own actuary or by an actuary deemed\nsatisfactory for the purpose by the commissioner, the valuation shall be\nverified by the actuary of the department without cost to the insurer.\n(b) Any such i nsurer which at any time shall have adopted any standard of\nvaluation producing greater aggregate reserves than those calculated according\nto the minimum standard herein provided may, with the approval of the\ncommissioner, adopt any lower standard of valua tion, but not lower than the\nminimum herein provided.\n(c) The provisions of KRS 304.6 -140, 304.6 -141, 304.6 -145, 304.6 -150, 304.6 -\n155, 304.6 -160, 304.6 -170, 304.6 -180, and 304.15 -410 shall apply to all\npolicies and contracts as appropriate, issued on or af ter June 18, 1970, and\nprior to the operative date of the valuation manual. The provisions of KRS\n304.6-143 and 304.6 -151 shall not apply to the policies and contracts issued\non or after June 18, 1970, and prior to the operative date of the valuation\nmanual.\n(2) (a) Except for a company that is exempt under KRS 304.6 -134, for policies and\ncontracts issued on or after the operative date of the valuation manual, the\ncommissioner shall annually value or cause to be valued the reserve liabilities,\nhereinafter called reserves, for all outstanding life insurance contracts, annuity\nand pure endowment contracts, accident and health contracts, and deposit-type\ncontracts of every company issued on or after the operative date of the\nvaluation manual. In lieu of the val uation of the reserves required of a foreign\nor alien company, the commissioner may accept a valuation made, or caused\nto be made, by the insurance supervisory official of any state or other\njurisdiction when the valuation complies with the minimum standard provided\nin KRS 304.6-130 to 304.6-180.\n(b) Except for a company that is exempt under KRS 304.6 -134, KRS 304.6 -143\nand 304.6-151 shall apply to all policies and contracts issued on or after the\noperative date of the valuation manual.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=44434","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:38Z","sha256":"ac964143eff1a0334921ca798228611e00346dc01e846651c73de2f83efd1c90","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.6-120","next":"us-ky/krs-304.6-131"},"notice":"GroundRules: Original legal text. Not legal advice."}