KRS 299.190: Investigation and action against company failing to pay loss -- Court to

close business and appoint receiver.

When the commissioner has given the notice required by KRS 299.180, he or she shall

proceed without delay to investigate the condition of the company, and shall have full

power, in person or by deputy, to examine its books, papers and accounts, and to

examine, under oath, its officers, agents, clerks and policyholders, and other persons

having knowledge of its business. If it appears to the com missioner that the liabilities of

the company exceed its resources, and that it cannot within a reasonable time, not more

than three (3) months from the date of the original default, pay its accrued indebtedness in

full, the commissioner shall report the f acts to the Attorney General, who shall, upon the

commissioner's report, apply to the Judge of the Franklin Circuit Court, or to the Judge of

the Circuit Court of the county in which the company is located, for an order closing the

business of the company and appointing a receiver for the distribution of its assets among

creditors. No such final order shall be made until the company has had ten (10) days'

notice of the application and an opportunity to be heard. Upon hearing the matter, the

court may make any order that the interests of the company and the public require.