§ 239. Duties and powers of the Commissioner
(a) The Commissioner shall: (1) Notify the Association of the existence of an insolvent insurer not later than three days after he receives notice of the determination of the insolvency; (2) Upon request of the Board of Directors, provide the Association with a statement of the net direct written premiums of each member insurer. (b) […]
§ 240. Effect of paid claims
(a) Any person recovering under this chapter shall be deemed to have assigned his rights under the policy to the Association to the extent of his recovery from the Association. Every insured or claimant seeking the protection of this chapter shall cooperate with the Association to the same extent as such person would have been […]
§ 241. Nonduplication of recovery
(a) Any person having a claim against an insurer under any provision in his insurance policy which is also a covered claim shall be required to exhaust first his right under such policy. Any amount payable on a covered claim pursuant to this chapter shall be reduced by the amount of such recovery under the […]
§ 242. Prevention of insolvencies
The Board of Directors of the Association may make recommendations to the Commissioner for the detection and prevention of insurer insolvencies.
§ 243. Examination of the Association
The Association shall be subject to examination and regulation by the Commissioner. The Board of Directors shall submit, not later than March 30 of each year, a financial report for the preceding calendar year in a form approved by the Commissioner.
§ 244. Tax exemption
The Association shall be exempt from payment of all fees and all taxes levied by this territory except taxes levied on real or personal property.
§ 245. Immunity
There shall be no liability on the part of and no cause of action of any nature shall arise against any member insurer, the Association or its agents or employees, the Board of Directors, or the Commissioner or his representatives for any authorized action taken by them in performance of their powers and duties pursuant […]
§ 246. Stay of proceedings; reopening of default judgment
All proceedings in which the insolvent insurer is a party in any court in this territory shall be stayed for 60 days from the date the insolvency is determined to permit proper defense by the Association of all pending causes of action. As to any covered claims arising from a judgment under any decision, verdict, […]
§ 247. Severability clause
(a) Except as provided in subsection (b) of this section, the provisions of this chapter are severable. If any provision of this chapter or its application to any person or circumstances is held invalid, the invalidity shall not affect other provisions or applications of this chapter which can be given effect without the invalid provision […]
§ 238. Plan of operation
(a) (1) The Association shall submit to the Commissioner a plan of operation and any amendments thereto necessary or suitable to assure the fair, reasonable, and equitable administration of the Association. The plan of operation or any amendments thereto shall become effective upon approval in writing by the Commissioner. (2) If the Association fails to […]