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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

  Chapter 375back to chapter 375

  375.1166.  Director to serve as rehabilitator — duties — periodic accounting required — immunity, when. — 1.  An order to rehabilitate the business of a domestic insurer, or an alien insurer domiciled in this state, shall appoint the director and his successors as rehabilitator, and shall direct the rehabilitator forthwith to take possession pursuant to the supervision of the court.  The filing or recording of the order with the clerk of the circuit court or recorder of deeds of the county in which the principal office or place of business is located shall impart the same notice as a deed, bill of sale, or other evidence of title duly filed or recorded to the insurer and shall by operation of law vest title to all assets of the insurer in the rehabilitator.

  2.  Any order issued under this section shall require periodic accounting to the court by the rehabilitator.  Accountings shall be at such intervals as the court specifies in its order, but no less frequently than semiannually.  Each accounting shall include a report concerning the rehabilitator's opinion as to the likelihood that a plan under subsection 4 of section 375.1168 will be prepared by the rehabilitator and the timetable for doing so.

  3.  Entry of an order of rehabilitation shall not constitute an anticipatory breach of any contracts of the insurer, nor shall it be grounds for retroactive revocation or retroactive cancellation of any contracts of the insurer, unless such revocation or cancellation is made by the rehabilitator pursuant to section 375.1168.

  4.  The director as rehabilitator, any special deputy, all employees, agents, and attorneys of the rehabilitator and the special deputy, and all employees of the state of Missouri when acting with respect to the rehabilitation shall enjoy official 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 rehabilitation during the period of rehabilitation.  This subsection shall be applicable to any rehabilitation proceeding instituted on or after August 28, 1991.

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(L. 1991 H.B. 385, et al. § 60, A.L. 1992 H.B. 1574)


< end of effective 28 Aug 1992 >

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