Missouri Revised Statutes













Chapter 375

Provisions Applicable to All Insurance Companies

←375.950

Section 375.954.1

375.958→

August 28, 2015

Director to be receiver, when--receiver has title to what, ancillary receivers have title to what, filing of order imparts notice--appointment of special deputies, compensation, payment.

375.954. 1. Whenever under the laws of this state a receiver is to be

appointed in delinquency proceedings for an insurer domiciled in this state,

the court shall appoint the director of the department of insurance,

financial institutions and professional registration as such receiver. The

court shall direct the receiver forthwith to take possession of the assets of

the insurer and to administer the same under the orders of the court.



2. The domiciliary receiver and his successors in office 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 wherever

located, as of the date of entry of the order directing possession to be

taken, and he shall have the right to recover the same and reduce the same to

possession; except that ancillary receivers in reciprocal states shall have,

as to assets located in their respective states, the rights and powers which

are hereinafter prescribed for ancillary receivers appointed in this state as

to assets located in this state. The filing or recording of the order

directing possession to be taken, or a certified copy thereof, in the office

where instruments affecting title to property are required to be filed or

recorded shall impart the same notice as would be imparted by a deed, bill of

sale, or other evidence of title duly filed or recorded. The court may at any

time require an additional bond from him or his deputies if deemed desirable

for the protection of the assets.



3. Upon taking possession of the assets of a delinquent insurer the

domiciliary receiver shall, subject to the direction of the court,

immediately proceed to conduct the business of the insurer or to take such

other steps as are authorized by the laws of this state for the purpose of

liquidating, rehabilitating, reorganizing, or conserving the affairs of the

insurer. In connection with delinquency proceedings he may appoint or employ

one or more special deputies to act for him, and may employ such counsel,

clerks, and assistants as he deems necessary. The compensation of the

special deputies, counsel, clerks, or assistants and all expenses of taking

possession of the delinquent insurer and of conducting the delinquency

proceedings shall be fixed by the receiver, subject to the approval of the

court, and shall be paid out of the funds or assets of the insurer in

accordance with section 375.740. Within the limits of the duties imposed

upon them, special deputies shall possess all the powers given to, and, in

the exercise of those powers, shall be subject to all of the duties imposed

upon the receiver with respect to delinquency proceedings.



(L. 1976 H.B. 1479 § 2)



Effective 6-16-76







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