Kentucky Statutes 304.8-040 – Home office real property as deposit
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(1) The commissioner may accept the home office real property of a domestic insurer as a part of any deposit of assets required of the insurer under this code. For this purpose the insurer shall convey such real property by deed to the commissioner, and the deed shall be duly recorded and deposited with the commissioner.
(2) Real property so deposited shall not be sold or further encumbered by the insurer except upon advance approval of the commissioner after full submission of the purposes and detail of the sale or encumbrance to the commissioner. The commissioner shall join in the execution of any deed or other document required to consummate the sale or encumbrance. Upon the sale or encumbrance the insurer shall deposit other assets in lieu of such real property.
(3) This real property shall be valued at its fair value as determined by the commissioner.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1028, effective July 15, 2010. — Amended 2004 Ky. Acts ch. 24, sec. 20, effective July 13, 2004. — Created 1970 Ky. Acts ch. 301, subtit. 8, sec. 4, effective June 18, 1970.
(2) Real property so deposited shall not be sold or further encumbered by the insurer except upon advance approval of the commissioner after full submission of the purposes and detail of the sale or encumbrance to the commissioner. The commissioner shall join in the execution of any deed or other document required to consummate the sale or encumbrance. Upon the sale or encumbrance the insurer shall deposit other assets in lieu of such real property.
Terms Used In Kentucky Statutes 304.8-040
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- 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
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(3) This real property shall be valued at its fair value as determined by the commissioner.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1028, effective July 15, 2010. — Amended 2004 Ky. Acts ch. 24, sec. 20, effective July 13, 2004. — Created 1970 Ky. Acts ch. 301, subtit. 8, sec. 4, effective June 18, 1970.