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304.33-530 Foreign domiciliary receivers in other states.
(1)
(2)
(3)
Property rights and title: reciprocal state. The domiciliary liquidator of an insurer
domiciled in a reciprocal state shall be vested by operation of law with the title to
all of the property, contracts and rights of action, and all of the books, accounts and
other records of the insurer located in this state. The date of vesting shall be the date
of the filing of the petition, if that date is specified by the domiciliary law for the
vesting of property in the domiciliary state; otherwise, the date of vesting shall be
the date of entry of the order directing possession to be taken. The domiciliary
liquidator shall have the immediate right to recover balances due from agents and to
obtain possession of the books, accounts and other records of the insurer located in
this state. The domiciliary liquidator also shall have the right to recover the other
assets of the insurer located in this state, subject to subsection (3) of KRS 304.33540.
Property rights and title: state not a reciprocal state. If a domiciliary liquidator is
appointed for an insurer not domiciled in a reciprocal state, the commissioner of
this state shall be vested by operation of law with the title to all of the property,
contracts and rights of action, and all of the books, accounts and other records of the
insurer located in this state, at the same time that the domiciliary liquidator is vested
with title in the domiciling state. The commissioner of this state may petition for a
conservation or liquidation order under KRS 304.33-510 or 304.33-520, or for an
ancillary receivership under KRS 304.33-540, or after approval by the Franklin
County Circuit Court, may transfer title to the domiciliary liquidator, as the interests
of justice and the equitable distribution of the assets require.
Filing claims. Claimants residing in this state may file claims with the liquidator or
ancillary receiver, if any, in this state or with the domiciliary liquidator, if the
domiciliary law permits. The claims must be filed on or before the last date fixed
for the filing of claims in the domiciliary liquidation proceedings.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1456, effective July 15, 2010. -- Created
1970 Ky. Acts ch. 301, subtit. 33, sec. 53, effective June 18, 1970.
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