20-623. Order of conservation or ancillary liquidation of foreign or alien insurers
108 words·~1 min read·
/az/title-20/20-623A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. An order to conserve the assets of a foreign or alien insurer shall require the director as ancillary receiver to take immediate possession of the property of the insurer within this state and to conserve it, subject to the further direction of the court.
B. An order to liquidate the assets in this state of a foreign insurer shall require the director as ancillary receiver to take immediate possession of the property of the insurer within this state and to liquidate it subject to the orders of the court and with due regard to the rights and powers of the domiciliary receiver, as provided in this article.