Kentucky Revised Statutes Title XXV. Business and Financial Institutions § 304.3-420.Authority of commissioner; actions

(1) If the commissioner believes that the controlling producer or any other person has not materially complied with KRS 304.3-400 to 304.3-430, or any administrative regulation or order promulgated under KRS 304.3-400 to 304.3-430, the commissioner may:

(2) Appeals from orders issued under subsection (1) of this section shall be taken as provided in Subtitle 2 of this chapter.

(3) If an order for liquidation or rehabilitation of the controlled insurer has been entered pursuant to Subtitle 33 of this chapter, and the receiver appointed under that order believes that the controlling producer or any other person has not materially complied with KRS 304.3-400 to 304.3-430, or any administrative regulation or order promulgated under KRS 304.3-400 to 304.3-430, and the insurer suffered any loss or damage, the receiver may maintain a civil action for recovery of the damages or seek other appropriate sanctions for the benefit of the insurer.

(4) Nothing contained in this section shall affect the right of the commissioner to exercise any other authority granted to him or her by law.

(5) Nothing contained in this section is intended to or shall in any manner alter or affect the rights of policyholders, claimants, creditors, or other third parties.