20-611. Definitions In this article, unless the context otherwise requires: 1. " Ancillary state" means any state other than a domiciliary state. 2. " Commodity exchange act" means the federal commodity exchange act (7 United States Code chapter 1). 3. " Court" means, unless the context otherwise requires, the judge of the superior court assigned […]
20-612. Delinquency proceedings; jurisdiction; venue; nature of remedy; appeal A. The superior court is vested with exclusive original jurisdiction of delinquency proceedings under this article and is authorized to make all necessary and proper orders to carry out the purposes of this article. B. The venue of delinquency proceedings against a domestic, foreign or alien […]
20-613. Commencement of delinquency proceedings A. The director shall commence any delinquency proceeding, the attorney general representing the director, by an application to the court for an order directing the insurer to show cause why the director should not have the relief prayed for. On the return of the order to show cause and after […]
20-614. Injunctions A. On application by the director for 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 and agents and all other persons from the transaction of its business or the waste or disposition of its […]
20-615. Grounds for rehabilitation of domestic insurers The director may apply to the court for an order appointing the director as receiver of and directing the director to rehabilitate a domestic insurer upon one or more of the following grounds: 1. That the insurer is impaired or insolvent. 2. That the insurer has refused to […]
20-616. Grounds for liquidation The director may apply to the court for an order appointing him as receiver, if his appointment as receiver is not then in effect, and directing him to liquidate the business of a domestic insurer or of the United States branch of an alien insurer having trusteed assets in this state, […]
20-617. Grounds for conservation of foreign insurers The director may apply to the court for an order appointing him as receiver or ancillary receiver, and directing him to conserve the assets within this state, of a foreign insurer upon any of the following grounds: 1. Upon any of the grounds specified in sections 20-615 or […]
20-618. Grounds for conservation of alien insurers The director may apply to the court for an order appointing him as receiver or ancillary receiver, and directing him to conserve the assets within this state, of any alien insurer upon any of the following grounds: 1. Upon any of the grounds specified in sections 20-615 or […]
20-619. Grounds for ancillary liquidation of foreign insurers The director may apply to the court for an order appointing the director as ancillary receiver of and directing the director to liquidate the business of a foreign insurer having assets, business or claims in this state upon the occurrence of either: 1. The appointment in the […]
20-620. Order of rehabilitation; termination A. An order to rehabilitate a domestic insurer shall direct the receiver to take immediate possession of the property of the insurer, to conduct its business and to take such steps toward removal of the causes and conditions which have made rehabilitation necessary as the court may direct. B. If […]
20-621. Order of liquidation of domestic insurers A. An order to liquidate the business of a domestic insurer shall direct the receiver to take immediate possession of the property of the insurer, to liquidate its business, to deal with the insurer’s property and business in the receiver’s own name as receiver or in the name […]
20-622. Order of liquidation of alien insurers An order to liquidate the business of a United States branch of an alien insurer having trusteed assets in this state shall be in the same terms as those prescribed for domestic insurers, except that the assets of the business of such United States branch shall be the […]
20-623. Order of conservation or ancillary liquidation of foreign or alien insurers A. An order to conserve the assets of a foreign or alien insurer shall require the director as ancillary receiver to take immediate possession of the property of the insurer within this state and to conserve it, subject to the further direction of […]
20-623.01. Conduct of all delinquency proceedings A. In any delinquency proceeding, the receiver may appoint one or more special deputy receivers to act for the receiver and may employ, as the receiver deems necessary, counsel, clerks and assistants. Subject to the approval of the court, the receiver shall fix the compensation of the special deputies, […]
20-624. Conduct of delinquency proceedings against domestic and alien insurers A. If under this article a receiver is to be appointed in delinquency proceedings for a domestic or alien insurer, the court shall appoint the director as receiver. The court shall order the receiver to take immediate possession of the assets of the insurer and […]
20-625. Conduct of delinquency proceedings against foreign insurers A. If under this article an ancillary receiver is to be appointed in delinquency proceedings for an insurer not domiciled in this state, the court shall appoint the director as ancillary receiver. The director shall file a petition requesting the appointment on the grounds set forth in […]
20-626. Claims of nonresidents against domestic insurers A. 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. All such claims shall be filed on or before the last […]
20-627. Claims against foreign insurers A. In a delinquency proceeding in a reciprocal state against an insurer domiciled in that state, claimants against the 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 shall be filed […]
20-628. Proof of claims; notice; hearing A. All claims against an insurer against which delinquency proceedings have been begun shall 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 […]
20-629. Priority of distribution; definition A. In a delinquency proceeding against an insurer domiciled in this state, the priority of distribution of claims from the general assets of the insurer shall be determined pursuant to this section. Every claim in each class shall be paid in full or adequate funds shall be reserved for the […]
