27-32-18
Section 27-32-18 Claims in delinquency proceedings - Residents against foreign insurers. (a)
In a delinquency proceeding in a reciprocal state against an insurer domiciled in that state,
claimants against such 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 must be filed on or before the last date fixed for the filing of claims in the
domiciliary delinquency proceedings. (b) Controverted claims belonging to claimants residing
in this state may either: (1) Be proved in the domiciliary state as provided by the law of
that state; or (2) If ancillary proceedings have been commenced in this state, be proved in
those proceedings. In the event that any such claimant elects to prove his claim in this state,
he shall file his claim with the ancillary receiver and shall give notice in writing to the
receiver in the domiciliary state, either by registered or certified mail or...
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27-32-17
Section 27-32-17 Claims in delinquency proceedings - 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 must be filed
on or before the last date fixed for the filing of claims in the domiciliary delinquency proceedings.
(b) Controverted claims belonging to claimants residing in reciprocal states may either: (1)
Be proved in this state; or (2) If ancillary proceedings have been commenced in such reciprocal
states, may be proved in those proceedings. In the event a claimant elects to prove his claim
in ancillary proceedings, if notice of the claim and opportunity to appear and be heard is
afforded the domiciliary receiver of this state as provided in Section 27-32-18 with respect
to ancillary proceedings in this state, the final allowance of...
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27-32-20
Section 27-32-20 Claims in delinquency proceedings - Priorities. (a) In a delinquency proceeding
against an insurer domiciled in this state, claims owing to residents of ancillary states
shall be preferred claims if like claims are preferred under the laws of this state. All such
claims owing to residents or nonresidents shall be given equal priority of payment from general
assets regardless of where such assets are located. (b) In a delinquency proceeding against
an insurer domiciled in a reciprocal state, claims owing to residents of this state shall
be preferred if like claims are preferred by the laws of that state. (c) The owners of special
deposit claims against an insurer for which a receiver is appointed in this or any other state
shall be given priority against their several special deposits in accordance with the provisions
of the statutes governing the creation and maintenance of such deposits. If there is a deficiency
in any such deposit so that the claims secured thereby...
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27-32-19
Section 27-32-19 Claims in delinquency proceedings - Form; time; notice and hearing; order.
(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 such claims shall be verified by the affidavit of the claimant, or someone authorized
to act on his behalf and having knowledge of the facts, and shall be supported by such documents
as may be material thereto. (b) All claims filed in this state shall be filed with the receiver,
whether domiciliary or ancillary, in this state on or before the last date for filing as specified
in this chapter. (c) Within 10 days of the receipt of any claim or within such further period
as the court may, for good cause shown, fix, the receiver shall report the claim to the court,
specifying in such report his recommendation with...
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27-32-1
Section 27-32-1 Definitions. For the purposes of this chapter, the following terms shall have
the meanings respectively ascribed to them by this section: (1) IMPAIRMENT or INSOLVENCY.
The capital of a stock insurer, the net assets of a Lloyd's plan insurer or the surplus of
a mutual or reciprocal insurer shall be deemed to be impaired and the insurer shall be deemed
to be insolvent when such insurer is not possessed of assets at least equal to all liabilities
and required reserves, together with its total issued and outstanding capital stock, if a
stock insurer, or the minimum surplus, if a Lloyd's plan, mutual or reciprocal insurer, required
by this title to be maintained for the kind or kinds of insurance it is then authorized to
transact. (2) INSURER. Any person, firm, corporation, association, or aggregation of persons
doing an insurance business and subject to the insurance supervisory authority of, or to liquidation,
rehabilitation, reorganization, or conservation by, the...
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27-44-8
Section 27-44-8 Powers and duties of association. (a) If a member insurer is an impaired insurer,
the association may, in its discretion and subject to any conditions imposed by the association
that do not impair the contractual obligations of the impaired insurer, and that are approved
by the commissioner: (1) Guarantee or reinsure, or cause to be guaranteed, assumed, or reinsured,
any or all of the covered policies of the impaired insurers. (2) Provide such moneys, pledges,
notes, guarantees, or other means as are proper to effectuate subdivision (1), and assure
payment of the contractual obligations of the impaired insurer pending action under subdivision
(1). (b) If a member insurer is an insolvent insurer, the association shall, in its discretion
and subject to the approval of the commissioner, do either of the following: (1)a. Guarantee,
assume, or reinsure, or cause to be guaranteed, assumed, or reinsured, the covered policies
of the insolvent insurer. b. Assure payment of the...
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27-32-16
Section 27-32-16 Conduct of delinquency proceedings - Foreign insurers. (a) Whenever under
this chapter an ancillary receiver is to be appointed in delinquency proceedings for an insurer
not domiciled in this state, the court shall appoint the commissioner as ancillary receiver.
The commissioner shall file a petition requesting the appointment on the grounds set forth
in Section 27-32-10: (1) If he finds that there are sufficient assets of the insurer located
in this state to justify the appointment of an ancillary receiver; or (2) If 10 or more persons,
resident in this state, having claims against such insurer, file a petition with the commissioner
requesting the appointment of such ancillary receiver. (b) The domiciliary receiver, for the
purpose of liquidating an insurer domiciled in a reciprocal state, shall be vested by operation
of law with the title to all of the property, contracts, and rights of action and all of the
books and records of the insurer located in this state, and...
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27-2-53
Section 27-2-53 Appointment of chief as receiver - Generally. Upon the Commissioner of Insurance
bringing delinquency proceedings against any insurer pursuant to this title, or other insurance
laws of the state, the proper circuit court having jurisdiction thereof shall appoint the
Chief of the Receivership Division as receiver of such impaired or insolvent insurer, or ancillary
receiver if a foreign insurer is found to be impaired or insolvent. (Acts 1975, No. 1039,
p. 2083, §2.)...
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27-32-15
Section 27-32-15 Conduct of delinquency proceedings - Domestic and alien insurers. (a) Whenever
under this chapter a receiver is to be appointed in delinquency proceedings for a domestic
or alien insurer, the court shall appoint the commissioner as such receiver. The court shall
order the commissioner forthwith to take possession of the assets of the insurer and to administer
the same under the orders of the court. (b) As a domiciliary receiver, the commissioner shall
be vested by operation of law with the title to all of the property, contracts, and rights
of action and all of the books and records of the insurer, wherever located, as of the date
of entry of the order directing him to rehabilitate or liquidate a domestic insurer or to
liquidate the United States branch of an alien insurer domiciled in this state, and he shall
have the right to recover the same and reduce the same to possession; except, that ancillary
receivers in reciprocal states shall have, as to assets located in...
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27-42-18
Section 27-42-18 Stay of proceedings; access of board to records of insurers. All proceedings
in which the insolvent insurer is a party or is obligated to defend a party in any court in
this state shall be stayed for up to six months and such additional time thereafter as may
be determined by the court from the date the insolvency is determined or an ancillary proceeding
is instituted in the state, whichever is later, to permit proper defense by the association
of all pending causes of action as to any covered claims arising from a judgment under any
decision, verdict, or finding based on the default of the insolvent insurer or its failure
to defend an insured, the association either on its own behalf or on behalf of such insured
may apply to have such judgment, order, or administrator that made such judgment, order, decision,
verdict, or finding and shall be permitted to defend such claim on the merits. The liquidator,
receiver, or statutory successor of an insolvent insurer covered...
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