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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27-32-1
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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27-32-17
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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27-32-18
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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27-32-16
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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27-44-8
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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27-28-2
Section 27-28-2 Plan for exchange of stock, etc., between domestic stock insurer and
holding company - Procedure for exchange. A plan of exchange shall be adopted and become effective
in the following manner: (1) APPROVAL OF THE BOARDS OF DIRECTORS. - The boards of directors
of each corporate party to the plan of exchange by resolution shall adopt the plan of exchange
which shall set forth the terms and conditions of the exchange and the mode of carrying the
same into effect and such other provisions with respect to the exchange as may be deemed necessary
or desirable. (2) APPROVAL OF COMMISSIONER. - Every plan of exchange, before being submitted
to vote of the stockholders pursuant to subdivision (3) of this section, shall be submitted
for approval to the commissioner in accordance with the following procedure: a. After the
approval required by subdivision (1) of this section is obtained, the domestic company
shall submit to the commissioner three copies of the plan of exchange and...
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27-32-21
Section 27-32-21 Attachment, garnishment, and execution. During the pendency of delinquency
proceedings in this or any reciprocal state, no action or proceeding in the nature of an attachment,
garnishment, or execution shall be commenced or maintained in the courts of this state against
the delinquent insurer or its assets. Any lien obtained by any such action or proceeding within
four months prior to the commencement of any such delinquency proceeding, or at any time thereafter,
shall be void as against any rights arising in such delinquency proceeding. (Acts 1971, No.
407, p. 707, §640.)...
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27-32-3
Section 27-32-3 Delinquency proceedings - Jurisdiction; venue; appeal. (a) The circuit
court shall have original jurisdiction of delinquency proceedings under this chapter, and
any court with jurisdiction is authorized to make all necessary and proper orders to carry
out the purposes of this chapter. (b) The venue of delinquency proceedings against a domestic
insurer shall be in the county of the insurer's principal place of business. The venue of
such proceedings against foreign and alien insurers shall be in the Circuit Court of Montgomery
County. (c) At any time after the commencement of a proceeding under this chapter, the commissioner
may apply to the court for an order changing the venue of and removing the proceedings to
Montgomery County or to any other county of this state in which he deems that such proceeding
may be most economically and efficiently conducted. (d) Delinquency proceedings pursuant to
this chapter shall constitute the sole and exclusive method of liquidating,...
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27-42-11
Section 27-42-11 Settlement and payment of claims; recovery. (a) Any person recovering
under this chapter shall be deemed to have assigned his or her rights under the policy to
the association to the extent of his or her recovery from the association. Every insured or
claimant seeking the protection of this chapter shall cooperate with the association to the
same extent as such person would have been required to cooperate with the insolvent insurer.
The association shall have no cause of action against the insured of the insolvent insurer
for any sums it has paid out except for those causes of action the insolvent insurer would
have had if such sums had been paid by the insolvent insurer and except as provided in subsections
(d), (e), (f), (g), and (h) below. In the case of an insolvent insurer operating on a plan
with assessment liability, payments of claims of the association may not operate to reduce
the liability of insureds to the receiver, liquidator, or statutory successor for...
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