Section 375.962

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 375

Effective - 16 Jun 1976, see footnote   

  375.962.  Delinquency proceeding in this state, claimants to file claims, with whom, when — controverted claims, proven where — effect of judgment in ancillary state. — 1.  In a delinquency proceeding begun in this state against an insurer domiciled in this state, 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.

  2.  Controverted claims belonging to the claimants residing in reciprocal states may either (a) be proved in this state as provided by law, or (b) 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 375.966 with respect to ancillary proceedings in this state, the final allowance of such claim by the courts in the ancillary state shall be accepted in this state as conclusive as to its amount, and shall also be accepted as conclusive as to its priority, if any, against special deposits or other security located within the ancillary state.

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(L. 1976 H.B. 1479 § 4)

Effective 6-16-76