40-3651. Same; appointment of ancillary receiver; order of court; authority of ancillary receiver. (a) If a domiciliary liquidator has been appointed for an insurer not domiciled in this state, the commissioner may file a petition with the district court of Shawnee county requesting appointment as ancillary receiver in this state:
(1) If such liquidator finds there are sufficient assets of the insurer located in this state to justify the appointment of an ancillary receiver;
(2) if the protection of creditors or policyholders in this state so requires.
(b) The court may issue an order appointing an ancillary receiver in whatever terms the court deems appropriate. The filing or recording of the order with the register of deeds in this state imparts the same notice as a deed, bill of sale or other evidence of title duly filed or recorded with the register of deeds.
(c) When a domiciliary liquidator has been appointed in a reciprocal state, then the ancillary receiver appointed in this state, whenever necessary, may aid and assist the domiciliary liquidator in recovering assets of the insurer located in this state. The ancillary receiver, as soon as practicable, shall liquidate from its securities those special deposit claims and secured claims which are proved and allowed in the ancillary proceedings in this state, and shall pay the necessary expenses of the proceedings. Such liquidator shall promptly transfer all remaining assets, books, accounts and records to the domiciliary liquidator. Subject to this section, the ancillary receiver and deputies shall have the same powers and be subject to the same duties with respect to the administration of assets as a liquidator of an insurer domiciled in this state.
(d) When a domiciliary liquidator has been appointed in this state, ancillary receivers appointed in reciprocal states shall have, as to assets and books, accounts, and other records in their respective states, corresponding rights, duties and powers to those provided in subsection (c) for ancillary receivers appointed in this state.
History: L. 1991, ch. 125, ยง 47; 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.