304.8 -020 Deposits to be for benefit of policyholders, creditors, and states. (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, assessmen ts, 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 pu rsuant 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 insu rer 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. 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.
Kentucky Legal Code