Section 27-32-39 – Priority of Claims of Policyholders and Beneficiaries – Reinsuring of Policies.
Section 27-32-39 Priority of claims of policyholders and beneficiaries – Reinsuring of policies. (a) When, upon hearing, the circuit court having jurisdiction of a receivership shall determine it to be in the best interest of the policyholders and the public, the court may order and direct the receiver to reinsure the policies of the insurer […]
Section 27-32-40 – Priority of Claims of Policyholders and Beneficiaries – Classification of Policyholders and Beneficiaries.
Section 27-32-40 Priority of claims of policyholders and beneficiaries – Classification of policyholders and beneficiaries. The circuit court having jurisdiction over a receivership for liquidation or rehabilitation pursuant to the insurance laws of this state may distinguish between classes of policyholders or beneficiaries and establish priorities for each such class for payment of claims, sharing […]
Section 27-32-41 – Priority of Claims of Policyholders and Beneficiaries – Liability of Receiver.
Section 27-32-41 Priority of claims of policyholders and beneficiaries – Liability of receiver. A receiver of an insolvent insurer in liquidation or rehabilitation acting upon order of a circuit court having jurisdiction over said receivership shall not be liable to civil suit for obeying or carrying out the terms of such court order or in […]
Section 27-32-27 – Voidable Transfers and Liens.
Section 27-32-27 Voidable transfers and liens. (a) Any transfer of, or lien upon, the property of an insurer which is made or created within four months prior to the granting of an order to show cause under this chapter with the intent of giving to any creditor a preference or of enabling him to obtain […]
Section 27-32-27.1 – Authority of Receivers and Federal Home Loan Banks Regarding Collateral Pledged by Insurer Members in Delinquency Proceedings.
Section 27-32-27.1 Authority of receivers and federal home loan banks regarding collateral pledged by insurer members in delinquency proceedings. (a) For purposes of this chapter, the following terms shall have the following meanings: (1) FEDERAL HOME LOAN BANK or FHLB. A federal home loan bank established pursuant to the Federal Home Loan Bank Act, 12 […]
Section 27-32-28 – Priority of Compensation Owing Employees of Insurer.
Section 27-32-28 Priority of compensation owing employees of insurer. (a) Compensation actually owing to employees other than officers of an insurer, for services rendered within three months prior to the commencement of a proceeding against the insurer under this chapter, but not exceeding $500.00 for each employee, shall be paid prior to the payment of […]
Section 27-32-29 – Setoff of Credits and Debts.
Section 27-32-29 Setoff of credits and debts. (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 chapter, such credits and debts shall be set off and the balance only shall be allowed or paid, except as provided in subsection […]
Section 27-32-30 – Claims Upon Liquidation of Insurer – Allowance.
Section 27-32-30 Claims upon liquidation of insurer – Allowance. (a) No contingent and unliquidated 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 chapter; except, that such claim shall be considered, if properly presented, and may be allowed […]
Section 27-32-31 – Claims Upon Liquidation of Insurer – Time to File.
Section 27-32-31 Claims upon liquidation of insurer – Time to file. (a) If, upon the granting of an order of liquidation under this chapter or at any time thereafter during the liquidation proceedings, the insurer shall not be clearly solvent, the court shall, after such notice and hearing as it deems proper, make an order […]
Section 27-32-32 – Assessments – Commissioner’s Report.
Section 27-32-32 Assessments – Commissioner’s report. 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 such order was made, the commissioner may make his report to the court setting […]