KRS 304.37-070: Receivership.

Whenever it appears to the commissioner that any person has committed a violation of

this subtitle which so impairs the financial condition of a domestic insurer as to threaten

insolvency or make the further transaction of business by it hazardous to its

policyholders, creditors, shareholders, or the public, then the commissioner may proceed

as provided in KRS Chapter 304 to take possession of the property of such domestic

insurer and to conduct the business thereof.