304.33-150 Rehabilitation orders.
(1)
(2)
(3)
Appointment of rehabilitator. An order to rehabilitate the business of a domestic
insurer, or an alien insurer domiciled in this state, shall appoint the commissioner
and his or her successors in office rehabilitator and shall direct the rehabilitator
forthwith to take possession of the assets of the insurer and to administer them
under the orders of the court. The filing or recording of the order with any county
clerk in the state shall impart the same notice as a deed, bill of sale, or other
evidence of title duly filed or recorded with that county clerk.
Any order issued under this section shall require accountings to the court by the
rehabilitator. Accountings shall be at such intervals as the court specifies in its
order, but no less frequently than semiannually. Each accounting shall include a
report concerning the rehabilitator's opinion as to the likelihood that a plan under
KRS 304.33-160(5) will be prepared by the rehabilitator and the timetable for doing
so.
Anticipatory breach. Entry of an order of rehabilitation shall not constitute an
anticipatory breach of any contracts of the insurer, and it shall not be grounds for
revocation or cancellation of any contracts of the insurer.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1440, effective July 15, 2010. -Amended 1990 Ky. Acts ch. 422, sec. 10, effective July 13, 1990. -- Amended 1978
Ky. Acts ch. 384, sec. 469, effective June 17, 1978. -- Created 1970 Ky. Acts
ch. 301, subtit. 33, sec. 15, effective June 18, 1970.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.