§ 58-30-125. Notice to creditors and others.

295 words·~1 min read·/nc/chapter-58/58-30-125

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(a)Unless the Court otherwise directs, the liquidator shall give or cause to be given notice of the liquidation order as soon as possible:

(1)By first-class mail and either by facsimile, email, or telephone to the insurance regulator of each jurisdiction in which the insurer is doing business;

(2)By first-class mail to any domestic or foreign guaranty association that is or may become obligated as a result of the liquidation;

(3)By first-class mail to all insurance agents of the insurer;

(4)By first-class mail to all persons known or reasonably expected to have claims against the insurer, including all policyholders, at their last known addresses indicated by the records of the insurer; and

(5)By publication in a newspaper of general circulation in the county in which the insurer has its principal place of business and in such other locations as the liquidator deems to be appropriate.

(b)Notice to potential claimants under subsection

(a)of this section shall require claimants to file with the liquidator their claims, together with proper proofs thereof under G.S. 58-30-190, on or before a date the liquidator specifies in the notice. All claimants have a duty to keep the liquidator informed of any changes of address. The liquidator need not require the following to file claims under this section:

(1)Persons claiming cash surrender values or other investment values in life insurance and annuities.

(2)Persons claiming unearned premiums on property or casualty insurance.

(c)If notice is given in accordance with this section, the distribution of assets of the insurer under this Article shall be conclusive with respect to all claimants, whether or not they receive notice. (1989, c. 452, s. 1; 2006-105, s. 1.4; 2025-25, s. 29(1).)