KRS 304.33-230: Federal receivership.

(1) Petition for federal receiver. Whenever in the commissioner's opinion, liquidation

of a domestic insurer or an alien insurer domiciled in this state would be facilitated

by a federal receivership, and when any ground exists upon which the commissioner

might petition the court for an order of rehabilitation or liquidation under KRS

304.33-140 or 304.33-190, or if an order of rehabilitation or liquidation has already

been entered, the commissioner may request the insurance commissioner or other

willing resident of another state to petition any appropriate federal District Court for

the appointment of a federal receiver. The commissioner may intervene in any such

action to support or oppose the petition, and may accept appointment as the receiver

if he or she is so designated. So much of this subtitle shall apply to the receivership

as can be made applicable and is appropriate. Upon motion of the commissioner,

the courts of this state shall relinquish all jurisdiction over the insurer for purposes

of rehabilitation or liquidation.

(2) Compliance with federal requirements. If the commissioner is appointed receiver

under this section, he or she shall comply with any requirements necessary to give

him or her title to and control over the assets and affairs of the insurer.