§4351. Scope of provisions The applicable provisions of this chapter shall apply as to: [PL 1969, c. 132, §1 (NEW).] 1. All insurers authorized to transact insurance in this State; [PL 1969, c. 132, §1 (NEW).] 2. All insurers having policyholders resident in this State; [PL 1969, c. 132, §1 (NEW).] 3. […]
§4352. Short title This chapter constitutes and may be cited as the “Insurance Rehabilitation and Liquidation Law.” [PL 1969, c. 132, §1 (NEW).] SECTION HISTORY PL 1969, c. 132, §1 (NEW).
§4353. Definitions For the purposes of this chapter: [PL 1969, c. 132, §1 (NEW).] 1. “Insurer,” in addition to persons so defined under section 4, includes also persons purporting to be insurers, or organizing or holding themselves out as organizing in this State for the purpose of becoming an insurer. [PL 1969, c. […]
§4354. Jurisdiction of delinquency proceedings; venue; exclusiveness of remedy; appeal 1. The Superior Court has original jurisdiction of delinquency proceedings under this chapter, and any court with jurisdiction is authorized to make all necessary or proper orders to carry out the purposes of this chapter. A delinquency proceeding may not be commenced under this chapter […]
§4355. Jurisdiction over related persons and transactions 1. A court of this State, in which an order of rehabilitation or liquidation has been entered in delinquency proceedings against a domestic insurer or alien insurer domiciled in this State, has jurisdiction also over persons, served as provided in subsection 2, in an action brought by the […]
§4356. Grounds for rehabilitation of domestic insurer or domiciled alien insurer The superintendent may petition for an order directing the superintendent to rehabilitate a domestic insurer or an alien insurer domiciled in this State on any one or more of the following grounds: [RR 2021, c. 1, Pt. B, §352 (COR).] 1. On any […]
§4357. Grounds for liquidation of domestic insurer or domiciled alien insurer The superintendent may apply to the court for an order appointing the superintendent as receiver, if the superintendent’s appointment as receiver is not then in effect, and directing the superintendent to liquidate the business of a domestic insurer or of the United States branch […]
§4358. Grounds for conservation, foreign and alien insurers The superintendent may apply to the court for an order appointing the superintendent as receiver or ancillary receiver and directing the superintendent to conserve the assets within this State of a foreign or alien insurer upon any of the applicable grounds specified in section 4356 or 4357 […]
§4359. Grounds for ancillary liquidation, foreign and alien insurers The superintendent may apply to the court for an order appointing the superintendent to liquidate the business of a foreign or alien insurer having assets, business or claims in this State upon the appointment in the domiciliary sovereignty of such insurer of a receiver, liquidator, conservator, […]
§4360. Commencement of proceeding 1. The superintendent shall commence a delinquency proceeding authorized under this chapter, the Attorney General representing him, by filing a petition in a court of proper jurisdiction praying for appointment of the superintendent as receiver of the insurer. [PL 1973, c. 585, §12 (AMD).] 2. Upon the filing of the […]
§4361. Service of process A certified copy of any order to show cause issued under section 4360, and a copy of the petition upon which the same is made, must be served upon the insurer by delivering the same to its president, vice-president, secretary, treasurer, director or to its managing agent or attorney in fact, […]
§4362-A. Dissolution of domestic insurer The superintendent, upon application for an order of liquidation of a domestic insurer for any of the reasons specified in section 4357 or at any time thereafter, may apply for an order of dissolution of the domestic insurer. Upon the filing of the application, the court shall issue an order […]
§4362. Injunctions 1. Upon application by the superintendent for such 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, agents and all other persons from the transaction of its business or the waste or disposition of its […]
§4363. Uniform Insurers Liquidation Act; severability; interpretation 1. This section, section 4353 (definitions), and sections 4364 to 4369 comprise and may be cited as the Uniform Insurers Liquidation Act. [PL 1969, c. 132, §1 (NEW).] 2. If any provision of the Uniform Insurers Liquidation Act or the application thereof to any person or circumstances […]
§4364. Conduct of delinquency proceedings against domestic insurers and certain alien insurers 1. Whenever under this chapter a receiver is to be appointed in delinquency proceedings for an insurer, the court shall appoint the superintendent as such receiver. The court shall order the superintendent forthwith to take possession of the assets of the insurer and […]
§4365. Conduct of delinquency proceedings against foreign insurers 1. 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 superintendent as ancillary receiver. The superintendent shall file a petition requesting the appointment on the grounds set forth in […]
§4366. Claims of nonresidents against domestic insurers 1. 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, but claimants residing in foreign countries or in states not reciprocal […]
§4367. Claims against foreign insurers 1. 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. All such claims must be filed […]
§4368. Form of claim; notice; hearing 1. All claims against an insurer against which delinquency proceedings have been begun must 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, and the priorities asserted, if any. All […]
§4369. Attachment and garnishment of assets 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 […]
