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 27-32-16 – Conduct of Delinquency Proceedings – Foreign Insurers.
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.
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.
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.
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 […]