KRS 304.49-160: Rehabilitation, liquidation, and dissolution -- Applicability of Subtitle

33.

(1) Except as otherwise provided in this section, the terms and conditions set forth in

Subtitle 33 of this chapter pertaining to insurance supervision, rehabilitation, a nd

liquidation, shall apply in full to captive insurance companies formed or issued a

certificate of authority under this subtitle.

(2) In the case of a sponsored captive insurer:

(a) The assets of a protected cell may not be used to pay any expenses or cl aims

other than those attributable to the protected cell; and

(b) Its capital and surplus shall at all times be available to pay any expenses of or

claims against the sponsored captive insurer.

(3) Stock or mutual captive insurers may voluntarily dissolve in accordance with KRS

304.24-430.

(4) Reciprocal captive insurers may voluntarily dissolve in accordance with the

provisions of Subtitle 27 of this chapter.