§58‑30‑265. Liquidation of property of foreign or alien insurersfound in this State.
(a) If no domiciliaryreceiver has been appointed, the Commissioner may apply to the Court byverified petition for an order directing him to liquidate the assets found inthis State of a foreign insurer or an alien insurer not domiciled in thisState, on any of the following grounds:
(1) Any of the groundsin G.S. 58‑30‑75 or G.S. 58‑30‑100; or
(2) Any of the groundsspecified in G.S. 58‑30‑260(a)(2) through (4).
(b) When an order issought under subsection (a) of this section, the Court shall cause the insurerto be given such notice and time to respond thereto as is reasonable under thecircumstances.
(c) If it appears tothe Court that the best interests of creditors, policyholders, and the publicrequire, the Court may issue an order to liquidate in whatever terms it deemsto be appropriate. The filing or recording of the order with the clerk of theCourt or the register of deeds of the county in which the principal business ofthe insurer is located or the county in which its principal office or place ofbusiness is located, shall impart the same notice as a deed, bill of sale, orother evidence of title duly filed or recorded with that register of deedswould have imparted.
(d) If a domiciliaryliquidator is appointed in a reciprocal state while a liquidation is proceedingunder this section, the liquidator under this section shall thereafter act asancillary receiver under G.S. 58‑30‑275. If a domiciliaryliquidator is appointed in a nonreciprocal state while a liquidation isproceeding under this section, the liquidator under this section, may petitionthe court for permission to act as ancillary receiver under G.S. 58‑30‑275.
(e) On the same groundsas are specified in subsection (a) of this section, the Commissioner maypetition any appropriate federal district court to be appointed receiver toliquidate that portion of the insurer's assets and business over which thatcourt will exercise jurisdiction, or any lesser part thereof that theCommissioner considers desirable for the protection of the policyholders andcreditors in this State.
(f) The Court mayorder the Commissioner, when he has liquidated the assets of a foreign or alieninsurer under this section, to pay claims of residents of this State againstthe insurer under such rules as to the liquidation of insurers under thisArticle as are otherwise compatible with the provisions of this section. (1989,c. 452, s. 1.)
§58‑30‑265. Liquidation of property of foreign or alien insurersfound in this State.
(a) If no domiciliaryreceiver has been appointed, the Commissioner may apply to the Court byverified petition for an order directing him to liquidate the assets found inthis State of a foreign insurer or an alien insurer not domiciled in thisState, on any of the following grounds:
(1) Any of the groundsin G.S. 58‑30‑75 or G.S. 58‑30‑100; or
(2) Any of the groundsspecified in G.S. 58‑30‑260(a)(2) through (4).
(b) When an order issought under subsection (a) of this section, the Court shall cause the insurerto be given such notice and time to respond thereto as is reasonable under thecircumstances.
(c) If it appears tothe Court that the best interests of creditors, policyholders, and the publicrequire, the Court may issue an order to liquidate in whatever terms it deemsto be appropriate. The filing or recording of the order with the clerk of theCourt or the register of deeds of the county in which the principal business ofthe insurer is located or the county in which its principal office or place ofbusiness is located, shall impart the same notice as a deed, bill of sale, orother evidence of title duly filed or recorded with that register of deedswould have imparted.
(d) If a domiciliaryliquidator is appointed in a reciprocal state while a liquidation is proceedingunder this section, the liquidator under this section shall thereafter act asancillary receiver under G.S. 58‑30‑275. If a domiciliaryliquidator is appointed in a nonreciprocal state while a liquidation isproceeding under this section, the liquidator under this section, may petitionthe court for permission to act as ancillary receiver under G.S. 58‑30‑275.
(e) On the same groundsas are specified in subsection (a) of this section, the Commissioner maypetition any appropriate federal district court to be appointed receiver toliquidate that portion of the insurer's assets and business over which thatcourt will exercise jurisdiction, or any lesser part thereof that theCommissioner considers desirable for the protection of the policyholders andcreditors in this State.
(f) The Court mayorder the Commissioner, when he has liquidated the assets of a foreign or alieninsurer under this section, to pay claims of residents of this State againstthe insurer under such rules as to the liquidation of insurers under thisArticle as are otherwise compatible with the provisions of this section. (1989,c. 452, s. 1.)
§58‑30‑265. Liquidation of property of foreign or alien insurersfound in this State.
(a) If no domiciliaryreceiver has been appointed, the Commissioner may apply to the Court byverified petition for an order directing him to liquidate the assets found inthis State of a foreign insurer or an alien insurer not domiciled in thisState, on any of the following grounds:
(1) Any of the groundsin G.S. 58‑30‑75 or G.S. 58‑30‑100; or
(2) Any of the groundsspecified in G.S. 58‑30‑260(a)(2) through (4).
(b) When an order issought under subsection (a) of this section, the Court shall cause the insurerto be given such notice and time to respond thereto as is reasonable under thecircumstances.
(c) If it appears tothe Court that the best interests of creditors, policyholders, and the publicrequire, the Court may issue an order to liquidate in whatever terms it deemsto be appropriate. The filing or recording of the order with the clerk of theCourt or the register of deeds of the county in which the principal business ofthe insurer is located or the county in which its principal office or place ofbusiness is located, shall impart the same notice as a deed, bill of sale, orother evidence of title duly filed or recorded with that register of deedswould have imparted.
(d) If a domiciliaryliquidator is appointed in a reciprocal state while a liquidation is proceedingunder this section, the liquidator under this section shall thereafter act asancillary receiver under G.S. 58‑30‑275. If a domiciliaryliquidator is appointed in a nonreciprocal state while a liquidation isproceeding under this section, the liquidator under this section, may petitionthe court for permission to act as ancillary receiver under G.S. 58‑30‑275.
(e) On the same groundsas are specified in subsection (a) of this section, the Commissioner maypetition any appropriate federal district court to be appointed receiver toliquidate that portion of the insurer's assets and business over which thatcourt will exercise jurisdiction, or any lesser part thereof that theCommissioner considers desirable for the protection of the policyholders andcreditors in this State.
(f) The Court mayorder the Commissioner, when he has liquidated the assets of a foreign or alieninsurer under this section, to pay claims of residents of this State againstthe insurer under such rules as to the liquidation of insurers under thisArticle as are otherwise compatible with the provisions of this section. (1989,c. 452, s. 1.)
