(1) To appoint a specialdeputy to act for him under this Article, and to determine his reasonablecompensation. The special deputy has all powers of the liquidator granted bythis section. The special deputy serves at the pleasure of the liquidator.
(2) To employ employeesand agents, legal counsel, actuaries, accountants, appraisers, consultants, andsuch other personnel as he may deem to be necessary to assist in theliquidation.
(3) To fix thereasonable compensation of employees and agents, legal counsel, actuaries,accountants, appraisers, and consultants, with the approval of the Court.
(4) To pay reasonablecompensation to persons appointed; and to defray from the funds or assets ofthe insurer all expenses of taking possession of, conserving, conducting,liquidating, disposing of, or otherwise dealing with the business and propertyof the insurer. In the event that the property of the insurer does not containsufficient cash or liquid assets to defray the costs incurred, the Commissionermay advance the costs so incurred out of any appropriation for the maintenanceof the Department. Any amounts so advanced for expenses of administrationshall be repaid to the Commissioner for the use of the Department out of thefirst available moneys of the insurer.
(5) To hold hearings, tosubpoena witnesses to compel their attendance, to administer oaths, to examineany person under oath, and to compel any person to subscribe to this testimonyafter it has been correctly reduced to writing; and in connection therewith torequire the production of any books, papers, records, or other documents thathe considers relevant to the inquiry.
(6) To collect all debtsand moneys due and claims belonging to the insurer, wherever located, and forthis purpose:
a. To institute timelyaction in other jurisdictions, in order to forestall garnishment and attachmentproceedings against such debts;
b. To do such otheracts that are necessary or expedient to collect, conserve, or protect itsassets or property, including the power to sell, compound, compromise, orassign debts for purposes of collection upon such terms and conditions as hedeems to be best; and
c. To pursue anycreditor's remedies available to enforce his claims.
(7) To conduct publicand private sales of the property of the insurer.
(8) To use assets of theestate of an insurer under a liquidation order to transfer policy obligationsto a solvent assuming insurer, if the transfer can be arranged withoutprejudice to applicable priorities under G.S. 58‑30‑220.
(9) To acquire,hypothecate, encumber, lease, improve, sell, transfer, abandon, or otherwisedispose of or deal with, any property of the insurer at its market value orupon such terms and conditions that are fair and reasonable. He also has thepower to execute, acknowledge, and deliver any and all deeds, assignments,releases and other instruments necessary or proper to effectuate any sale ofproperty or other transaction in connection with the liquidation.
(10) To borrow money onthe security of the insurer's assets or without security and to execute anddeliver all documents necessary to that transaction for the purpose offacilitating the liquidation.
(11) To enter into suchcontracts that are necessary to carry out the order to liquidate, and to affirmor disavow any contracts to which the insurer is a party.
(12) To continue toprosecute and to institute in the name of the insurer or in his own name anyand all suits and other legal proceedings, in this State or elsewhere, and toabandon the prosecution of claims he deems unprofitable to pursue further. Ifthe insurer is dissolved under G.S. 58‑30‑115, he shall have thepower to apply to any court in this State or elsewhere for leave to substitutehimself for the insurer as plaintiff.
(13) To prosecute anyaction that may exist in behalf of the creditors, members, policyholders, orshareholders of the insurer against any officer of the insurer or against anyother person.
(14) To remove any or allrecords and property of the insurer to the offices of the Commissioner or tosuch other place as may be convenient for the purposes of efficient and orderlyexecution of the liquidation. Domestic and foreign guaranty associations shallhave such reasonable access to the records of the insurer as is necessary forthem to carry out their statutory obligations.
(15) To deposit in one ormore banks in this State such sums as are required for meeting currentadministration expenses and dividend distributions.
(16) To invest all sumsnot currently needed, unless the Court orders otherwise.
(17) To file any necessarydocuments for recording in the office of any register of deeds in this State orelsewhere where property of the insurer is located.
(18) To assert alldefenses available to the insurer as against third persons, including statutesof limitation, statutes of frauds, and the defense of usury. A waiver of anydefense by the insurer after a petition in liquidation has been filed shall notbind the liquidator. Whenever a domestic or foreign guaranty association hasan obligation to defend any suit, the liquidator shall give precedence to suchobligation and may defend only in the absence of a defense by such guarantyassociations.
(19) To exercise andenforce all rights, remedies, and powers of any creditor, shareholder,policyholder, or member; including any power to avoid any transfer or lien thatmay be given by law and that is not included within G.S. 58‑30‑140through G.S. 58‑30‑150.
(20) To intervene in anyproceeding wherever instituted that might lead to the appointment of a receiveror trustee, and to act as the receiver or trustee whenever the appointment isoffered.
(21) To enter intoagreements with any receiver or insurance regulator of any other state relatingto the rehabilitation, liquidation, conservation, or dissolution of an insurerdoing business in both states.
(22) To exercise allpowers now held or subsequently conferred upon receivers by laws of this Statenot inconsistent with the provisions of this Article.
(b) The enumeration inthis section of the powers and authority of the liquidator shall not beconstrued as a limitation upon him, nor shall it exclude in any manner hisright to do such other acts not specifically enumerated in this section orotherwise provided for, as may be necessary or appropriate for theaccomplishment of or in aid of the purpose of liquidation. (1989,c. 452, s. 1.)
(1) To appoint a specialdeputy to act for him under this Article, and to determine his reasonablecompensation. The special deputy has all powers of the liquidator granted bythis section. The special deputy serves at the pleasure of the liquidator.
(2) To employ employeesand agents, legal counsel, actuaries, accountants, appraisers, consultants, andsuch other personnel as he may deem to be necessary to assist in theliquidation.
(3) To fix thereasonable compensation of employees and agents, legal counsel, actuaries,accountants, appraisers, and consultants, with the approval of the Court.
(4) To pay reasonablecompensation to persons appointed; and to defray from the funds or assets ofthe insurer all expenses of taking possession of, conserving, conducting,liquidating, disposing of, or otherwise dealing with the business and propertyof the insurer. In the event that the property of the insurer does not containsufficient cash or liquid assets to defray the costs incurred, the Commissionermay advance the costs so incurred out of any appropriation for the maintenanceof the Department. Any amounts so advanced for expenses of administrationshall be repaid to the Commissioner for the use of the Department out of thefirst available moneys of the insurer.
(5) To hold hearings, tosubpoena witnesses to compel their attendance, to administer oaths, to examineany person under oath, and to compel any person to subscribe to this testimonyafter it has been correctly reduced to writing; and in connection therewith torequire the production of any books, papers, records, or other documents thathe considers relevant to the inquiry.
(6) To collect all debtsand moneys due and claims belonging to the insurer, wherever located, and forthis purpose:
a. To institute timelyaction in other jurisdictions, in order to forestall garnishment and attachmentproceedings against such debts;
b. To do such otheracts that are necessary or expedient to collect, conserve, or protect itsassets or property, including the power to sell, compound, compromise, orassign debts for purposes of collection upon such terms and conditions as hedeems to be best; and
c. To pursue anycreditor's remedies available to enforce his claims.
(7) To conduct publicand private sales of the property of the insurer.
(8) To use assets of theestate of an insurer under a liquidation order to transfer policy obligationsto a solvent assuming insurer, if the transfer can be arranged withoutprejudice to applicable priorities under G.S. 58‑30‑220.
(9) To acquire,hypothecate, encumber, lease, improve, sell, transfer, abandon, or otherwisedispose of or deal with, any property of the insurer at its market value orupon such terms and conditions that are fair and reasonable. He also has thepower to execute, acknowledge, and deliver any and all deeds, assignments,releases and other instruments necessary or proper to effectuate any sale ofproperty or other transaction in connection with the liquidation.
(10) To borrow money onthe security of the insurer's assets or without security and to execute anddeliver all documents necessary to that transaction for the purpose offacilitating the liquidation.
(11) To enter into suchcontracts that are necessary to carry out the order to liquidate, and to affirmor disavow any contracts to which the insurer is a party.
(12) To continue toprosecute and to institute in the name of the insurer or in his own name anyand all suits and other legal proceedings, in this State or elsewhere, and toabandon the prosecution of claims he deems unprofitable to pursue further. Ifthe insurer is dissolved under G.S. 58‑30‑115, he shall have thepower to apply to any court in this State or elsewhere for leave to substitutehimself for the insurer as plaintiff.
(13) To prosecute anyaction that may exist in behalf of the creditors, members, policyholders, orshareholders of the insurer against any officer of the insurer or against anyother person.
(14) To remove any or allrecords and property of the insurer to the offices of the Commissioner or tosuch other place as may be convenient for the purposes of efficient and orderlyexecution of the liquidation. Domestic and foreign guaranty associations shallhave such reasonable access to the records of the insurer as is necessary forthem to carry out their statutory obligations.
(15) To deposit in one ormore banks in this State such sums as are required for meeting currentadministration expenses and dividend distributions.
(16) To invest all sumsnot currently needed, unless the Court orders otherwise.
(17) To file any necessarydocuments for recording in the office of any register of deeds in this State orelsewhere where property of the insurer is located.
(18) To assert alldefenses available to the insurer as against third persons, including statutesof limitation, statutes of frauds, and the defense of usury. A waiver of anydefense by the insurer after a petition in liquidation has been filed shall notbind the liquidator. Whenever a domestic or foreign guaranty association hasan obligation to defend any suit, the liquidator shall give precedence to suchobligation and may defend only in the absence of a defense by such guarantyassociations.
(19) To exercise andenforce all rights, remedies, and powers of any creditor, shareholder,policyholder, or member; including any power to avoid any transfer or lien thatmay be given by law and that is not included within G.S. 58‑30‑140through G.S. 58‑30‑150.
(20) To intervene in anyproceeding wherever instituted that might lead to the appointment of a receiveror trustee, and to act as the receiver or trustee whenever the appointment isoffered.
(21) To enter intoagreements with any receiver or insurance regulator of any other state relatingto the rehabilitation, liquidation, conservation, or dissolution of an insurerdoing business in both states.
(22) To exercise allpowers now held or subsequently conferred upon receivers by laws of this Statenot inconsistent with the provisions of this Article.
(b) The enumeration inthis section of the powers and authority of the liquidator shall not beconstrued as a limitation upon him, nor shall it exclude in any manner hisright to do such other acts not specifically enumerated in this section orotherwise provided for, as may be necessary or appropriate for theaccomplishment of or in aid of the purpose of liquidation. (1989,c. 452, s. 1.)
(1) To appoint a specialdeputy to act for him under this Article, and to determine his reasonablecompensation. The special deputy has all powers of the liquidator granted bythis section. The special deputy serves at the pleasure of the liquidator.
(2) To employ employeesand agents, legal counsel, actuaries, accountants, appraisers, consultants, andsuch other personnel as he may deem to be necessary to assist in theliquidation.
(3) To fix thereasonable compensation of employees and agents, legal counsel, actuaries,accountants, appraisers, and consultants, with the approval of the Court.
(4) To pay reasonablecompensation to persons appointed; and to defray from the funds or assets ofthe insurer all expenses of taking possession of, conserving, conducting,liquidating, disposing of, or otherwise dealing with the business and propertyof the insurer. In the event that the property of the insurer does not containsufficient cash or liquid assets to defray the costs incurred, the Commissionermay advance the costs so incurred out of any appropriation for the maintenanceof the Department. Any amounts so advanced for expenses of administrationshall be repaid to the Commissioner for the use of the Department out of thefirst available moneys of the insurer.
(5) To hold hearings, tosubpoena witnesses to compel their attendance, to administer oaths, to examineany person under oath, and to compel any person to subscribe to this testimonyafter it has been correctly reduced to writing; and in connection therewith torequire the production of any books, papers, records, or other documents thathe considers relevant to the inquiry.
(6) To collect all debtsand moneys due and claims belonging to the insurer, wherever located, and forthis purpose:
a. To institute timelyaction in other jurisdictions, in order to forestall garnishment and attachmentproceedings against such debts;
b. To do such otheracts that are necessary or expedient to collect, conserve, or protect itsassets or property, including the power to sell, compound, compromise, orassign debts for purposes of collection upon such terms and conditions as hedeems to be best; and
c. To pursue anycreditor's remedies available to enforce his claims.
(7) To conduct publicand private sales of the property of the insurer.
(8) To use assets of theestate of an insurer under a liquidation order to transfer policy obligationsto a solvent assuming insurer, if the transfer can be arranged withoutprejudice to applicable priorities under G.S. 58‑30‑220.
(9) To acquire,hypothecate, encumber, lease, improve, sell, transfer, abandon, or otherwisedispose of or deal with, any property of the insurer at its market value orupon such terms and conditions that are fair and reasonable. He also has thepower to execute, acknowledge, and deliver any and all deeds, assignments,releases and other instruments necessary or proper to effectuate any sale ofproperty or other transaction in connection with the liquidation.
(10) To borrow money onthe security of the insurer's assets or without security and to execute anddeliver all documents necessary to that transaction for the purpose offacilitating the liquidation.
(11) To enter into suchcontracts that are necessary to carry out the order to liquidate, and to affirmor disavow any contracts to which the insurer is a party.
(12) To continue toprosecute and to institute in the name of the insurer or in his own name anyand all suits and other legal proceedings, in this State or elsewhere, and toabandon the prosecution of claims he deems unprofitable to pursue further. Ifthe insurer is dissolved under G.S. 58‑30‑115, he shall have thepower to apply to any court in this State or elsewhere for leave to substitutehimself for the insurer as plaintiff.
(13) To prosecute anyaction that may exist in behalf of the creditors, members, policyholders, orshareholders of the insurer against any officer of the insurer or against anyother person.
(14) To remove any or allrecords and property of the insurer to the offices of the Commissioner or tosuch other place as may be convenient for the purposes of efficient and orderlyexecution of the liquidation. Domestic and foreign guaranty associations shallhave such reasonable access to the records of the insurer as is necessary forthem to carry out their statutory obligations.
(15) To deposit in one ormore banks in this State such sums as are required for meeting currentadministration expenses and dividend distributions.
(16) To invest all sumsnot currently needed, unless the Court orders otherwise.
(17) To file any necessarydocuments for recording in the office of any register of deeds in this State orelsewhere where property of the insurer is located.
(18) To assert alldefenses available to the insurer as against third persons, including statutesof limitation, statutes of frauds, and the defense of usury. A waiver of anydefense by the insurer after a petition in liquidation has been filed shall notbind the liquidator. Whenever a domestic or foreign guaranty association hasan obligation to defend any suit, the liquidator shall give precedence to suchobligation and may defend only in the absence of a defense by such guarantyassociations.
(19) To exercise andenforce all rights, remedies, and powers of any creditor, shareholder,policyholder, or member; including any power to avoid any transfer or lien thatmay be given by law and that is not included within G.S. 58‑30‑140through G.S. 58‑30‑150.
(20) To intervene in anyproceeding wherever instituted that might lead to the appointment of a receiveror trustee, and to act as the receiver or trustee whenever the appointment isoffered.
(21) To enter intoagreements with any receiver or insurance regulator of any other state relatingto the rehabilitation, liquidation, conservation, or dissolution of an insurerdoing business in both states.
(22) To exercise allpowers now held or subsequently conferred upon receivers by laws of this Statenot inconsistent with the provisions of this Article.
(b) The enumeration inthis section of the powers and authority of the liquidator shall not beconstrued as a limitation upon him, nor shall it exclude in any manner hisright to do such other acts not specifically enumerated in this section orotherwise provided for, as may be necessary or appropriate for theaccomplishment of or in aid of the purpose of liquidation. (1989,c. 452, s. 1.)
