Section 375.650

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 375

Effective - 28 Aug 1992   

  375.650.  Title of assets to vest in director — special deputy receiver, appointment, duties. — 1.  Upon the rendition of a final judgment dissolving an insurer, or declaring it insolvent, all the general assets of such insurer shall vest in fee simple and absolutely in the director, and his successor or successors in office, who shall hold and dispose of the same in his capacity as receiver for the use and benefit of the creditors and policyholders of such insurer and such other persons as may be interested in such assets.

  2.  Upon the rendition of a final judgment dissolving an insurer, or declaring it insolvent, the director may appoint a special deputy receiver whose appointment is approved by the court to manage the receivership.  The director in his capacity as receiver of such insurer, any special deputy receiver who is appointed by the director and whose appointment is approved by the court, all employees and agents of such receivership and all employees of the state of Missouri when acting with respect to the receivership shall be considered to be officers of the court when acting in such capacities and as such shall be subject to the orders and directions of the court with respect to their actions or omissions in connection with the receivership.  The receiver, special deputy receiver, commissioners and special masters appointed by the court, the agents and employees of the receivership and the commissioners and employees of the state of Missouri when acting with respect to the receivership shall enjoy absolute judicial immunity and be immune from any claim against them personally for any act or omission while acting in good faith in the performance of their functions and duties in connection with the receivership.

  3.  This section shall apply only to proceedings instituted before August 28, 1991.

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(RSMo 1939 § 6058, A.L. 1986 H.B. 1103, A.L. 1988 S.B. 430, A.L. 1992 H.B. 1574)

Prior revisions: 1929 § 5947; 1919 § 6355; 1909 § 7085