40-3626. Same; notice of liquidation order; persons and associations to whom required; publication of notice; notice to specify date before which claims must be filed; change of address of claimants;
40-3626
40-3626. Same; notice of liquidation order; persons and associations towhom required; publication of notice; notice to specify date before whichclaims must be filed; change of address of claimants; distribution of assetsconclusive if notice given in accordance with section.(a) Unless the court otherwise directs, the liquidator shallgiveor cause to be given notice of the liquidation order as soon as possible:
(1) To the insurance commissioner of each jurisdiction in which the insureris doing business;
(2) to any guaranty association or foreign guaranty association which is ormay become obligated as a result of the liquidation;
(3) to all insurance agents of the insurer;
(4) to all persons known or reasonably expected to have claims against theinsurer including all policyholders, at their last known address as indicatedby the records of the insurer; and
(5) by publication in a newspaper of general circulation in the county inwhich the insurer has its principal place of business and in such otherlocations as the liquidator deems appropriate.
(b) Except as otherwise established by the liquidator with approval of thecourt, notice to potential claimants under subsection (a) shall requireclaimants to file with the liquidator their claims together with proper proofsthereof under K.S.A. 40-3637, on or before a date the liquidatorshall specify inthe notice. The liquidator need not require persons claiming cash surrendervalues or other investment values in life insurance and annuities to file aclaim. All claimants shall have a duty to keep the liquidator informed of anychanges of address.
(c) If notice is given in accordance with this section, the distribution ofassets of the insurer under this act shall be conclusive with respect to allclaimants, whether or not they receive notice.
History: L. 1991, ch. 125, § 22; July 1.