304.33-230 Federal receivership.
(1)
(2)
Petition for federal receiver. Whenever in the commissioner's opinion, liquidation
of a domestic insurer or an alien insurer domiciled in this state would be facilitated
by a federal receivership, and when any ground exists upon which the commissioner
might petition the court for an order of rehabilitation or liquidation under KRS
304.33-140 or 304.33-190, or if an order of rehabilitation or liquidation has already
been entered, the commissioner may request the insurance commissioner or other
willing resident of another state to petition any appropriate federal District Court for
the appointment of a federal receiver. The commissioner may intervene in any such
action to support or oppose the petition, and may accept appointment as the receiver
if he or she is so designated. So much of this subtitle shall apply to the receivership
as can be made applicable and is appropriate. Upon motion of the commissioner,
the courts of this state shall relinquish all jurisdiction over the insurer for purposes
of rehabilitation or liquidation.
Compliance with federal requirements. If the commissioner is appointed receiver
under this section, he or she shall comply with any requirements necessary to give
him or her title to and control over the assets and affairs of the insurer.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1445, effective July 15, 2010. -- Created
1970 Ky. Acts ch. 301, subtit. 33, sec. 23, effective June 18, 1970.
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