{"data":{"id":"us-ky/krs-304.33-510","jurisdiction":"us-ky","citation":"KRS 304.33-510","heading":"Conservation of property of foreign or alien insurers found in this state.","body":"(1) Grounds for petition. If a domiciliary liquidator has not been appointed, the\ncommissioner may apply to the Franklin Circuit Court by petition for an order\ndirecting him or her to conserve the property of an alien insurer not domiciled in\nthis state or a foreign insurer on any one (1) or more of the following grounds:\n(a) Any of the grounds in KRS 304.33-140;\n(b) Any of the grounds in KRS 304.33-190;\n(c) That any of its p roperty has been sequestered by official action in its\ndomiciliary state, or in any other state;\n(d) That enough of its property has been sequestered in a foreign country to give\nreasonable cause to fear that the insurer is or may become insolvent;\n(e) That:\n1. Its certificate of authority to do business in this state has been revoked or\nthat none was ever issued; and\n2. There are residents of this state with outstanding claims or outstanding\npolicies.\n(2) Terms of order. The court may issue the order in wh atever terms it deems\nappropriate. The filing or recording of the order with any county clerk in this state\nimparts the same notice as a deed, bill of sale or other evidence of title duly filed or\nrecorded with that county clerk.\n(3) Transformation to liquidation or ancillary receivership. The conservator may at any\ntime petition for and the court may grant an order under KRS 304.33 -520 to\nliquidate the assets of a foreign or alien insurer under conservation or, if\nappropriate, for an order under KRS 304.33-540 to be appointed ancillary receiver.\n(4) Order to return to insurer. The conservator may at any time petition the court for an\norder terminating conservation of an insurer. If the court finds that the conservation\nis no longer necessary, it shall order  that the insurer be restored to possession of its\nproperty and the control of its business. The court may also make such finding and\nissue such order at any time upon its own motion.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=29871","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:55Z","sha256":"e6116b324f5017fe2fd0c16bbef0f571186a7a7d81ebc376e6a44d556b91df8b","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.33-500","next":"us-ky/krs-304.33-520"},"notice":"GroundRules: Original legal text. Not legal advice."}