2015 Kentucky Revised Statutes
CHAPTER 304 - INSURANCE CODE
Subtitle 33 - Insurers Rehabilitation and Liquidation
33.33-360 Filing of claims.

Download as PDF 304.33-360 Filing of claims. (1) (2) (3) Deadline for filing. Proof of all claims must be filed with the court in the form required by KRS 304.33-370 on or before the last day for filing specified in the notice required under KRS 304.33-250, except that proof of preferred ownership claims and proprietary claims under subsections (9) and (10) of KRS 304.33-430, need not be filed at all, and proof of claims for unearned premiums and claims for cash surrender values or other investment values in life insurance and annuities need not be filed unless the liquidator expressly so requires. Excused late filings. For good cause shown, the liquidator shall recommend, and the court shall permit, a claimant making a late filing to share in dividends, whether past or future, as if he were not late, to the extent that any such payment will not prejudice the orderly administration of the liquidation. Good cause includes but is not limited to the following: (a) That existence of a claim was not known to the claimant and that he filed within thirty (30) days after he learned of it; (b) That a claim for unearned premiums or for cash surrender values or other investment values in life insurance or annuities which was not required to be filed was omitted from the liquidator's recommendations to the court under KRS 304.33-440, and that it was filed within thirty (30) days after the claimant learned of the omission; (c) That a transfer to a creditor was avoided under KRS 304.33-290 to 304.33330, inclusive, or was voluntarily surrendered under KRS 304.33-320 and that the filing satisfies the conditions of KRS 304.33-320; (d) That valuation under KRS 304.33-420 of security held by a secured creditor shows a deficiency, which is filed within thirty (30) days after the valuation; and (e) That a claim was contingent and became absolute, and was filed within thirty (30) days after it became absolute. Unexcused late filings. The liquidator may consider any claim filed late which is not covered by subsection (2) of this section, and permit it to receive dividends, other than the first dividend, which are subsequently declared on any claims of the same or lower priority if the payment does not prejudice the orderly administration of the liquidation. The late-filing claimant shall receive, at each distribution, the same percentage of the amount allowed on his claim as is then being paid to other claimants of the same priority plus the same percentage of the amount allowed on his claim as is then being paid to claimants of any lower priority. This shall continue until his claim has been paid in full. Effective: July 14, 2000 History: Amended 2000 Ky. Acts ch. 255, sec. 5, effective July 14, 2000. -- Created 1970 Ky. Acts ch. 301, subtit. 33, sec. 36, effective June 18, 1970.