Section 375.958

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 375

Effective - 16 Jun 1976, see footnote   

  375.958.  Ancillary receiver, appointed when, entitled to what property, duties. — 1.  Whenever under the laws of this state an ancillary receiver is to be appointed in delinquency proceedings for an insurer not domiciled in this state, the court shall appoint the director of the department of commerce and insurance as ancillary receiver.  The director shall file a petition requesting the appointment if he finds that there are sufficient assets of such insurer located in this state to justify the appointment of an ancillary receiver.  Notwithstanding any other provision of the insurance laws of this state, said petition may be filed in the circuit court in the county or city in which the insurer has or last had its principal or chief office or place of business in this state or in the county of Cole.

  2.  The domiciliary receiver of 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 he shall have the immediate right to recover balances due from local agents and to obtain possession of any books and records of the insurer found in this state.  He shall also be entitled to recover the other assets of the insurer located in this state except that upon the appointment of an ancillary receiver in this state, the ancillary receiver shall during the ancillary receivership proceedings have the sole right to recover such other assets.  The ancillary receiver shall, as soon as practicable, liquidate from their respective securities those special deposit claims and secured claims which are proved and allowed in the ancillary proceedings in this state, and shall pay the necessary expenses of the proceedings.  All remaining assets shall be promptly transferred to the domiciliary receiver.  Subject to the foregoing provisions the ancillary receiver and his deputies shall have the same powers and be subject to the same duties with respect to the administration of such assets as a receiver of an insurer domiciled in this state.

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(L. 1976 H.B. 1479 § 3)

Effective 6-16-76