40-3642. Same; report and recommendations of liquidator for allowance of claims; contents of report; action by court; claims under insurance policy. (a) The liquidator shall review all claims duly filed in the liquidation and shall make such further investigation as necessary. The liquidator may compound, compromise or in any other manner negotiate the amount for which claims will be recommended to the court except where the liquidator is required by law to accept claims as settled by any person or organization, including any guaranty association or foreign guaranty association. Unresolved disputes shall be determined under K.S.A. 40-3639. As soon as practicable, the liquidator shall present to the court a report of the claims against the insurer with recommendations thereon. The report shall include the name and address of each claimant and the amount of the claim finally recommended, if any. If the insurer has issued annuities or life insurance policies, the liquidator shall report the persons to whom, according to the records of the insurer, amounts are owed as cash surrender values or other investment value and the amounts owed.
(b) The court may approve, disapprove or modify the report on claims by the liquidator. Such reports as are not modified by the court within a period of 60 days following submission by the liquidator shall be treated by the liquidator as allowed claims, subject thereafter to later modification or to rulings made by the court pursuant to K.S.A. 40-3639. No claim under a policy of insurance shall be allowed for an amount in excess of the applicable policy limits.
History: L. 1991, ch. 125, ยง 38; July 1.
Structure Kansas Statutes
Article 36 - Impaired Or Insolvent Insurers
40-3609 Same; relief granted by court upon application of receiver; limitation.
40-3611 Same; proceeding commenced prior to effective date of act.
40-3612 Same; restrictions upon insurers subject to delinquency proceedings.
40-3616 Rehabilitation of insurer; application by commissioner for order of court; grounds.
40-3621 Liquidation of insurer; petition by commissioner; grounds.
40-3623 Same; continuation of insurance policies in effect at time of order of liquidation.
40-3625 Same; authority and responsibility of liquidator; limitation.
40-3632 Claims of creditors; allowance; avoidance; filing.
40-3634 Payment of reinsurance upon insolvency of ceding insurer.
40-3635 Insurer determined insolvent; proposal to disburse assets; application by liquidator.
40-3636 Claims; proof of claims, form and filing; late filings.
40-3638 Same; claims which may be allowed; limitations.
40-3640 Same; value of security held by secured creditor.
40-3641 Claims; priority of distribution; classes established.
40-3643 Unclaimed fund; deposit in accordance with unclaimed property act.
40-3644 Discharge of liquidator; orders of court.
40-3645 Liquidation proceedings; reopening after termination; order of court.
40-3646 Same; disposition of records; direction by court.
40-3647 Receiverships; audits; filing and payment of costs.
40-3651 Same; appointment of ancillary receiver; order of court; authority of ancillary receiver.
40-3652 Same; supervision or seizure proceedings, authority of commissioner.
40-3659 Qualified financial contracts; procedures; duties of receiver.