{"data":{"id":"us-ky/krs-304.33-120","jurisdiction":"us-ky","citation":"KRS 304.33-120","heading":"Court's seizure order.","body":"(1) Issuance. Upon the filing by the commissioner in any Circuit Court in this state of a\nverified petition alleging any ground that would justify a court order for a formal\ndelinquency proceeding against an insurer under this subtitle and that the interests\nof policyholders or creditors will be endangered by delay, and setting out the order\ndeemed necessary by the commissioner, the court may issue forthwith, ex parte and\nwithout a hearing, the requested order which may (a) direct the commissioner to\ntake posse ssion and control of all or a part of the property, books, accounts,\ndocuments, and other records of an insurer and of the premises occupied by it for\nthe transaction of its business, and (b) until further order of the court, enjoin the\ninsurer and its off icers, managers, agents, and employees from disposition of its\nproperty and from transaction of its business except with the written consent of the\ncommissioner.\n(2) Duration. The court shall specify in the order what its duration shall be, which shall\nbe such time as the court deems necessary for the commissioner to ascertain the\ncondition of the insurer. On motion of either party or on its own motion, the court\nmay hold such hearings as it deems desirable after such notice as it deems\nappropriate, and may extend, shorten or modify the terms of the seizure order. The\ncourt shall vacate the seizure order if the commissioner fails to commence a formal\nproceeding under this subtitle after having had a reasonable opportunity to do so.\nThe issuance of an order o f the court pursuant to a formal proceeding under this\nsubtitle vacates the seizure order.\n(3) Anticipatory breach. Entry of a seizure order under this section shall not constitute\nan anticipatory breach of any contract of the insurer.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=29829","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:54Z","sha256":"aa8cac24619e5acb38fbdb9b146ac9733e9a398e6909fb2d49b375774cbba2a2","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.33-115","next":"us-ky/krs-304.33-130"},"notice":"GroundRules: Original legal text. Not legal advice."}