Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
< > Effective - 28 Aug 1988, 2 histories, see footnote (history)376.747. Distribution of member insurer assets upon liquidation, priority of association. — 1. Prior to the termination of any liquidation, rehabilitation, or conservation proceeding, the court may take into consideration the contributions of the respective parties, including the association, the shareholders, and policy owners of the insolvent insurer, and any other party with a bona fide interest, in making an equitable distribution of the ownership rights of such insolvent insurer. In such a determination consideration shall be given to the welfare of the policyholders of the continuing or successor insurer.
2. No distribution to stockholders, if any, of an impaired or insolvent insurer shall be made until and unless the total amount of valid claims of the association with interest thereon for funds expended in carrying out its powers and duties under the provisions of sections 376.715 to 376.758 with respect to such insurer have been fully recovered by the association.
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(L. 1988 S.B. 430 § 28)
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376.747 | 8/28/2018 | |||
376.747 | 8/28/1988 | 8/28/2018 |
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