20-630. Attachment and garnishment of assets A. During the pendency of delinquency proceedings in this or any reciprocal state, an action or proceeding in the nature of an attachment, garnishment or execution may not be commenced or maintained in the courts of this state against the delinquent insurer or its assets. Any lien obtained by […]
20-631. Uniform insurers liquidation act A. Section 20-611, paragraphs 1, 4, 5, 7, 8, 10, 13, 15, 16, 17, 18 and 19 and sections 20-613, 20-614, 20-624, 20-625, 20-626, 20-627, 20-628, 20-629 and 20-630 are and may be cited as the uniform insurers liquidation act. B. The uniform insurers liquidation act shall be so interpreted […]
20-632. Deposit of monies collected The monies collected by the receiver in a proceeding under this article shall be from time to time deposited in one 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 […]
20-634. Borrowing on pledge of assets For the purpose of facilitating the rehabilitation, liquidation, conservation or dissolution of an insurer pursuant to this article, the receiver may, subject to the approval of the court, borrow money and execute, acknowledge and deliver notes or other evidences of indebtedness therefor and secure its repayment by the mortgage, […]
20-635. Rights and liabilities fixed as of date liquidation order filed 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 […]
20-636. Voidable transfers A. Any transfer of, or lien on, the property of an insurer that is made or created within four months before the granting of an order to show cause under this article with the intent of giving to any creditor or of enabling such creditor to obtain a greater percentage of the […]
20-637. Qualified financial contracts; definition A. Notwithstanding any other provision of this article, a person shall not be enjoined or prohibited from exercising: 1. A contractual right to cause the termination, liquidation, acceleration or close out of obligations under or in connection with any netting agreement or qualified financial contract with an insurer because of […]
20-638. Offsets 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 article, such 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. […]
20-639. Allowance of certain claims A. No contingent 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 article, except that such claim shall be considered, if properly presented, and may be allowed to share where either: 1. Such […]
20-640. Time to file claims A. If, upon the granting of an order of liquidation under this article or at any time thereafter during the liquidation proceeding, the insurer is not clearly solvent, the court shall, after such notice and hearing as it deems proper, make an order declaring the insurer to be insolvent. Thereupon […]
20-641. Report for assessment Within three years from the date an order of rehabilitation or liquidation of a domestic mutual insurer or a domestic reciprocal insurer was filed in the office of the clerk of the court by which the order was made, the receiver may make a report to the court setting forth: 1. […]
20-642. Levy of assessment A. Upon the basis of the report provided for in section 20-641, including any amendments thereof, the court, ex parte, may levy one or more assessments against all members of the insurer who, as shown by the records of the insurer, were members, if a mutual insurer, or subscribers, if a […]
20-643. Order to pay assessment After levy of an assessment as provided in section 20-642, upon the filing of a further detailed report by the receiver the court shall issue an order directing each member, if a mutual insurer, or each subscriber, if a reciprocal insurer, if the member or subscriber has not paid the […]
20-644. Publication and service of assessment order The receiver shall cause a notice of the assessment order, setting forth a brief summary of the contents of the order, to be published in such manner as shall be directed by the court, and enclosed in a sealed envelope, addressed and mailed postage prepaid, to each member […]
20-645. Judgment upon assessment A. Upon the return day of the order to show cause provided for in section 20-643, if the member or subscriber does not appear and serve duly verified objections upon the receiver, the court shall make an order adjudging that the member or subscriber is liable for the amount of the […]
20-646. Cooperation with Arizona property and casualty insurance guaranty fund and life and disability insurance guaranty fund The provisions of this article shall be construed to permit the orderly and effective payment of claims by the Arizona property and casualty insurance guaranty fund established pursuant to article 6 of this chapter and the life and […]
20-647. Giving guaranty fund or association immediate access to assets A. As soon as practicable after a final determination of insolvency of an insurer by a court of competent jurisdiction of this state, the receiver may make application to the court for approval of a proposal to distribute assets out of such company’s marshaled assets, […]
20-648. Receivership liquidation fund; purpose; deposit; expenses of receivership; deputy receiver; powers and duties A. The director shall appoint a deputy receiver to administer the conservation, rehabilitation or liquidation of an insurer pursuant to this article. B. A receivership liquidation fund is established. The deputy receiver shall file a petition with the court authorizing the […]
20-649. Extension of time A. Except as provided in subsection D, if any law, rule, order or agreement fixes a period of time within which the insurer subject to a delinquency proceeding or the receiver may commence an action, and that period is enforceable and has not expired before the date of the commencement of […]
20-650. Recovery of shareholder liability A. The receiver of an insurer may file a claim in the receivership proceeding to recover the liability of shareholders under article XIV, section 11, Constitution of Arizona. B. Any amount recovered in an action under this section shall be distributed in the same manner provided by law for the […]
