{"data":{"id":"us-ky/krs-304.33-200","jurisdiction":"us-ky","citation":"KRS 304.33-200","heading":"Liquidation orders.","body":"(1) Order to liquidate. An order to liquidate the business of a domestic insurer shall\nappoint the commissioner and his or her successors in office liquidator and shall\ndirect the liquidator forthwith to take possession of the assets of the insurer and to\nadminister them under the orders of the court. The liquidator shall be vested by\noperation of law with the title to all of the property, contracts, and rights of action\nand all of the books and records of the insurer ordered liquidated, wherever located,\nas of the date of the filing of the petition for liquidation. He or she may recover and\nreduce the same to possession except that ancillary receivers in reciprocal states\nshall have, as to assets located in their respective states, the rights and powers which\nare prescribed in subsection (3) of KRS 304.33 -540 for ancillary receivers\nappointed in this state as to assets located in this state. The filing or recording of the\norder with any county clerk in this state shall impart the same notice as a deed, bill\nof sale, or other evidence of title duly filed or recorded with that county clerk.\n(2) Fixing of rights.\n(a) Upon issuance of the order, the rights and liabilities of any such insurer and of\nits creditors, policyholders, shareholders, members, and all other pe rsons\ninterested in its estate are fixed as of the date of filing of the petition for\nliquidation, except as provided in KRS 304.33-210 and 304.33-380.\n(b) Entry of an order of liquidation shall not constitute an anticipatory breach of\nany contracts of the  insurer, and it shall not be grounds for rescission,\nrevocation, or cancellation of any contracts of the insurer in force as of the\ndate of liquidation, except as provided in KRS 304.33-210.\n(3) Alien insurer. An order to liquidate the business of an alien insurer domiciled in this\nstate shall be in the same terms and have the same legal effect as an order to\nliquidate a domestic insurer, except that the assets and the business in the United\nStates shall be the only assets and business included under the order.\n(4) Declaration of insolvency. At the time of petitioning for an order of liquidation, or\nat any time thereafter, the commissioner may petition the court to declare the insurer\ninsolvent, and after such notice and hearing as it deems proper, the cour t may make\nthe declaration.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=29838","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:54Z","sha256":"b26ef0f84a550163b9cbc61c455a869bab2b320b69e4cccc9383c455494c53c2","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.33-190","next":"us-ky/krs-304.33-210"},"notice":"GroundRules: Original legal text. Not legal advice."}