58-30-1. Construction and purpose. (a) This Article does not limit powers granted to the Commissioner by any other provision of law. To the extent practicable, the Commissioner may supplement the provisions of this Article with those of Part 2 of Article 38 of Chapter 1 of the General Statutes. (b) This Article shall be liberally […]
58-30-10. Definitions. For the purposes of this Article only: (1) Alien country. – Any other jurisdiction not in any state. (2) Ancillary state. – Any state other than a domiciliary state. (3) Court. – The Superior Court of Wake County. (4) Creditor. – A person having any claim, whether matured or unmatured, liquidated or unliquidated, […]
58-30-100. Grounds for liquidation. The Commissioner may petition the Court for an order directing him to liquidate a domestic insurer or an alien insurer domiciled in this State on the basis: (1) Of any ground for an order of rehabilitation as specified in G.S. 58-30-75, whether or not there has been a prior order directing […]
58-30-105. Liquidation orders. (a) An order to liquidate the business of a domestic insurer shall appoint the Commissioner and his successors in office liquidator and shall direct the liquidator forthwith to take possession of the assets of the insurer and to administer them under the general supervision of the Court. The liquidator is vested by […]
58-30-110. Continuance of coverage. (a) All policies, other than life or health insurance or annuities, that are in effect at the time of the issuance of an order of liquidation shall continue in force only for the lesser of: (1) A period of 30 days from the date of entry of the liquidation orders; (2) […]
58-30-115. Dissolution of insurer. The Commissioner may petition for an order dissolving the corporate existence of a domestic insurer or the United States branch of an alien insurer domiciled in this State at the time he applies for a liquidation order. The Court shall order dissolution of the corporation upon petition by the Commissioner upon […]
58-30-12. Duty to report insurer impairment; violations; penalties. (a) As used in this section: (1) "Chief executive officer", as used in subsection (b) of this section, means the person, irrespective of title, designated by the board of directors or trustees of an insurer as the person charged with administering and implementing an insurer’s policies and […]
58-30-120. Powers of liquidator. (a) The liquidator has the power: (1) To appoint a special deputy to act for him under this Article, and to determine his reasonable compensation. The special deputy has all powers of the liquidator granted by this section. The special deputy serves at the pleasure of the liquidator. (2) To employ […]
58-30-125. Notice to creditors and others. (a) 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 facsimile, electronic mail, or telephone to the insurance regulator of each jurisdiction in which the insurer is doing […]
58-30-127. Duties of agents. (a) Every person who receives notice in the form prescribed in G.S. 58-30-125 that an insurer that person represents as an agent is the subject of a liquidation order shall, upon request of the liquidator and within 60 days after receipt of the request, provide to the liquidator the information in […]
58-30-130. Actions by and against liquidator. (a) Upon the 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 shall be brought against the insurer or liquidator, whether in this State or elsewhere, nor shall any such existing actions […]
58-30-135. Collection and list of assets. (a) As soon as practicable after the liquidation order but not later than 120 days thereafter, the liquidator shall prepare in duplicate a list of the insurer’s assets. The list shall be amended or supplemented from time to time as the liquidator determines. One copy shall be filed in […]
58-30-140. Fraudulent transfers prior to petition. (a) 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 this Article is fraudulent as to then existing and future creditors if made or incurred without fair consideration or if […]
58-30-145. Fraudulent transfer after petition. (a) 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 fair equivalent value; or, if not made for a […]
58-30-147. Voidable transfers for federal home loan banks. (a) The receiver for an insurer-member of a federal home loan bank shall not void any obligation to transfer or transfer of money or other property arising under a federal home loan bank security, pledge, collateral, or guarantee agreement or any other similar arrangement or credit enhancement […]
58-30-15. Jurisdiction and venue. (a) No delinquency proceeding shall be commenced by anyone other than the Commissioner and no other court has jurisdiction to entertain, hear, or determine any proceeding commenced by any other person. (b) Except as provided in this Article, no court of this State has jurisdiction to entertain, hear, or determine any […]
58-30-150. Voidable preferences and liens. (a) 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, made or suffered by the insurer within one year before the filing of a successful petition for liquidation under this […]
58-30-155. Claims of holders of void or voidable rights. (a) No claims of a creditor who has received or acquired a preference, lien, conveyance, transfer, assignment, or encumbrance voidable under this Article shall be allowed unless he surrenders the preference, lien, conveyance, transfer, assignment or encumbrance. If the avoidance is effected by a proceeding in […]
58-30-160. Setoffs. (a) 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 this Article shall be set off and the balance only shall be allowed or paid, except as provided in subsections (b), (d), and (e) of […]
58-30-165. Assessments. (a) As soon as practicable but not more than two years from the date of an order of liquidation under G.S. 58-30-105 of an insurer issuing assessable policies, the liquidator shall make a report to the Court setting forth: (1) The reasonable value of the assets of the insurer; (2) The insurer’s probable […]
