§ 83-24-1. Short title
This chapter shall be cited as the Insurers Rehabilitation and Liquidation Act.
§ 83-24-101. Application by commissioner for order permitting liquidation of assets found in state of foreign insurer or alien insurer not domiciled in state; notice; filing or recording order; domiciliary liquidator appointed in reciprocal state or nonreciprocal state; payment of claims
If no domiciliary receiver has been appointed, the commissioner may apply to the court by verified petition for an order directing him to liquidate the assets found in this state of a foreign insurer or an alien insurer not domiciled in this state, on any of the following grounds: When an order is sought under […]
§ 83-24-103. Vesting of title to assets in liquidator; filing claim with liquidator or ancillary receiver
The domiciliary liquidator of an insurer domiciled in a reciprocal state shall, except as to special deposits and security on secured claims under Section 83-24-105(3), be vested by operation of law with the title to all of the assets, property, contracts and rights of action, agents’ balances, and all of the books, accounts and other […]
§ 83-24-105. Petition for appointment as ancillary receiver; orders
If a domiciliary liquidator has been appointed for an insurer not domiciled in this state, the commissioner may file a petition with the court requesting appointment as ancillary receiver in this state: If he finds that there are sufficient assets of the insurer located in this state to justify the appointment of an ancillary receiver; […]
§ 83-24-107. Discretion of commissioner of insurance to institute proceedings
The commissioner in his sole discretion may institute proceedings under Sections 83-24-19 and 83-24-21 at the request of the commissioner or other appropriate insurance official of the domiciliary state of any foreign or alien insurer having property located in this state.
§ 83-24-109. Claimants residing in foreign country or in states not reciprocal states; time requirements; notice; claims by claimants residing in reciprocal states
In a liquidation proceeding begun in this state against an insurer domiciled in this state, claimants residing in foreign countries or in states not reciprocal states must file claims in this state, and claimants residing in reciprocal states may file claims either with the ancillary receivers, if any, in their respective states, or with the […]
§ 83-24-11. Injunctions and orders; application
Any receiver appointed in a proceeding under this chapter may at any time apply for, and any court of general jurisdiction may grant, such restraining orders, preliminary and permanent injunctions, and other orders as may be deemed necessary and proper to prevent: The transaction of further business; The transfer of property; Interference with the receiver […]
§ 83-24-111. Liquidation proceeding in reciprocal state against insurer domiciled in that state; claims by residents of Mississippi; notice; hearings; final allowance
In a liquidation proceeding in a reciprocal state against an insurer domiciled in that state, claimants against the insurer who reside within this state may file claims either with the ancillary receiver, if any, in this state, or with the domiciliary liquidator. Claims must be filed on or before the last dates fixed for the […]
§ 83-24-113. Attachment, garnishment or levy of execution against delinquent insurer during pendency of liquidation proceedings
During the pendency in this or any other state of a liquidation proceeding, whether called by that name or not, no action or proceeding in the nature of an attachment, garnishment or levy of execution shall be commenced or maintained in this state against the delinquent insurer or its assets.
§ 83-24-115. Liquidation proceeding in Mississippi involving one or more reciprocal states; order of distribution; priority of claims; special deposit claims; surrender of secured claim
In a liquidation proceeding in this state involving one or more reciprocal states, the order of distribution of the domiciliary state shall control as to all claims of residents of this and reciprocal states. All claims of residents of reciprocal states shall be given equal priority of payment from general assets regardless of where such […]
§ 83-24-117. Failure of ancillary receiver in another state or foreign country to transfer assets to domiciliary liquidator
If an ancillary receiver in another state or foreign country, whether called by that name or not, fails to transfer to the domiciliary liquidator in this state any assets within his control other than special deposits, diminished only by the expenses of the ancillary receivership, if any, the claims filed in the ancillary receivership, other […]
§ 83-24-13. Cooperation with Commissioner of Insurance; penalty for obstructing or interfering with proceedings; hearings
Any officer, manager, director, trustee, owner, employee or agent of any insurer, or any other persons with authority over or in charge of any segment of the insurer’s affairs, shall cooperate with the commissioner in any proceeding under this chapter or any investigation preliminary to the proceeding. The term “person” as used in this section […]
§ 83-24-15. Commencement of proceedings under former law; application of current provisions
Every proceeding commenced under the laws in effect before the enactment of this chapter shall be deemed to have commenced under this chapter for the purpose of conducting the proceeding henceforth, except that in the discretion of the commissioner the proceeding may be continued, in whole or in part, as it would have been continued […]
§ 83-24-17. Restrictions on insurer after commencement of delinquency proceedings
No insurer that is subject to any delinquency proceedings, whether formal or informal (administrative or judicial), shall: Be released from such proceeding unless such proceeding is converted into a judicial rehabilitation or liquidation proceeding; Be permitted to solicit or accept new business or request or accept the restoration of any suspended or revoked license or […]
§ 83-24-19. Petition for court order for formal delinquency proceeding; content of order; ex parte order; duration of order; affect on contractual obligations; hearings; review of order; notice
The commissioner may file in the chancery court a petition alleging, with respect to a domestic insurer: That there exists any grounds that would justify a court order for a formal delinquency proceeding against an insurer under this chapter; That the interests of policyholders, creditors or the public will be endangered by delay; and The […]
§ 83-24-21. Confidentiality of records pertaining to proceedings
In all proceedings and judicial reviews under Section 83-24-19, all records of the insurer, other documents, and all insurance department files and court records and papers, so far as they pertain to or are a part of the record of the proceedings, shall be and remain confidential except as is necessary to obtain compliance therewith, […]
§ 83-24-23. Petition for order to rehabilitate domestic insurer or alien insurer domiciled in state; grounds
The commissioner may apply by petition to the chancery court for an order authorizing him to rehabilitate a domestic insurer or an alien insurer domiciled in this state on any one or more of the following grounds: The insurer is in such condition that the further transaction of business would be hazardous financially to its […]
§ 83-24-25. Rehabilitator designated; affect of order of rehabilitation; affect on contractual obligations
An order to rehabilitate the business of a domestic insurer, or an alien insurer domiciled in this state, shall appoint the commissioner and his successors in office the rehabilitator, and shall direct the rehabilitator forthwith to take possession of the assets of the insurer, and to administer them under the general supervision of the court. […]
§ 83-24-27. Appointment of special deputies; powers and duties; compensation; counsel; clerical assistants; advisory committee of policyholders, claimants, or other creditors; cost of administration; implementation of legal proceedings; plans for reorganization, etc.; fraudulent transfers
The commissioner as rehabilitator may appoint one or more special deputies, who shall have all the powers and responsibilities of the rehabilitator granted under this section, and the commissioner may employ such counsel, clerks and assistants as deemed necessary. The compensation of the special deputy, counsel, clerks and assistants and all expenses of taking possession […]
§ 83-24-29. Stay of action or proceeding; statute of limitations; defense of laches; standing to appear in proceedings
Any court in this state before which any action or proceeding is pending in which the insurer is a party or is obligated to defend a party when a rehabilitation order against the insurer is entered, shall stay the action or proceeding for ninety (90) days and such additional time as is necessary for the […]