For the purposes of this chapter, other than as to section 1251 and in addition to persons included under section 1261 the term “insurer” shall be deemed to include all persons purporting to be engaged as insurers in the business of insurance in this territory, and to persons in process of organization to become insurers.
The Commissioner may apply to the District Court for an order directing him to rehabilitate a domestic insurer upon one or more of the following grounds: That the insurer— (1) is insolvent; (2) has refused to submit its books, records, accounts or affairs to the reasonable examination of the Commissioner; (3) has failed to comply […]
(a) An order to rehabilitate a domestic insurer shall direct the Commissioner forthwith to take possession of the property of the insurer and to conduct the business thereof, and to take such steps toward removal of the causes and conditions which have made rehabilitation necessary as the court may direct. (b) If at any time […]
The Commissioner may apply to the District Court for an order directing him to liquidate the business of a domestic insurer or of the United States branch of an alien insurer having trusteed assets in this territory, regardless of whether or not there has been a prior order directing him to rehabilitate such insurer, upon […]
(a) An order to liquidate the business of a domestic insurer shall direct the Commissioner forthwith to take possession of the property of the insurer, to liquidate its business, to deal with the insurer’s property and business in his own name as Commissioner or in the name of the insurer as the court may direct, […]
An order to liquidate the business of the United States branch of an alien insurer having trusteed assets in this territory shall be in the same terms as those prescribed for domestic insurers, except that only the assets of the business of such United States branch shall be included therein.
The Commissioner may apply to the District Court for an order directing him to conserve the assets within this territory of a foreign insurer upon any one or more of the following grounds: (1) upon any of the grounds specified in paragraphs (1) to (9), inclusive, of section 1253 of this title and in paragraph […]
The Commissioner may apply to the District Court for an order directing him to conserve the assets within this territory of an alien insurer upon any one or more of the following grounds: (1) upon any of the grounds specified in paragraphs (1) to (9), inclusive, of section 1253 of this title and in paragraph […]
(a) An order to conserve the assets of a foreign or alien insurer shall direct the Commissioner forthwith to take possession of the property of the insurer within this territory and to conserve it, subject to the further direction of the court. (b) Whenever a domiciliary receiver is appointed for any such insurer in its […]
This section and sections 1262–1268, inclusive, of this title, comprise and may be cited as the “Uniform Insurers Liquidation Act.” For the purposes of such Act: “Ancillary state” means any state other than a domiciliary state. “Delinquency proceeding” means any proceeding commenced against an insurer for the purpose of liquidating, rehabilitating, reorganizing, or conserving such […]
(a) Whenever under the laws of this territory a receiver is to be appointed in delinquency proceedings for an insurer domiciled in this territory, the court shall appoint the Commissioner as such receiver. The court shall direct the Commissioner forthwith to take possession of the assets of the insurer and to administer the same under […]
(a) Whenever under the laws of this territory an ancillary receiver is to be appointed in delinquency proceedings for an insurer not domiciled in this territory, the court shall appoint the Commissioner as ancillary receiver. The Commissioner shall file a petition requesting the appointment (1) if he finds that there are sufficient assets of such […]
(a) In a delinquency proceeding begun in this territory against an insurer domiciled in this territory, claimants residing in reciprocal states may file claims either with the ancillary receivers, if any, in their respective states, or with the domiciliary receiver. All such claims must be filed on or before the last date fixed for the […]
(a) In a delinquency proceeding in a reciprocal state against an insurer domiciled in that state, claimants against such insurer, who reside within this territory may file claims either with the ancillary receiver, if any, appointed in this territory, or with the domiciliary receiver. All such claims must be filed on or before the last […]
(a) In a liquidation proceeding in this territory involving one or more reciprocal states, territories, or commonwealths, the order of distribution of the domiciliary state shall control as to all claims of residents of this and of reciprocal states, territories, or commonwealths. All claims of residents of this territory and of reciprocal states, territories, and […]
During the pendency of delinquency proceedings in this territory or any reciprocal state no action or proceeding in the nature of an attachment, garnishment, or execution shall be commenced or maintained in the courts of this territory against the delinquent insurer or its assets. Any lien obtained by any such action or proceeding within four […]
(a) If any provision of sections 1261–1268, inclusive, of this title, or the application thereof to any person or circumstances is held invalid, such invalidity shall not affect other provisions or applications of such sections which can be given effect without the invalid provision or application, and to this end the provisions of such sections […]
(a) Proceedings under this chapter involving a domestic insurer shall be commenced in the District Court. (b) The Commissioner shall commence any such proceeding, the Attorney General representing him, by an application to the court or to any judge thereof for an order directing the insurer to show cause why the Commissioner should not have […]
(a) Upon application by the Commissioner for such an order to show cause or at any time thereafter, the court may without notice issue an injunction restraining the insurer, its officers, directors, stockholders, members, agents, and all other persons from the transaction of its business or the waste or disposition of its property until the […]
The moneys collected by the Commissioner in a proceeding under this chapter shall be, from time to time, deposited with the Commissioner of Finance.
