§27-14.3-57  Ancillary formal proceedings. –


Published: 2015

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TITLE 27

Insurance

CHAPTER 27-14.3

Insurers' Rehabilitation and Liquidation Act

SECTION 27-14.3-57



   § 27-14.3-57  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 superior court for

the county of Providence requesting appointment as ancillary receiver in this

state:



   (1) If he or she finds that there are sufficient assets of

the insurer located in this state to justify the appointment of an ancillary

receiver; and



   (2) If the protection of creditors or policyholders in this

state requires this.



   (b) The court may issue an order appointing an ancillary

receiver in whatever terms it shall deem appropriate. The filing or recording

of the order with the recorders of deeds in this state imparts the same notice

as a deed, bill of sale, or other evidence of title duly filed or recorded with

that recorder of deeds.



   (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. He or she shall promptly transfer all remaining assets, books,

accounts, and records to the domiciliary liquidator. Subject to this section,

the ancillary receiver and his or her 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) of

this section for ancillary receivers appointed in this state.



History of Section.

(P.L. 1993, ch. 248, § 1.)

Related Laws