40-3650. Same; authority of domiciliary liquidator; authority of commissioner if insurer not domiciled in reciprocal state; filing of claims. (a) The domiciliary liquidator of an insurer domiciled in a reciprocal state shall, except as to special deposits and security on secured claims under subsection (c) of K.S.A. 40-3651, be vested by operation of law with the title to all of the assets, property, contracts and rights of action, agents' balances, and all of the books, accounts and the other records of the insurer located in this state. The date of vesting shall be the date of the filing of the petition, if that date is specified by the domiciliary law for the vesting of property in the domiciliary state. Otherwise, the date of vesting shall be the date of entry of the order directing possession to be taken. The domiciliary liquidator shall have the immediate right to recover balances due from agents and to obtain possession of the books, accounts and other records of the insurer located in this state, and also shall have the right to recover all other assets 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 in a reciprocal state, the commissioner shall be vested by operation of 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 this state, at the same time that the domiciliary liquidator is vested with title in the domicile. The commissioner may petition for a conservation or liquidation order under K.S.A. 40-3648 or 40-3649, for an ancillary receivership under K.S.A. 40-3651, or after approval by the court, may transfer title to the domiciliary liquidator, as the interests of justice and the equitable distribution of the assets require.
(c) Claimants residing in this state may file claims with the liquidator or ancillary 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 last date fixed for the filing of claims in the domiciliary liquidation proceedings.
History: L. 1991, ch. 125, ยง 46; 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.