KRS 304.33-150: Rehabilitation orders.

(1) 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.

(2) 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.

(3) 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.