§431:15-404 Ancillary formal proceedings.
(a) If a domiciliary liquidator has been appointed for an insurer not
domiciled in this State, the commissioner may file a petition with the circuit
court of the first judicial circuit requesting appointment as ancillary
receiver in this State:
(1) If the commissioner finds that there are
sufficient assets of the insurer located in this State to justify the
appointment of an ancillary receiver; or
(2) If the protection of creditors or policyholders
in this State so requires.
(b) The court may issue an order appointing an
ancillary receiver on whatever terms it considers appropriate. The filing or
recording of the order with the bureau of conveyances imparts the same notice
as evidence of title.
(c) When a domiciliary liquidator has been
appointed in a reciprocal state, then the ancillary receiver appointed in this
State may, whenever necessary, aid and assist the domiciliary liquidator in
recovering assets of the insurer located in this State. The ancillary receiver
shall, as soon as practicable, liquidate from their respective securities those
special deposit claims and secured claims which are proved and allowed in the
ancillary proceedings in this State, and shall pay the necessary expenses of
the proceedings. The ancillary receiver shall promptly transfer all remaining
assets, books, accounts and records to the domiciliary liquidator. Subject to
this section, the ancillary receiver and the receiver's deputies shall have the
same powers and be subject to the same duties with respect to the
administration of assets as a liquidator of an insurer domiciled in this State.
(d) When a domiciliary liquidator has been
appointed in this State, ancillary receivers appointed in reciprocal states
shall have, as to assets and books, accounts, and other records in their
respective states, corresponding rights, duties and powers to those provided in
subsection (c) for ancillary receivers appointed in this State. [L 1987, c 347,
pt of §2]
