Kentucky Statutes 304.33-520 – Liquidation of property of foreign or alien insurers found in this state
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(1) Ground for petition. If no domiciliary receiver has been appointed, the commissioner may apply to the Franklin Circuit Court by petition for an order directing the commissioner to liquidate the assets found in this state of a foreign insurer or an alien insurer not domiciled in this state, on any of the following grounds:
(a) Any of the grounds in KRS § 304.33-140;
(b) Any of the grounds in KRS § 304.33-190; and
(c) Any of the grounds in KRS § 304.33-510.
(2) Terms of order. If it appears to the court that the best interests of creditors, policyholders and the public so require, the court may issue an order to liquidate in whatever terms it deems appropriate. The filing or recording of the order with any county clerk in this state imparts the same notice as a deed, bill of sale, or other evidence of title duly filed or recorded with that county clerk.
(3) Conversion to ancillary proceeding. If a domiciliary liquidator is appointed in a reciprocal state while a liquidation is proceeding under this section, the liquidator under this section shall thereafter act as ancillary receiver under KRS § 304.33-540. If a domiciliary liquidator is appointed in a nonreciprocal state while a liquidation is proceeding under this section, the liquidator under this section may petition the court for permission to act as ancillary receiver under KRS § 304.33-540.
(4) Federal receivership. On the same grounds as are specified in subsection (1) of this section, the commissioner may petition any appropriate federal District Court to be appointed receiver to liquidate that portion of the insurer’s assets and business over which the court will exercise jurisdiction; or any lesser part thereof that the commissioner deems desirable for the protection of the policyholders and creditors in this state. The commissioner may accept appointment as federal receiver if another person files a petition.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1455, effective July 15, 2010. — Amended 1978 Ky. Acts ch. 384, sec. 474, effective June 17, 1978. — Created 1970
Ky. Acts ch. 301, subtit. 33, sec. 52, effective June 18, 1970.
(a) Any of the grounds in KRS § 304.33-140;
Terms Used In Kentucky Statutes 304.33-520
- 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.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Federal: refers to the United States. See Kentucky Statutes 446.010
- Foreign: when applied to a corporation, partnership, limited partnership, business trust, statutory trust, or limited liability company, includes all those incorporated or formed by authority of any other state. See Kentucky Statutes 446.010
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
(b) Any of the grounds in KRS § 304.33-190; and
(c) Any of the grounds in KRS § 304.33-510.
(2) Terms of order. If it appears to the court that the best interests of creditors, policyholders and the public so require, the court may issue an order to liquidate in whatever terms it deems appropriate. The filing or recording of the order with any county clerk in this state imparts the same notice as a deed, bill of sale, or other evidence of title duly filed or recorded with that county clerk.
(3) Conversion to ancillary proceeding. If a domiciliary liquidator is appointed in a reciprocal state while a liquidation is proceeding under this section, the liquidator under this section shall thereafter act as ancillary receiver under KRS § 304.33-540. If a domiciliary liquidator is appointed in a nonreciprocal state while a liquidation is proceeding under this section, the liquidator under this section may petition the court for permission to act as ancillary receiver under KRS § 304.33-540.
(4) Federal receivership. On the same grounds as are specified in subsection (1) of this section, the commissioner may petition any appropriate federal District Court to be appointed receiver to liquidate that portion of the insurer’s assets and business over which the court will exercise jurisdiction; or any lesser part thereof that the commissioner deems desirable for the protection of the policyholders and creditors in this state. The commissioner may accept appointment as federal receiver if another person files a petition.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1455, effective July 15, 2010. — Amended 1978 Ky. Acts ch. 384, sec. 474, effective June 17, 1978. — Created 1970
Ky. Acts ch. 301, subtit. 33, sec. 52, effective June 18, 1970.