299.280 Handling of assessment policies previously written.

162 words·~1 min read·/ky/chapter-299/299-280

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)Any company reorganized as a life insurance company on the mutual or stock plan

shall, unless a higher method of valuation is provided for in its assessment policies

previously written, value each of such policies as an ordinary life policy in force for

one

(1)year before the date of reorganization, regardless of the length of time

actually in force, according to the methods provided by law for such valuation.

(2)The assessment policies and all rights and liabilities attached thereto, and all the

powers and obligations of the company with reference to them, shall survive as long

as the policies remain in force, except that the policies shall thereafter be considered

as ordinary life policies, as provided in subsection

(1)of this section.

(3)The reorganized company may not levy any further assessments even though such

right may have been previously reserved in its policies, but may collect as premiums

the stipulated payments of dues provided for in the policies.