17:30C-13. Conservation or ancillary receivership--foreign insurers
142 words·~1 min read·
/nj/title-17/chapter-30c/17-30c-13·A 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 insurer shall direct the commissioner forthwith to take possession of the property of the insurer within this State and to conserve it, subject to the further direction of the court.
b. Whenever a domiciliary receiver is appointed for any such insurer in its domiciliary state the court shall, on application of the commissioner, appoint the commissioner as the ancillary receiver in this State.
c. An order to liquidate the assets in this State of a foreign insurer shall require the commissioner forthwith to take 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 act.
L.1975, c. 113, s. 13, eff. June 3, 1975.