§ 20-645 – Judgment upon assessment
20-645. Judgment upon assessment A. Upon the return day of the order to show cause provided for in section 20-643, if the member or subscriber does not appear and serve duly verified objections upon the receiver, the court shall make an order adjudging that the member or subscriber is liable for the amount of the […]
§ 20-646 – Cooperation with Arizona property and casualty insurance guaranty fund and life and disability insurance guaranty fund
20-646. Cooperation with Arizona property and casualty insurance guaranty fund and life and disability insurance guaranty fund The provisions of this article shall be construed to permit the orderly and effective payment of claims by the Arizona property and casualty insurance guaranty fund established pursuant to article 6 of this chapter and the life and […]
§ 20-647 – Giving guaranty fund or association immediate access to assets
20-647. Giving guaranty fund or association immediate access to assets A. As soon as practicable after a final determination of insolvency of an insurer by a court of competent jurisdiction of this state, the receiver may make application to the court for approval of a proposal to distribute assets out of such company’s marshaled assets, […]
§ 20-648 – Receivership liquidation fund; purpose; deposit; expenses of receivership; deputy receiver; powers and duties
20-648. Receivership liquidation fund; purpose; deposit; expenses of receivership; deputy receiver; powers and duties A. The director shall appoint a deputy receiver to administer the conservation, rehabilitation or liquidation of an insurer pursuant to this article. B. A receivership liquidation fund is established. The deputy receiver shall file a petition with the court authorizing the […]
§ 20-649 – Extension of time
20-649. Extension of time A. Except as provided in subsection D, if any law, rule, order or agreement fixes a period of time within which the insurer subject to a delinquency proceeding or the receiver may commence an action, and that period is enforceable and has not expired before the date of the commencement of […]
§ 20-650 – Recovery of shareholder liability
20-650. Recovery of shareholder liability A. The receiver of an insurer may file a claim in the receivership proceeding to recover the liability of shareholders under article XIV, section 11, Constitution of Arizona. B. Any amount recovered in an action under this section shall be distributed in the same manner provided by law for the […]
§ 20-639 – Allowance of certain claims
20-639. Allowance of certain claims A. No contingent claim shall share in a distribution of the assets of an insurer which has been adjudicated to be insolvent by an order made pursuant to this article, except that such claim shall be considered, if properly presented, and may be allowed to share where either: 1. Such […]
§ 20-640 – Time to file claims
20-640. Time to file claims A. If, upon the granting of an order of liquidation under this article or at any time thereafter during the liquidation proceeding, the insurer is not clearly solvent, the court shall, after such notice and hearing as it deems proper, make an order declaring the insurer to be insolvent. Thereupon […]
§ 20-624 – Conduct of delinquency proceedings against domestic and alien insurers
20-624. Conduct of delinquency proceedings against domestic and alien insurers A. If under this article a receiver is to be appointed in delinquency proceedings for a domestic or alien insurer, the court shall appoint the director as receiver. The court shall order the receiver to take immediate possession of the assets of the insurer and […]
§ 20-641 – Report for assessment
20-641. Report for assessment Within three years from the date an order of rehabilitation or liquidation of a domestic mutual insurer or a domestic reciprocal insurer was filed in the office of the clerk of the court by which the order was made, the receiver may make a report to the court setting forth: 1. […]