304.36-120 Nonduplication of recovery.
(1) Any person having a claim against an insurer under any provision in an insurance
policy other than the policy of an insolvent insurer which is also a covered claim <br>shall be required to exhaust first his right under the policy. Any amount payable on <br>a covered claim under this subtitle shall be reduced by the amount of recovery under <br>the insurance policy. Any provision in an insurance policy includes, but is not <br>limited to, the following coverages: basic reparation benefits under KRS Chapter <br>304, Subtitle 39; uninsured motorist; underinsured motorist; workers' <br>compensation; and health care.
(2) Any person having a claim which may be recovered under more than one (1)
insurance guaranty association or its equivalent shall seek recovery first from the <br>association of the place of residence of the insured except that if it is a first-party <br>claim for damage to property with a permanent location, from the association of the <br>location of the property, and if it is a workers' compensation claim, from the <br>association of the residence of the claimant. Any recovery under this subtitle shall <br>be reduced by the amount of the recovery from any other insurance guaranty <br>association or its equivalent.
(3) The guaranty association shall receive the benefit of any reinsurance contract or
treaties entered into by the insolvent insurer which cover any of the liabilities <br>incurred by the insolvent insurer with respect to covered claims.
Effective: July 15, 1998 <br>History: Amended 1998 Ky. Acts ch. 99, sec. 8, effective July 15, 1998. -- Created
1972 Ky. Acts ch. 137, sec. 12, effective June 16, 1972.
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