§ 20-635 – Rights and liabilities fixed as of date liquidation order filed
20-635. Rights and liabilities fixed as of date liquidation order filed The rights and liabilities of the insurer and of its creditors, policyholders, stockholders, members, subscribers and all other persons interested in its estate shall, unless otherwise directed by the court, be fixed as of the date on which the order directing the liquidation of […]
§ 20-636 – Voidable transfers
20-636. Voidable transfers A. Any transfer of, or lien on, the property of an insurer that is made or created within four months before the granting of an order to show cause under this article with the intent of giving to any creditor or of enabling such creditor to obtain a greater percentage of the […]
§ 20-637 – Qualified financial contracts; definition
20-637. Qualified financial contracts; definition A. Notwithstanding any other provision of this article, a person shall not be enjoined or prohibited from exercising: 1. A contractual right to cause the termination, liquidation, acceleration or close out of obligations under or in connection with any netting agreement or qualified financial contract with an insurer because of […]
§ 20-638 – Offsets
20-638. Offsets A. In all cases of mutual debts or mutual credits between the insurer and another person in connection with any action or proceeding under this article, such credits and debts shall be set off and the balance only shall be allowed or paid, except as provided in subsection B of this section. B. […]
§ 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 […]
§ 20-611 – Definitions
20-611. Definitions In this article, unless the context otherwise requires: 1. " Ancillary state" means any state other than a domiciliary state. 2. " Commodity exchange act" means the federal commodity exchange act (7 United States Code chapter 1). 3. " Court" means, unless the context otherwise requires, the judge of the superior court assigned […]
§ 20-612 – Delinquency proceedings; jurisdiction; venue; nature of remedy; appeal
20-612. Delinquency proceedings; jurisdiction; venue; nature of remedy; appeal A. The superior court is vested with exclusive original jurisdiction of delinquency proceedings under this article and is authorized to make all necessary and proper orders to carry out the purposes of this article. B. The venue of delinquency proceedings against a domestic, foreign or alien […]
§ 20-613 – Commencement of delinquency proceedings
20-613. Commencement of delinquency proceedings A. The director shall commence any delinquency proceeding, the attorney general representing the director, by an application to the court for an order directing the insurer to show cause why the director should not have the relief prayed for. On the return of the order to show cause and after […]
§ 20-614 – Injunctions
20-614. Injunctions A. On application by the director for 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, subscribers and agents and all other persons from the transaction of its business or the waste or disposition of its […]