There is a newer version of the Kentucky Revised Statutes
2009 Kentucky Revised Statutes
Subtitle 33. Insurers Rehabilitation and Liquidation
304.33.330 Set-offs and counterclaims.
Download pdfbe set off and the balance only shall be allowed or paid, except as provided in
subsection (2) of this section. (2) Exceptions. No set-off or counterclaim shall be allowed in favor of any person where:
(a) The obligation of the insurer to the person would not at the date of the filing of a petition for liquidation entitle him to share as a claimant in the assets of
the insurer; (b) The obligation of the insurer to the person was purchased by or transferred to the person with a view to its being used as a set-off; (c) The obligation of the person is to pay an assessment levied against the members or subscribers of the insurer, or is to pay a balance upon a
subscription to the capital stock of the insurer, or is in any other way in the
nature of a capital contribution; or (d) The obligation of the person is to pay earned premiums to the insurer. However, the provisions of this paragraph shall only apply to reinsurance
contracts entered into prior to July 13, 2004. Effective: July 13, 2004
History: Amended 2004 Ky. Acts ch. 125, sec. 2, effective July 13, 2004. -- Amended 1996 Ky. Acts ch. 169, sec. 1, effective July 15, 1996. -- Created 1970 Ky. Acts
ch. 301, subtit. 33, sec. 33, effective June 18, 1970.
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