58-29B-145. Domiciliary liquidator for insurer not domiciled in reciprocal state--Title vested--Timing--Petition for conservation or liquidation.
133 words·~1 min read·
/sd/title-58/chapter-58-29/58-29b-145·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If a domiciliary liquidator is appointed for an insurer not domiciled in a reciprocal state, the director of this state shall be vested by operation of law with the title to all of the property, contracts, and rights of action, and all of the books, accounts, and other records of the insurer located in this state, at the same time that the domiciliary liquidator is vested with title in the domicile. The director of this state may petition for a conservation or liquidation order under §§ 58-29B-134 to 58-29B-144 , inclusive, or for an ancillary receivership under §§ 58-29B-145 to 58-29B-148 , inclusive, or after approval by the circuit court of Hughes County may transfer title to the domiciliary liquidator, as the interests of justice and the equitable distribution of the assets require.