(a) The moneys collected by the Insurance Commissioner in a proceeding under this chapter shall be from time to time deposited in one (1) or more state or national banks, savings banks, or trust companies, and in the case of the insolvency or voluntary or involuntary liquidation of any such depositary which is an institution […]
The Insurance Commissioner shall not be required to pay any fee to any public officer in this state for filing, recording, issuing a transcript or certificate, or authenticating any paper or instrument pertaining to the exercise by the commissioner of any of the powers or duties conferred upon him or her under this chapter, whether […]
(a) For the purpose of facilitating the rehabilitation, liquidation, conservation, or dissolution of an insurer pursuant to this chapter, the Insurance Commissioner may, subject to the approval of the court, borrow money and execute, acknowledge, and deliver notes or other evidences of indebtedness therefor and secure the repayment of the same by the mortgage, pledge, […]
The rights and liabilities of the insurer and of its creditors, policyholders, stockholders, members, subscribers, and all other persons interested in its estate shall, unless otherwise directed by the court, be fixed as of the date on which the order directing the liquidation of the insurer is filed in the office of the clerk of […]
(a) Any transfer of, or lien upon, the property of an insurer which is made or created within four (4) 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 or her to obtain a greater percentage […]
(a) (1) The priority of distribution of claims from the general assets of the insurer’s estate shall be in accordance with the order in which each class of claims is set forth in this section. (2) Every claim in each class shall be paid in full, or adequate funds retained for the payment, before the […]
(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, the credits and debts shall be set off, and the balance only shall be allowed or paid, except as provided in subsection (b) of this section. (b) No offset […]
(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 the claim shall be considered, if properly presented, and may be allowed to share when: (1) The claim becomes absolute against […]
(a) If, upon the entry of an order of liquidation under this chapter or at any time thereafter during liquidation proceedings, the insurer shall not be clearly solvent, the court shall, upon hearing after such notice as it deems proper, make and enter an order adjudging the insurer to be insolvent. (b) (1) After the […]
Within three (3) years after the date of the entry of an order of rehabilitation or liquidation of a domestic mutual insurer or a domestic reciprocal insurer, the Insurance Commissioner may make and file his or her report and petition to the court setting forth: (1) The reasonable value of the assets of the insurer; […]
(a) (1) Upon the filing and reading of the report and petition provided for in § 23-68-130, the court, ex parte, may order the Insurance Commissioner to assess all members or subscribers of the insurer who may be subject to the assessment, in such an aggregate amount as the court finds reasonably necessary to pay […]
(a) Any assessment of a subscriber or member of an insurer made by the Insurance Commissioner pursuant to an order of the court fixing the aggregate amount of the assessment against all members or subscribers and approving the classification and formula made by the commissioner under § 23-68-131(a) shall be prima facie correct. (b) Each […]
(a) 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. (b) All reinsurance contracts to which an insurer domiciled in this state is a party that do not contain the provisions required with respect […]
It is the intent of the General Assembly that § 23-68-126 as amended by this act apply to pending and future claims in existing delinquency proceedings as well as to claims in delinquency proceedings arising after July 2, 1997; that, in light of the ruling of the United States Supreme Court in United States Department […]
(a) As used in this section, “distributable asset” means the general assets of an insurer in a liquidation estate except: (1) Amounts reserved to the extent necessary and appropriate under § 23-68-126(b)(1) as the expenses of the liquidation through and after its closing; and (2) Amounts reserved to the extent necessary for distribution on claims […]
