40-3650. Same; authority of domiciliary liquidator; authority of commissioner if insurer not domiciled in reciprocal state; filing of claims.
40-3650
40-3650. Same; authority of domiciliary liquidator; authority ofcommissioner if insurer not domiciled in reciprocal state; filing of claims.(a) The domiciliary liquidator of an insurer domiciled in areciprocal state shall, except as to special deposits and security on securedclaims under subsection (c) of K.S.A. 40-3651, be vested byoperation of law withthe title to allof the assets, property, contracts and rights of action, agents' balances, andall of the books, accounts and the other records of the insurer located in thisstate. The date of vesting shall be the date of the filing of the petition, ifthat date is specified by the domiciliary law for the vesting of property inthe domiciliary state. Otherwise, the date of vesting shall be the date ofentry of the order directing possession to be taken. The domiciliary liquidatorshall have the immediate right to recover balances due from agents and toobtain possession of the books, accounts and other records of the insurerlocated in this state, and also shall have the right to recover all otherassets of the insurer located in this state, subject to K.S.A.40-3651.
(b) If a domiciliary liquidator is appointed for an insurer not domiciled ina reciprocal state, the commissioner shall be vested by operationof law with the title to all of the property, contracts and right of action,and all of the books, accounts and other records of the insurer located in thisstate, at the same time that the domiciliary liquidator is vested with title inthe domicile. The commissioner may petition for a conservationor liquidation order under K.S.A. 40-3648 or 40-3649, for anancillary receivershipunder K.S.A. 40-3651, or after approval by the court, may transfertitle to thedomiciliary liquidator, as the interests of justice and the equitabledistribution of the assets require.
(c) Claimants residing in this state may file claims with the liquidator orancillary receiver, if any, in this state or with the domiciliary liquidator,if the domiciliary law permits. The claims must be filed on or before the lastdate fixed for the filing of claims in the domiciliary liquidation proceedings.
History: L. 1991, ch. 125, § 46; July 1.