Section 375.1235

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 375

Effective - 28 Aug 1991   

  375.1235.  Reciprocal state, powers and duties of domiciliary liquidator — nonreciprocal state, duties of director — claims filed, where. — 1.  The domiciliary liquidator of an insurer domiciled in a reciprocal state shall, except as to the special deposits and security on secured claims under subsection 3 of section 375.1236, be vested by operation of law with the title to all of the assets, property, contracts and rights of action, agents' balances, and all of the books, accounts and other records of the insurer located in this state.  The date of vesting shall be the date of the filing of the petition, if that date is specified by the domiciliary law for the vesting of property in the domiciliary state.  Otherwise, the date of vesting shall be the date of entry of the order directing possession to be taken.  The domiciliary liquidator shall have the immediate right to recover balances due from agents and to obtain possession of the books, accounts and other records of the insurer located in this state.  He also shall have the right to recover all other assets of the insurer located in this state, subject to section 375.1236.

  2.  If a domiciliary liquidator is appointed for an insurer not domiciled in a reciprocal state, the director shall be vested by operation of law with the title to all of the property, contracts and right of action, and all of the books, accounts and other records of the insurer located in this state, at the same time that the domiciliary liquidator is vested with title in the domicile.  The director may petition for a conservation or liquidation order under section 375.1232 or 375.1234, or for an ancillary receivership under section 375.1236, or after approval by the court may transfer title to the domiciliary liquidator, as the interests of justice and the equitable distribution of the assets require.

  3.  Claimants residing in this state may file claims with the liquidator or ancillary receiver, if any, in this state or with the domiciliary liquidator, if the domiciliary law permits.  The claims must be filed on or before the last date fixed for the filing of claims in the domiciliary liquidation proceedings.

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(L. 1991 H.B. 385, et al. § 101)