Kentucky Statutes 304.3-110 – Combinations of insuring powers, one insurer
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An insurer which otherwise qualifies therefor may be authorized to transact any one (1)
kind or any combination of kinds of insurance as defined in Subtitle 5, except:
(1) A life insurer may grant annuities and may be authorized to transact in addition only health insurance; except, that the commissioner may, if the insurer otherwise qualifies therefor, continue so to authorize any life insurer which immediately prior to June 18, 1970, was lawfully authorized to transact in this state a kind or kinds of insurance in addition to life and health and annuities. Only an insurer with a certificate of authority authorized to sell life insurance may grant and issue annuity contracts.
(2) A reciprocal or Lloyd’s insurer shall not transact life insurance.
(3) A title insurer shall be a stock insurer, and shall not transact any other kind of insurance.
(4) A mortgage guaranty insurer shall be a stock insurer, and shall not transact any other kind of insurance.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 962, effective July 15, 2010. — Amended
2004 Ky. Acts ch. 24, sec. 5, effective July 13, 2004. — Created 1970 Ky. Acts ch.
301, subtit. 3, sec. 11, effective June 18, 1970.
kind or any combination of kinds of insurance as defined in Subtitle 5, except:
Terms Used In Kentucky Statutes 304.3-110
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
(1) A life insurer may grant annuities and may be authorized to transact in addition only health insurance; except, that the commissioner may, if the insurer otherwise qualifies therefor, continue so to authorize any life insurer which immediately prior to June 18, 1970, was lawfully authorized to transact in this state a kind or kinds of insurance in addition to life and health and annuities. Only an insurer with a certificate of authority authorized to sell life insurance may grant and issue annuity contracts.
(2) A reciprocal or Lloyd’s insurer shall not transact life insurance.
(3) A title insurer shall be a stock insurer, and shall not transact any other kind of insurance.
(4) A mortgage guaranty insurer shall be a stock insurer, and shall not transact any other kind of insurance.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 962, effective July 15, 2010. — Amended
2004 Ky. Acts ch. 24, sec. 5, effective July 13, 2004. — Created 1970 Ky. Acts ch.
301, subtit. 3, sec. 11, effective June 18, 1970.