Section 27-32-1 Definitions. For the purposes of this chapter, the following terms shall have the meanings respectively ascribed to them by this section: (1) IMPAIRMENT or INSOLVENCY. The capital of a stock insurer, the net assets of a Lloyd’s plan insurer or the surplus of a mutual or reciprocal insurer shall be deemed to be […]
Section 27-32-10 Grounds – Ancillary liquidation of foreign insurers. The commissioner may apply to the court for an order appointing him as ancillary receiver of, and directing him to liquidate, the business of a foreign insurer having assets, business, or claims in this state upon the appointment in the domiciliary state of such insurer of […]
Section 27-32-11 Orders – Rehabilitation of domestic insurers. (a) An order to rehabilitate a domestic insurer shall direct the commissioner forthwith to take possession of the property of the insurer and to conduct the business thereof and to take such steps toward removal of the causes and conditions which have made rehabilitation necessary as the […]
Section 27-32-12 Orders – Liquidation – Domestic insurers. (a) An order to liquidate the business of a domestic insurer shall direct the commissioner forthwith to take possession of the property of the insurer, to liquidate its business, to deal with the insurer’s property and business in his own name as Commissioner of Insurance or in […]
Section 27-32-13 Orders – Liquidation – Alien insurers. An order to liquidate the business of a United States branch of an alien insurer having trusteed assets in this state shall be in the same terms as those prescribed for domestic insurers, save and except only that the assets of the business of such United States […]
Section 27-32-14 Conservation or liquidation of property. (a) An order to conserve the assets of a foreign or alien insurer shall require the commissioner forthwith to take possession of the property of the insurer within this state and to conserve it, subject to the further direction of the court. (b) An order to liquidate the […]
Section 27-32-15 Conduct of delinquency proceedings – Domestic and alien insurers. (a) Whenever under this chapter a receiver is to be appointed in delinquency proceedings for a domestic or alien insurer, the court shall appoint the commissioner as such receiver. The court shall order the commissioner forthwith to take possession of the assets of the […]
Section 27-32-16 Conduct of delinquency proceedings – Foreign insurers. (a) Whenever under this chapter an ancillary receiver is to be appointed in delinquency proceedings for an insurer not domiciled in this state, the court shall appoint the commissioner as ancillary receiver. The commissioner shall file a petition requesting the appointment on the grounds set forth […]
Section 27-32-17 Claims in delinquency proceedings – Nonresidents against domestic insurers. (a) In a delinquency proceeding begun in this state against a domestic insurer, claimants residing in reciprocal states may file claims either with the ancillary receivers, if any, in their respective states or with the domiciliary receiver. All such claims must be filed on […]
Section 27-32-18 Claims in delinquency proceedings – Residents against foreign insurers. (a) In a delinquency proceeding in a reciprocal state against an insurer domiciled in that state, claimants against such insurer who reside within this state may file claims either with the ancillary receiver, if any, appointed in this state or with the domiciliary receiver. […]
Section 27-32-19 Claims in delinquency proceedings – Form; time; notice and hearing; order. (a) All claims against an insurer against which delinquency proceedings have been begun shall set forth in reasonable detail the amount of the claim, or the basis upon which such amount can be ascertained, the facts upon which the claim is based […]
Section 27-32-2 Purpose of chapter; construction thereof. The purpose of this chapter is to promote effectiveness, economy, and uniformity in the rehabilitation, reorganization, conservation, and liquidation of insurers doing business in this state. It is intended that this chapter shall be liberally construed to the end so far as possible that the assets of such […]
Section 27-32-20 Claims in delinquency proceedings – Priorities. (a) In a delinquency proceeding against an insurer domiciled in this state, claims owing to residents of ancillary states shall be preferred claims if like claims are preferred under the laws of this state. All such claims owing to residents or nonresidents shall be given equal priority […]
Section 27-32-21 Attachment, garnishment, and execution. During the pendency of delinquency proceedings in this or any reciprocal state, no action or proceeding in the nature of an attachment, garnishment, or execution shall be commenced or maintained in the courts of this state against the delinquent insurer or its assets. Any lien obtained by any such […]
Section 27-32-22 Uniform Insurers Liquidation Act. (a) Subdivisions (2) through (13) of Section 27-32-1, together with Sections 27-32-4, 27-32-5 and 27-32-15 through 27-32-22 constitute, and may be referred to as, the Uniform Insurers Liquidation Act. (b) The Uniform Insurers Liquidation Act shall be so interpreted and construed as to effectuate its general purpose to make […]
Section 27-32-23 Deposit of moneys collected. The moneys collected by the commissioner in a proceeding under this chapter 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 […]
Section 27-32-24 Exemption of commissioner from fees. The commissioner shall not be required to pay any fee to any public officer in this state for filing, recording, or issuing a transcript or certificate, or authenticating any paper or instrument pertaining to the exercise by the commissioner of any of the powers or duties conferred upon […]
Section 27-32-25 Loans to facilitate rehabilitation, etc., of insurer. For the purpose of facilitating the rehabilitation, liquidation, conservation, or dissolution of an insurer pursuant to this chapter, the commissioner may, subject to the approval of the court, borrow money and execute, acknowledge, and deliver notes, or other evidences of indebtedness therefor, and secure the repayment […]
Section 27-32-26 Fixation of rights and liabilities on liquidation of insurer. 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 […]
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 […]
