Effective – 28 Aug 1992 375.1182. Powers of liquidator — insureds may purchase extended period to report claims, when, limitations — liquidator and employees deemed officers of the court. — 1. The liquidator shall have the power: (1) To employ employees and agents, legal counsel, actuaries, accountants, appraisers, consultants and such other personnel as he […]
Effective – 28 Aug 1991 375.1184. Contracts and leases of insurer, liquidator may disaffirm — procedures — liability of liquidator, how calculated. — 1. The liquidator may disaffirm or repudiate any contract or lease: (1) To which the insurer is a party; (2) The performance of which the liquidator, in his sole discretion, determines to […]
Effective – 28 Aug 1991 375.1185. Notices provided by liquidator, procedures. — 1. Unless the court otherwise directs, the liquidator shall give or cause to be given notice of the liquidation order as soon as possible: (1) By first class mail and either by telegram or telephone to the director of the department of commerce […]
Effective – 28 Aug 1991 375.1186. Agent of insurer, duty to provide information to liquidator — penalty. — 1. Every person who receives notice in the form prescribed in section 375.1185 that an insurer which he represents as an agent is the subject of a liquidation order, within thirty days of such notice, shall provide […]
Effective – 28 Aug 1991 375.1188. Stay of other actions — liquidator may bring certain actions, when. — 1. Upon issuance of an order appointing a liquidator of a domestic insurer or of an alien insurer domiciled in this state, no action at law or equity or in arbitration shall be brought against the insurer […]
Effective – 28 Aug 1991 375.1190. List of insurer’s assets to be prepared — filing — not needed, when. — 1. As soon as practicable after the liquidation order but not later than one hundred twenty days thereafter, the liquidator shall prepare in duplicate a list of the insurer’s assets. The list shall be amended […]
Effective – 28 Aug 2010 375.1191. Netting agreements and qualified financial contracts, exercise of certain rights and acts not to be prohibited — termination of netting agreement, transfer of amount owed, receiver’s duties — applicability of statute. — 1. Notwithstanding any other provision of sections 375.1150 to 375.1246, including any provision permitting the modification of […]
Effective – 28 Aug 1991 375.1192. Fraudulent and voidable transfers — requirements — effects. — 1. Every transfer made or suffered and every obligation incurred by an insurer within one year prior to the filing of a successful petition for rehabilitation or liquidation under sections 375.1150 to 375.1246 is fraudulent as to then existing and […]
Effective – 28 Aug 1991 375.1194. Transfer of real property not voidable, when. — 1. After a petition for rehabilitation or liquidation has been filed, a transfer of any of the real property of the insurer made to a person acting in good faith shall be valid against the receiver if made for a present […]
Effective – 28 Aug 1991 375.1195. Preference, voidable when, how recovered — liens, voidable when, procedure — liability of officers for granting preferences. — 1. (1) A preference is a transfer of any of the property of an insurer to or for the benefit of a creditor, for or on account of an antecedent debt, […]
Effective – 28 Aug 1991 375.1196. Claims of creditor, surrender of preference required. — 1. No claims of a creditor who has received or acquired a preference, lien, conveyance, transfer, assignment or encumbrance voidable under sections 375.1150 to 375.1246 shall be allowed unless he surrenders the preference, lien, conveyance, transfer, assignment or encumbrance. If an […]
Effective – 28 Aug 2004 375.1198. Mutual credits or debts, setoffs allowed — exceptions. — 1. Mutual debts or mutual credits, whether arising out of one or more contracts, between the insurer and another person in connection with any action or proceeding under sections 375.1150 to 375.1246, sections 374.216 and 374.217, and section 382.302 shall […]
Effective – 28 Aug 1991 375.1200. Report to court by liquidator, when, contents — assessment against members, court to compute an order, when. — 1. As soon as practicable, but not more than two years from the date of an order of liquidation under section 375.1176 of an insurer issuing assessable policies, the liquidator shall […]
Effective – 28 Aug 2002 375.1202. Reinsurers, amounts recoverable not reduced due to delinquency proceedings — exceptions. — 1. The amount recoverable by the liquidator from reinsurers shall not be reduced as a result of the delinquency proceedings, regardless of any provision in the reinsurance contract or other agreement. Payment made directly to an insured […]
Effective – 28 Aug 2007 375.1204. Payment of unearned premiums required — violation, penalties. — 1. A producer, premium finance company, or any other person, other than the insured, responsible for the payment of a premium, shall be obligated to pay any unpaid earned premium due the insurer at the time of the declaration of […]
Effective – 28 Aug 1999 375.1205. Distribution of assets, liquidator shall apply for, when — contents — notice provisions. — 1. Within one year of a final order of liquidation of an insurer by a court of competent jurisdiction of this state, the liquidator shall make application to the court for approval of a proposal […]
Effective – 28 Aug 1992 375.1206. Proof of claim, filed when — effect of late filing. — 1. Proof of all claims shall be filed with the liquidator in the form required by section 375.1208 on or before the last day for filing specified in the notice required under section 375.1185, except that proofs of […]
Effective – 28 Aug 1991 375.1208. Form of proof of claim — liquidator may request additional information — effect of incomplete information. — 1. Proof of claim shall consist of a statement signed by the claimant that includes all of the following that are applicable: (1) The basis of the claim including the consideration given […]
Effective – 28 Aug 1991 375.1210. Contingent claims, allowed when, exceptions. — 1. The claim of a third party which is contingent only on his first obtaining a judgment against the insured shall be considered and allowed as if there were no such contingency. 2. A claim may be allowed even if contingent, if it […]
Effective – 28 Aug 1991 375.1212. Third party claims for actions against insureds, filed how — procedures. — 1. Whenever any third party asserts a cause of action against an insured of an insurer in liquidation, the third party may file a claim with the liquidator. 2. Whether or not the third party files a […]
