Kentucky Statutes 304.8-020 – Deposits to be for benefit of policyholders, creditors, and states
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(1) All deposits shall be held by the commissioner in trust for the benefit and protection of all of the insurer’s policyholders and creditors in the United States.
(2) The deposit of a domestic insurer shall further be security for payment of taxes, assessments, forfeitures, fines, or other charges due and unpaid to this state or any other state in which the insurer has been authorized to transact insurance, and may be applied to the extent as may be necessary for payment.
(3) Except, that deposits required pursuant to the retaliatory provision, KRS § 304.3-270, or required of a domestic insurer pursuant to the laws of another state, may be limited to the uses and purposes as are consistent with the provision or laws. But no deposit so required of a domestic insurer shall be allowed in lieu of or as a credit upon any deposit required of an insurer under this subtitle if the purpose of the deposit so required by another state is materially inconsistent with the purpose stated in subsection (1) of this section.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1027, effective July 15, 2010. — Amended 2004 Ky. Acts ch. 24, sec. 19, effective July 13, 2004. — Created 1970 Ky. Acts ch. 301, subtit. 8, sec. 2, effective June 18, 1970.
(2) The deposit of a domestic insurer shall further be security for payment of taxes, assessments, forfeitures, fines, or other charges due and unpaid to this state or any other state in which the insurer has been authorized to transact insurance, and may be applied to the extent as may be necessary for payment.
Terms Used In Kentucky Statutes 304.8-020
- any other state: includes any state, territory, outlying possession, the District of Columbia, and any foreign government or country. See Kentucky Statutes 446.010
- Domestic: when applied to a corporation, partnership, business trust, or limited liability company, means all those incorporated or formed by authority of this state. See Kentucky Statutes 446.010
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
(3) Except, that deposits required pursuant to the retaliatory provision, KRS § 304.3-270, or required of a domestic insurer pursuant to the laws of another state, may be limited to the uses and purposes as are consistent with the provision or laws. But no deposit so required of a domestic insurer shall be allowed in lieu of or as a credit upon any deposit required of an insurer under this subtitle if the purpose of the deposit so required by another state is materially inconsistent with the purpose stated in subsection (1) of this section.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1027, effective July 15, 2010. — Amended 2004 Ky. Acts ch. 24, sec. 19, effective July 13, 2004. — Created 1970 Ky. Acts ch. 301, subtit. 8, sec. 2, effective June 18, 1970.