There is a newer version of the Kentucky Revised Statutes
2009 Kentucky Revised Statutes
Subtitle 33. Insurers Rehabilitation and Liquidation
304.33.350 Reinsurer's liability.
Download pdfof delinquency proceedings unless the reinsurance contract provides, in substance, that in
the event of the insolvency of the ceding insurer the reinsurance shall be payable under a
contract reinsured by the assuming insurer on the basis of reported claims allowed by the
liquidation court, without diminution because of the insolvency of the ceding insurer.
Such payments shall be made directly to the ceding insurer or to its domiciliary
liquidator, except:
(1) Where the contract or other written agreement specifically provides another payee of such reinsurance in the event of the insolvency of the ceding insurer; or (2) Where the assuming insurer, with the consent of the direct insured, has assumed such policy obligations of the ceding insurer as direct obligations of the assuming
insurer to the payees under such policies and in substitution for the obligations of
the ceding insurer to such payees. Effective: July 13, 2004
History: Amended 2004 Ky. Acts ch. 125, sec. 3, effective July 13, 2004. -- Created 1970 Ky. Acts ch. 301, subtit. 33, sec. 35, effective June 18, 1970.
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