§ 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 […]
§ 20-645 – 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 […]
§ 20-630 – Attachment and garnishment of assets
20-630. Attachment and garnishment of assets A. During the pendency of delinquency proceedings in this or any reciprocal state, an action or proceeding in the nature of an attachment, garnishment or execution may not be commenced or maintained in the courts of this state against the delinquent insurer or its assets. Any lien obtained by […]
§ 20-631 – Uniform insurers liquidation act
20-631. Uniform insurers liquidation act A. Section 20-611, paragraphs 1, 4, 5, 7, 8, 10, 13, 15, 16, 17, 18 and 19 and sections 20-613, 20-614, 20-624, 20-625, 20-626, 20-627, 20-628, 20-629 and 20-630 are and may be cited as the uniform insurers liquidation act. B. The uniform insurers liquidation act shall be so interpreted […]
§ 20-632 – Deposit of monies collected
20-632. Deposit of monies collected The monies collected by the receiver in a proceeding under this article shall be from time to time deposited in one or more state or national banks, savings banks or trust companies, and in the case of the insolvency or voluntary or involuntary liquidation of any such depositary which is […]
§ 20-634 – Borrowing on pledge of assets
20-634. Borrowing on pledge of assets For the purpose of facilitating the rehabilitation, liquidation, conservation or dissolution of an insurer pursuant to this article, the receiver may, subject to the approval of the court, borrow money and execute, acknowledge and deliver notes or other evidences of indebtedness therefor and secure its repayment by the mortgage, […]