Section 375.1185

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 375

Effective - 28 Aug 1991   

  375.1185.  Notices provided by liquidator, procedures. — 1.  Unless the court otherwise directs, the liquidator shall give or cause to be given notice of the liquidation order as soon as possible:

  (1)  By first class mail and either by telegram or telephone to the director of the department of commerce and insurance of each state in which the insurer is doing business;

  (2)  By first class mail to any guaranty association or foreign guaranty association which is or may become obligated as a result of the liquidation;

  (3)  By first class mail to all known insurance agents of the insurer;

  (4)  By first class mail to all persons known or reasonably expected to have claims against the insurer including all policyholders, at their last known address as indicated by the records of the insurer; and

  (5)  By publication in a newspaper of general circulation in the county in which the insurer has its principal place of business and in such other locations as the liquidator deems appropriate.

  2.  Notice under subsection 1 of this section to agents of the insurer and to potential claimants who are policyholders shall include, where applicable, notice that coverage by state guaranty associations may be available for all or part of policy benefits in accordance with applicable state guaranty laws.

  3.  The liquidator shall promptly provide to the guaranty association such information concerning the identities and addresses of such policyholders and their policy coverages as may be within the liquidator's possession or control, and otherwise cooperate with guaranty associations to assist them in providing to such policyholders timely notice of the guaranty associations' coverage of policy benefits including, as applicable, coverage of claims and continuation or termination of coverage.

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(L. 1991 H.B. 385, et al. § 71)