Download as PDF
304.33-380 Special claims.
(1)
(2)
(3)
(4)
(5)
Claims contingent on judgments. The claim of a third party which is contingent
only on his first obtaining a judgment against the insured shall be considered
and allowed as if there were no such contingency.
Claims under terminated policies. Any claim that would have become absolute
if there had been no termination of coverage under KRS 304.33-120, and
which was not covered by insurance acquired to replace the terminated
coverage, shall be allowed as if the coverage had remained in effect, unless at
least ten (10) days before the insured event occurred either the claimant had
actual notice of the termination or notice was mailed to him as prescribed by
subsection (1) of KRS 304.33-250, or subsection (1) of KRS 304.33-260. If
allowed, the claim shall share in distributions under subsection (9) of KRS
304.33-430.
Other contingent claims. A claim may be allowed even if contingent, if it is filed
in accordance with subsection (2) of KRS 304.33-360. It may be allowed and
may participate in all dividends declared after it is filed, to the extent that it
does not prejudice the orderly administration of the liquidation.
Immature claims. Claims that are due except for the passage of time shall be
treated as absolute claims are treated, except that where justice requires the
court may order them discounted at the legal rate of interest.
(a) Nothing in this section or any other section in this subtitle shall be
construed as authorizing the receiver, or any other entity, to compel
payment from a reinsurer on the basis of estimated incurred but not
reported losses or outstanding reserves.
(b) Notwithstanding the provisions of this section or any other section of this
subtitle to the contrary, the liquidator may negotiate a voluntary
commutation and release of all obligations arising from reinsurance
contracts or other agreements.
Effective:July 13, 2004
History: Amended 2004 Ky. Acts ch. 125, sec. 4, effective July 13, 2004. -Amended 2000 Ky. Acts ch. 255, sec. 6, effective July 14, 2000. -- Created 1970
Ky. Acts ch. 301, subtit. 33, sec. 38, 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.