reglab/housing_qa huggingface dataset:
KS Stat § 40-3624 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 36 - Impaired Or Insolvent Insurers|40-3624 Same; dissolution of corporate existence of insurer; permitting sale of the corporate existence; order of court.

40-3624. Same; dissolution of corporate existence of insurer; permitting sale of the corporate existence; order of court. The commissioner may petition for an order: (a) Dissolving the corporate existence of a domestic insurer, or the United States branch of an alien insurer domiciled in this state at the time the commissioner applies for a liquidation order. The court may order dissolution of the corporation upon petition by the commissioner upon or after the granting of a liquidation order. If the dissolution has not previously been ordered, it shall be effected by operation of law upon the discharge of the liquidator if the insurer is insolvent but may be ordered by the court upon the discharge of the liquidator if the insurer is under a liquidation order for some other reason; or(b) permitting the sale of the corporate existence of a domestic insurer, together with any of its licenses to do business, despite the entry of an order of liquidation. The court may permit the sale of such corporate existence upon or after the granting of a liquidation order. The proceeds from the sale of the corporation shall become a part of the general assets of the estate in liquidation. The corporation and its licenses shall thereafter be free and clear from the claims or interests of all claimants, creditors, policyholders and stockholders of the corporation under liquidation. If permission to sell the corporation is not granted, the court shall order dissolution of the corporation as provided in subsection (a).History: L. 1991, ch. 125, § 20; L. 1993, ch. 6, § 1; July 1.
KS Stat § 40-3626 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 36 - Impaired Or Insolvent Insurers|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; distribution of assets conclusive if notice given in accordance with section.

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; distribution of assets conclusive if notice given in accordance with section. (a) Unless the court otherwise directs, the liquidator shall give or cause to be given notice of the liquidation order as soon as possible:(1) To the insurance commissioner of each jurisdiction in which the insurer is doing business;(2) to any guaranty association or foreign guaranty association which is or may 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 the insurer including all policyholders, at their last known address as indicated by the records of the insurer; and(5) by publication in a newspaper of general circulation in the county in which the insurer has its principal place of business and in such other locations as the liquidator deems appropriate.(b) Except as otherwise established by the liquidator with approval of the court, notice to potential claimants under subsection (a) shall require claimants to file with the liquidator their claims together with proper proofs thereof under K.S.A. 40-3637, on or before a date the liquidator shall specify in the notice. The liquidator need not require persons claiming cash surrender values or other investment values in life insurance and annuities to file a claim. All claimants shall have a duty to keep the liquidator informed of any changes of address.(c) If notice is given in accordance with this section, the distribution of assets of the insurer under this act shall be conclusive with respect to all claimants, whether or not they receive notice.History: L. 1991, ch. 125, § 22; July 1.
KS Stat § 40-3628 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 36 - Impaired Or Insolvent Insurers|40-3628 Same; list of insurer's assets; time for preparation; amending and supplementing list; filing of list.

40-3628. Same; list of insurer's assets; time for preparation; amending and supplementing list; filing of list. (a) As soon as practicable after the liquidation order but not later than 120 days thereafter, the liquidator shall prepare in duplicate a list of the insurer's assets. The list shall be amended or supplemented from time to time as the liquidator may determine. One copy shall be filed in the district court of Shawnee county and one copy shall be retained for the liquidator's files. All amendments and supplements shall be similarly filed.(b) A submission to the court for disbursement of assets in accordance with K.S.A. 40-3637 fulfills the requirements of subsection (a).History: L. 1991, ch. 125, § 24; July 1.
KS Stat § 40-3632 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 36 - Impaired Or Insolvent Insurers|40-3632 Claims of creditors; allowance; avoidance; filing.

40-3632. Claims of creditors; allowance; avoidance; filing. (a) No claims of a creditor who has received or acquired a preference, lien, conveyance, transfer, assignment or encumbrance voidable under this act, shall be allowed unless the creditor surrenders the preference, lien, conveyance, transfer, assignment or encumbrance. If the avoidance is effected by a proceeding in which a final judgment has been entered, the claim shall not be allowed unless the money is paid or the property is delivered to the liquidator within 30 days from the date of the entering of final judgment, except that the court having jurisdiction over the liquidation may allow further time if there is an appeal or other continuation of the proceeding.(b) A claim allowable under subsection (a) by reason of the avoidance, whether voluntary or involuntary, or a preference, lien, conveyance, transfer, assignment or encumbrance, may be filed as an excused last filing under K.S.A. 40-3640 if filed within 30 days from the date of the avoidance, or within the further time allowed by the court under subsection (a).History: L. 1991, ch. 125, § 28; July 1.
KS Stat § 40-3633 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 36 - Impaired Or Insolvent Insurers|40-3633 Mutual debts and mutual credits; setoff; accounting statements; debts currently due and payable.

40-3633. Mutual debts and mutual credits; setoff; accounting statements; debts currently due and payable. (a) Mutual debts or mutual credits whether arising out of one or more contracts between the insurer and another person in connection with any action or proceeding under this act, shall be setoff and the balance only shall be allowed or paid, except as provided in subsections (b) and (c) of this section.(b) No setoff, except as provided in K.S.A. 40-3602, and amendments thereto, shall be allowed in favor of any person where:(1) The obligation of the insurer to the person would not at the date of the filing of a petition for liquidation entitle the person to share as a claimant in the assets of the insurer;(2) the obligation of the insurer to the person was purchased by or transferred to the person with a view to its being used as a setoff;(3) the obligation of the insurer is owed to an affiliate of such person, or any other entity or association other than the person;(4) the obligation of the person is owed to an affiliate of the insurer, or any other entity or association other than the insurer;(5) the obligations of the person is to pay an assessment levied against the members or subscribers of the insurer, or is to pay a balance upon a subscription to the capital stock of the insurer, or is in any other way in the nature of a capital contribution; or(6) the obligations between the person and the insurer arise out of transactions where either the person or the insurer has assumed risks and obligations from the other party and then has ceded back to that party substantially the same risks and obligations.(c) The receiver shall provide persons with accounting statements identifying debts which are currently due and payable. Accounts currently due and payable as identified by such accounting statements shall be promptly paid to the receiver. However, persons making such payments may setoff against such payments mutual credits currently due and payable by the insurer and may assert setoff of mutual credits which become due and payable from the insurer in the future. Notwithstanding K.S.A. 40-3641, the receiver shall promptly and fully refund to the extent of the person's prior payments any mutual credits so asserted that may become due and payable to the person by the insurer.(d) This section shall apply to all contracts entered into, renewed, extended or amended on or after the effective date of this act.History: L. 1991, ch. 125, § 29; July 1.
KS Stat § 40-3634 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 36 - Impaired Or Insolvent Insurers|40-3634 Payment of reinsurance upon insolvency of ceding insurer.

40-3634. Payment of reinsurance upon insolvency of ceding insurer. Except as provided in K.S.A. 40-3602 and amendments thereto, in the event of the insolvency of the ceding insurer, the reinsurance shall be payable under a contract reinsured by the assuming insurer on the basis of the liability of the ceding company under the contract or contracts reinsured, as approved by the liquidation court, without diminution because of the insolvency of the ceding insurer. Such payments shall be made directly to the ceding insurer or to its domiciliary liquidator except: (a) Where the reinsurance contract or policy reinsured specifically provides another payee of such reinsurance in the event of the insolvency of the ceding insurer; or (b) where the assuming insurer, with the consent of the direct insured, has assumed such policy obligations of the ceding insurer as direct obligations of the assuming insurer to the payees under such policies and in substitution for the obligations of the ceding insurer to such payees.History: L. 1991, ch. 125, § 30; L. 1999, ch. 66, § 2; July 1.
KS Stat § 40-3636 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 36 - Impaired Or Insolvent Insurers|40-3636 Claims; proof of claims, form and filing; late filings.

40-3636. Claims; proof of claims, form and filing; late filings. (a) Proof of all claims shall be filed with the liquidator in the form required by K.S.A. 40-3637 on or before the last day for filing specified by the court, except that proof of claims for cash surrender values or other investment values in life insurance and annuities need not be filed unless the liquidator expressly so requires.(b) The liquidator may permit a claimant making a late filing to share in distributions, whether past or future, as if the claimant were not late, to the extent that any such payment will not prejudice the orderly administration of the liquidation, under the following circumstances:(1) The existence of the claim was not known to the claimant and that the claim was filed as promptly as reasonably possible after learning of such claim;(2) a transfer to a creditor was avoided under K.S.A. 40-3629 through 40-3631, or was voluntarily surrendered under K.S.A. 40-3632, and that the filing satisfies the conditions of K.S.A. 40-3632; or(3) the valuation under K.S.A. 40-3640, of security held by a secured creditor shows a deficiency, which is filed, within 30 days after the valuation.(c) The liquidator shall permit late filing claims to share in distributions, whether past or future, as if they were not late, if such claims are claims of a guaranty association or foreign guaranty association for reimbursement of covered claims paid or expenses incurred, or both, subsequent to the last day for filing where such payments were made and expenses incurred as provided by law.(d) The liquidator may consider any claim filed late which is not covered by subsection (b), and permit it to receive distributions which are subsequently declared on any claims of the same or lower priority if the payment does not prejudice the orderly administration of the liquidation. The late-filing claimant shall receive, at each distribution, the same percentage of the amount allowed on such claim as is then being paid to claimants of any lower priority. This shall continue until the claim has been paid in full.History: L. 1991, ch. 125, § 32; July 1.
KS Stat § 40-3637 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 36 - Impaired Or Insolvent Insurers|40-3637 Same; proof of claim, form and information required; supplementary evidence and information may be required; judgments and orders; claims of guaranty associations.

40-3637. Same; proof of claim, form and information required; supplementary evidence and information may be required; judgments and orders; claims of guaranty associations. (a) Proof of claim shall consist of a statement signed by the claimant that includes all of the following that are applicable:(1) The particulars of the claim including the consideration given for it;(2) the identity and amount of the security on the claim;(3) the payments made on the debt, if any;(4) that the sum claimed is justly owing and that there is no setoff, counterclaim or defense to the claim;(5) any right of priority of payment or other specific right asserted by the claimants;(6) a copy of the written instrument which is the foundation of the claim; and(7) the names and addresses of the claimant and the attorney who represents the claimant, if any.(b) No claim need be considered or allowed if it does not contain all the information in subsection (a) which may be applicable. The liquidator may require that a prescribed form be used, and may require that other information and documents be included.(c) At any time, the liquidator may request the claimant to present information or evidence supplementary to that required under subsection (a) and may take testimony under oath, require production of affidavits or depositions, or otherwise obtain additional information or evidence.(d) No judgment or order against an insured or the insurer entered after the date of filing of a successful petition for liquidation, and no judgment or order against an insured or the insurer entered at any time by default or by collusion need be considered as evidence of liability or of quantum of damages. No judgment or order against an insured or the insurer entered within four months before the filing of the petition need be considered as evidence of liability or of the quantum of damages.(e) All claims of a guaranty association or foreign guaranty association shall be in such form and contain such substantiation as may be agreed to by the association and the liquidator.History: L. 1991, ch. 125, § 33; July 1.
KS Stat § 40-3638 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 36 - Impaired Or Insolvent Insurers|40-3638 Same; claims which may be allowed; limitations.

40-3638. Same; claims which may be allowed; limitations. (a) The claim of a third party which is contingent only on first obtaining a judgment against the insured shall be considered and allowed as if there were no such contingency.(b) A claim may be allowed even if contingent, if it is filed in accordance with K.S.A. 40-3636. It may be allowed and may participate in all distributions declared after it is filed to the extent that it does not prejudice the orderly administration of the liquidation.(c) Claims that are due except for the passage of time shall be treated as absolute claims are treated, except such claims may be discounted at the legal rate of interest.(d) Claims made under employment contracts by directors, principal officers, or persons in fact performing similar functions or having similar powers are limited to payment for services rendered prior to the issuance of any order of rehabilitation or liquidation under K.S.A. 40-3617 or 40-3622.History: L. 1991, ch. 125, § 34; July 1.
KS Stat § 40-3639 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 36 - Impaired Or Insolvent Insurers|40-3639 Same; denial of claims; objections to denial; claims secured by the undertaking of another, rights to prove and file.

40-3639. Same; denial of claims; objections to denial; claims secured by the undertaking of another, rights to prove and file. (a) When a claim is denied in whole or in part by the liquidator, written notice of the determination shall be given to the claimant or the claimant's attorney by first-class mail at the address shown in the proof of claim. Within 60 days from the mailing of the notice, the claimant may file objections with the liquidator. If no such filing is made, the claimant may not further object to the determination.(b) Whenever objections are filed with the liquidator and the liquidator does not alter denial of the claim as a result of the objections, the liquidator shall ask the court for a hearing as soon as practicable and give notice as set by the court of the hearing to the claimant or the claimant's attorney and to any other persons directly affected. The matter may be heard by the court or by a court-appointed referee who shall submit findings of fact along with recommendation.(c) Whenever a creditor whose claim against an insurer is secured, in whole or in part, by the undertaking of another person, fails to prove and file that claim the other person may do so in the creditor's name, and shall be subrogated to the rights of the creditor, whether the claim has been filed by the creditor or by the person in the creditor's name, to the extent that the person discharges the undertaking. In the absence of an agreement with the creditor to the contrary, the other person shall not be entitled to any distribution; however, until the amount paid to the credit on the undertaking plus the distributions paid on the claim from the insurer's estate to the creditor equals the amount of the entire claim of the creditor. Any excess received by the creditor shall be held by such creditor in trust for such other person, the term "other person," as used in this section is not intended to apply to a guaranty association or foreign guaranty association.History: L. 1991, ch. 125, § 35; July 1.
KS Stat § 40-3640 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 36 - Impaired Or Insolvent Insurers|40-3640 Same; value of security held by secured creditor.

40-3640. Same; value of security held by secured creditor. (a) The value of any security held by a secured creditor shall be determined in one of the following ways, as the court may direct:(1) By converting the same into money according to the terms of the agreement pursuant to which the security was delivered to such creditors; or(2) by agreement, arbitration, compromise or litigation between the creditor and the liquidator.(b) The determination shall be under the supervision and control of the court with due regard for the recommendation of the liquidator. The amount so determined shall be credited upon the secured claim, and any deficiency shall be treated as an unsecured claim. If the claimant surrenders the security to the liquidator, the entire claim shall be allowed as if unsecured.History: L. 1991, ch. 125, § 36; July 1.
KS Stat § 40-3642 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 36 - Impaired Or Insolvent Insurers|40-3642 Same; report and recommendations of liquidator for allowance of claims; contents of report; action by court; claims under insurance policy.

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, § 38; July 1.
KS Stat § 40-3643 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 36 - Impaired Or Insolvent Insurers|40-3643 Unclaimed fund; deposit in accordance with unclaimed property act.

40-3643. Unclaimed fund; deposit in accordance with unclaimed property act. All unclaimed funds subject to distribution remaining in the liquidator's hands when the liquidator is ready to apply to the court for discharge, including the amount distributable to any creditor, shareholder, member or other person who is unknown or cannot be found, shall be deposited with the state treasurer in accordance with the unclaimed property act.History: L. 1991, ch. 125, § 39; July 1.
KS Stat § 40-3644 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 36 - Impaired Or Insolvent Insurers|40-3644 Discharge of liquidator; orders of court.

40-3644. Discharge of liquidator; orders of court. When all assets justifying the expense of collection and distribution have been collected and distributed under this act, the liquidator shall apply to the court for discharge. The court may grant the discharge and make any other orders, including an order to transfer any remaining funds that are uneconomic to distribute, as deemed appropriate.History: L. 1991, ch. 125, § 40; July 1.
KS Stat § 40-3645 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 36 - Impaired Or Insolvent Insurers|40-3645 Liquidation proceedings; reopening after termination; order of court.

40-3645. Liquidation proceedings; reopening after termination; order of court. After the liquidation proceeding has been terminated and the liquidator discharged, the commissioner may at any time petition the district court of Shawnee county to reopen the proceedings for good cause, including the discovery of additional assets. If the court is satisfied that there is justification for reopening, such court shall so order.History: L. 1991, ch. 125, § 41; July 1.
KS Stat § 40-3646 (2021)
2021 Kansas Statutes|Chapter 40 - Insurance|Article 36 - Impaired Or Insolvent Insurers|40-3646 Same; disposition of records; direction by court.

40-3646. Same; disposition of records; direction by court. Whenever it shall appear to the commissioner that the records of any insurer in process of liquidation or completely liquidated are no longer useful, the commissioner may recommend to the court and the court shall direct which records should be retained for future reference and which should be destroyed.History: L. 1991, ch. 125, § 42; July 1.