{"data":{"id":"us-ky/krs-304.33-520","jurisdiction":"us-ky","citation":"KRS 304.33-520","heading":"Liquidation of property of foreign or alien insurers found in this state.","body":"(1) Ground for petition. If no domiciliary receiver has been appointed, the\ncommissioner may apply to the Franklin Circuit Court by petition for an order\ndirecting the commis sioner to liquidate the assets found in this state of a foreign\ninsurer or an alien insurer not domiciled in this state, on any of the following\ngrounds:\n(a) Any of the grounds in KRS 304.33-140;\n(b) Any of the grounds in KRS 304.33-190; and\n(c) Any of the grounds in KRS 304.33-510.\n(2) Terms of order. If it appears to the court that the best interests of creditors,\npolicyholders and the public so require, the court may issue an order to liquidate in\nwhatever terms it deems appropriate. The filing or record ing of the order with any\ncounty clerk in this state imparts the same notice as a deed, bill of sale, or other\nevidence of title duly filed or recorded with that county clerk.\n(3) Conversion to ancillary proceeding. If a domiciliary liquidator is appointed  in a\nreciprocal state while a liquidation is proceeding under this section, the liquidator\nunder this section shall thereafter act as ancillary receiver under KRS 304.33-540. If\na domiciliary liquidator is appointed in a nonreciprocal state while a liquid ation is\nproceeding under this section, the liquidator under this section may petition the\ncourt for permission to act as ancillary receiver under KRS 304.33-540.\n(4) Federal receivership. On the same grounds as are specified in subsection (1) of this\nsection, the commissioner may petition any appropriate federal District Court to be\nappointed receiver to liquidate that portion of the insurer's assets and business over\nwhich the court will exercise jurisdiction; or any lesser part thereof that the\ncommissioner deems desirable for the protection of the policyholders and creditors\nin this state. The commissioner may accept appointment as federal receiver if\nanother person files a petition.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=29872","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:55Z","sha256":"9b078c3e6a2082b5455be21c757a0d852a2c04d99f2d44130de922bf0ac042c2","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.33-510","next":"us-ky/krs-304.33-530"},"notice":"GroundRules: Original legal text. Not legal advice."}