Effective 5/10/2016 31A-27a-601. Filing of claims. (1) (a) Subject to the other provisions of this Subsection (1), proof of a claim shall be filed with the liquidator in the form required by Section 31A-27a-602 on or before the last day for filing specified in the notice required under Section 31A-27a-406. (b) The last day for […]
31A-27a-602. Proof of claim. (1) Proof of claim shall consist of a statement signed by the claimant or on behalf of the claimant that includes all of the following that are applicable: (a) the particulars of the claim including the consideration given for the claim; (b) the identity and amount of the security on the […]
31A-27a-603. Allowance of claims. (1) (a) Except as provided in Subsections (11) and (12), the liquidator shall: (i) review all claims filed in the liquidation proceeding in accordance with this chapter; and (ii) further investigate a claim, as the liquidator considers necessary. (b) Consistent with this chapter, the liquidator may allow, disallow, or compromise a […]
31A-27a-604. Claims under an occurrence policy, surety bond, surety undertaking. (1) Subject to Section 31A-27a-603, an insured may file a claim for the protection afforded under the insured’s policy, irrespective of whether a claim is known at the time of filing, if the policy is an occurrence policy. (2) Subject to Section 31A-27a-603, an obligee […]
Effective 5/10/2016 31A-27a-605. Allowance of contingent and unliquidated claims. (1) As used in this section, “claim” means a demand for payment pursuant to Section 31A-27a-601 under the terms and conditions of a contract issued by the insurer as a result of a known accident, casualty, disaster, loss, event, or occurrence. (2) (a) A claim of […]
31A-27a-606. Special provisions for third party claims. (1) Whenever a 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 on or before the last day for filing claims. (2) Whether or not the third party files a claim, the […]
31A-27a-607. Disputed claims. (1) (a) When a claim is disallowed in whole or in part by the liquidator, written notice of the determination and of the right to object shall be given promptly to the claimant or the claimant’s attorney of record, if any, by first-class mail at the addresses shown in the proof of […]
Effective 5/8/2018 31A-27a-608. Liquidator’s recommendations to the receivership court. (1) The liquidator shall, from time to time as determined by the liquidator, present to the receivership court for approval, reports of claims settled or determined by the liquidator under Section 31A-27a-603. (2) A report required by this section shall include information identifying: (a) the claim; […]
31A-27a-609. Claims of codebtor. If a creditor does not timely file a proof of the creditor’s claim, the following may file a proof of the claim: (1) a person who is liable to the creditor together with the insurer; or (2) a person who has secured the creditor. Enacted by Chapter 309, 2007 General Session
31A-27a-610. Secured creditor’s claims. (1) The value of a security held by a secured creditor shall be determined in one of the following ways: (a) by converting the security into money according to the terms of the agreement pursuant to which the security is delivered to the creditor; or (b) by agreement or litigation between […]
31A-27a-611. Qualified financial contracts. (1) As used in this section: (a) (i) “Actual direct compensatory damages” does not include: (A) punitive or exemplary damages; (B) damages for lost profit or lost opportunity; or (C) damages for pain and suffering. (ii) “Actual direct compensatory damages” includes: (A) normal and reasonable costs of cover; or (B) other […]
31A-27a-612. Administration of deductible policies and insured collateral. (1) As used in this section: (a) “Collateral” means any of the following that secures an insured’s obligation to pay or to reimburse the insurer for deductible claim payments and to reimburse or pay to the insurer other secured obligations: (i) cash; (ii) a letter of credit […]
