(a) As soon aspracticable but not more than two years from the date of an order ofliquidation under G.S. 58‑30‑105 of an insurer issuing assessablepolicies, the liquidator shall make a report to the Court setting forth:
(1) The reasonable valueof the assets of the insurer;
(2) The insurer'sprobable total liabilities;
(3) The probableaggregate amount of the assessment necessary to pay all claims of creditors andexpenses in full, including expenses of administration and costs of collectingthe assessment; and
(4) A recommendation asto whether an assessment should be made and in what amount.
(b) Upon the basis ofthe report provided in subsection (a) of this section, including anysupplements and amendments thereto, the Court may levy one or more assessmentsagainst all members of the insurer who are subject to assessment. Subject toany applicable legal limits on assessability, the aggregate assessment shall befor the amount that the sum of the probable liabilities, the expenses ofadministration, and the estimated cost of collection of the assessment, exceedsthe value of existing assets, with due regard given to assessments that cannotbe collected economically.
(c) After a levy ofassessment under subsection (b) of this section, the liquidator shall issue anorder directing each member who has not paid the assessment pursuant to theorder, to show cause why the liquidator should not pursue a judgment therefor.
(d) The liquidatorshall give notice of the order to show cause by publication or by certifiedmail to each member liable thereunder mailed to his last known address as itappears on the insurer's records, at least 20 days before the return day of theorder to show cause.
(e) If a member doesnot appear and serve duly verified objections upon the liquidator on or beforethe return day of the order to show cause under subsection (c) of this section,the Court shall make an order adjudging the member liable for the amount of theassessment against him pursuant to subsection (c) of this section, togetherwith costs, and the liquidator shall have a judgment against the membertherefor. If on or before such return day, the member appears and serves dulyverified objections upon the liquidator, the Commissioner may hear and determinethe matter or may appoint a referee to hear it and make such order as the factswarrant. In the event that the Commissioner determines that such objections donot warrant relief from assessment, the member may request the Court to reviewthe matter and vacate the order to show cause.
(f) The liquidator mayenforce any order or collect any judgment under subsection (e) of this sectionby any lawful means. (1989, c. 452, s. 1; 2009‑172, s. 3.)
(a) As soon aspracticable but not more than two years from the date of an order ofliquidation under G.S. 58‑30‑105 of an insurer issuing assessablepolicies, the liquidator shall make a report to the Court setting forth:
(1) The reasonable valueof the assets of the insurer;
(2) The insurer'sprobable total liabilities;
(3) The probableaggregate amount of the assessment necessary to pay all claims of creditors andexpenses in full, including expenses of administration and costs of collectingthe assessment; and
(4) A recommendation asto whether an assessment should be made and in what amount.
(b) Upon the basis ofthe report provided in subsection (a) of this section, including anysupplements and amendments thereto, the Court may levy one or more assessmentsagainst all members of the insurer who are subject to assessment. Subject toany applicable legal limits on assessability, the aggregate assessment shall befor the amount that the sum of the probable liabilities, the expenses ofadministration, and the estimated cost of collection of the assessment, exceedsthe value of existing assets, with due regard given to assessments that cannotbe collected economically.
(c) After a levy ofassessment under subsection (b) of this section, the liquidator shall issue anorder directing each member who has not paid the assessment pursuant to theorder, to show cause why the liquidator should not pursue a judgment therefor.
(d) The liquidatorshall give notice of the order to show cause by publication or by certifiedmail to each member liable thereunder mailed to his last known address as itappears on the insurer's records, at least 20 days before the return day of theorder to show cause.
(e) If a member doesnot appear and serve duly verified objections upon the liquidator on or beforethe return day of the order to show cause under subsection (c) of this section,the Court shall make an order adjudging the member liable for the amount of theassessment against him pursuant to subsection (c) of this section, togetherwith costs, and the liquidator shall have a judgment against the membertherefor. If on or before such return day, the member appears and serves dulyverified objections upon the liquidator, the Commissioner may hear and determinethe matter or may appoint a referee to hear it and make such order as the factswarrant. In the event that the Commissioner determines that such objections donot warrant relief from assessment, the member may request the Court to reviewthe matter and vacate the order to show cause.
(f) The liquidator mayenforce any order or collect any judgment under subsection (e) of this sectionby any lawful means. (1989, c. 452, s. 1; 2009‑172, s. 3.)
(a) As soon aspracticable but not more than two years from the date of an order ofliquidation under G.S. 58‑30‑105 of an insurer issuing assessablepolicies, the liquidator shall make a report to the Court setting forth:
(1) The reasonable valueof the assets of the insurer;
(2) The insurer'sprobable total liabilities;
(3) The probableaggregate amount of the assessment necessary to pay all claims of creditors andexpenses in full, including expenses of administration and costs of collectingthe assessment; and
(4) A recommendation asto whether an assessment should be made and in what amount.
(b) Upon the basis ofthe report provided in subsection (a) of this section, including anysupplements and amendments thereto, the Court may levy one or more assessmentsagainst all members of the insurer who are subject to assessment. Subject toany applicable legal limits on assessability, the aggregate assessment shall befor the amount that the sum of the probable liabilities, the expenses ofadministration, and the estimated cost of collection of the assessment, exceedsthe value of existing assets, with due regard given to assessments that cannotbe collected economically.
(c) After a levy ofassessment under subsection (b) of this section, the liquidator shall issue anorder directing each member who has not paid the assessment pursuant to theorder, to show cause why the liquidator should not pursue a judgment therefor.
(d) The liquidatorshall give notice of the order to show cause by publication or by certifiedmail to each member liable thereunder mailed to his last known address as itappears on the insurer's records, at least 20 days before the return day of theorder to show cause.
(e) If a member doesnot appear and serve duly verified objections upon the liquidator on or beforethe return day of the order to show cause under subsection (c) of this section,the Court shall make an order adjudging the member liable for the amount of theassessment against him pursuant to subsection (c) of this section, togetherwith costs, and the liquidator shall have a judgment against the membertherefor. If on or before such return day, the member appears and serves dulyverified objections upon the liquidator, the Commissioner may hear and determinethe matter or may appoint a referee to hear it and make such order as the factswarrant. In the event that the Commissioner determines that such objections donot warrant relief from assessment, the member may request the Court to reviewthe matter and vacate the order to show cause.
(f) The liquidator mayenforce any order or collect any judgment under subsection (e) of this sectionby any lawful means. (1989, c. 452, s. 1; 2009‑172, s. 3.)
