Missouri Revised Statutes













Chapter 375

Provisions Applicable to All Insurance Companies

←375.1244

Section 375.1245.1

375.1246→

August 28, 2015

Priority of nonresident claims, reciprocal states--special deposits, priority.

375.1245. 1. In a liquidation proceeding in this state involving one or

more reciprocal states, the order of distribution of the domiciliary state

shall control as to all claims of residents of this and reciprocal states.

All claims of residents of reciprocal states shall be given equal priority of

payment from general assets regardless of where such assets are located.



2. The owners of special deposit claims against an insurer for which a

liquidator is appointed in this or any other state shall be given priority

against the special deposits in accordance with statutes governing the

creation and maintenance of the deposits. If there is a deficiency in any

deposit, so that the claims secured by it are not fully discharged from it,

the claimants may share in the general assets, but the sharing shall be

deferred until general creditors, and also claimants against other special

deposits who have received smaller percentages from their respective special

deposits, have been paid percentages of their claims equal to the percentage

paid from the special deposit.



3. The owner of a secured claim against an insurer for which a

liquidator has been appointed in this or any other state may surrender his

security and file his claim as a general creditor, or the claim may be

discharged by resort to the security in accordance with section 375.1218, in

which case the deficiency, if any, shall be treated as a claim against the

general assets of the insurer on the same basis as claims of unsecured

creditors.



(L. 1991 H.B. 385, et al. § 107)







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