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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

  Chapter 375back to chapter 375

  375.1234.  Foreign insurers, petition to liquidate assets, grounds — granted when — effects. — 1.  If no domiciliary receiver has been appointed, the director may apply to the circuit court of Cole County by verified petition for an order directing him to liquidate the assets found in this state of a foreign insurer or an alien insurer not domiciled in this state, on any of the following grounds:

  (1)  Any of the grounds in section 375.1165 or 375.1175; or

  (2)  Any of the grounds specified in subdivisions (2), (3) and (4) of subsection 1 of section 375.1232.

  2.  When an order is sought under subsection 1 of this section, the court shall cause the insurer to be given such notice and time to respond thereto as is reasonable under the circumstances.

  3.  If it shall appear to the court that the best interests of creditors, policyholders and the public require, the court may issue an order to liquidate in whatever terms it shall deem appropriate.  The filing or recording of the order with the clerk of the court or the recorder of deeds of the county in which the principal business of the company is located or the county in which its 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 with that recorder of deeds would have imparted.

  4.  If a domiciliary liquidator is appointed in a reciprocal state while a liquidation is proceeding under this section, the liquidator under this section shall thereafter act as ancillary receiver under section 375.1236.  If a domiciliary liquidator is appointed in a nonreciprocal state while a liquidation is proceeding under this section, the liquidator under this section may petition the court for permission to act as ancillary receiver under section 375.1236.

  5.  On the same grounds as are specified in subsection 1 of this section, the director may petition any appropriate federal district court to be appointed receiver to liquidate that portion of the insurer's assets and business over which the court will exercise jurisdiction, or any lesser part thereof that the director deems desirable for the protection of the policyholders and creditors in this state.

  6.  The court may order the director, when he has liquidated the assets of a foreign or alien insurer pursuant to this section, to pay claims of residents of this state against the insurer under such rules as to the liquidation of insurers under sections 375.1150 to 375.1246, sections 374.216 and 374.217, and section 382.302 as are otherwise compatible with the provisions of this section.

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(L. 1991 H.B. 385, et al. § 100)


< end of effective 28 Aug 1991 >

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