{"data":{"id":"us-ky/krs-304.27-280","jurisdiction":"us-ky","citation":"KRS 304.27-280","heading":"Impaired reciprocals.","body":"(1) If the assets of a domestic reciprocal insurer are at any time insufficient to discharge\nits liabilities, other than any liability on account of funds contributed by the attorney\nor others, and to maintain the required surplus, its attorney shall forthwith  make up\nthe deficiency or levy an assessment upon the subscribers for the amount needed to\nmake up the deficiency; but subject to the limitation set forth in the power of\nattorney or policy.\n(2) If the attorney fails to make up such deficiency or to make the assessment within\nthirty (30) days after the commissioner orders him or her to do so, or if the\ndeficiency is not fully made up within sixty (60) days after the date the assessment\nwas made, the insurer shall be deemed insolvent and shall be proceeded against as\nauthorized by this code.\n(3) If liquidation of such an insurer is ordered, an assessment shall be levied upon the\nsubscribers for such an amount, subject to limits as provided by this subtitle, as the\ncommissioner determines to be necessary to d ischarge all liabilities of the insurer,\nexclusive of any funds contributed by the attorney or other persons, but including\nthe reasonable cost of the liquidation.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=29636","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:52Z","sha256":"79b89cd1e2843b1973d62b8a939562faa453b9d3989b549519920a9ca433cf0a","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.27-270","next":"us-ky/krs-304.28-010"},"notice":"GroundRules: Original legal text. Not legal advice."}