Director to serve as rehabilitator--duties--periodic accountingrequired--immunity, when.
375.1166. 1. An order to rehabilitate the business of adomestic insurer, or an alien insurer domiciled in this state,shall appoint the director and his successors as rehabilitator,and shall direct the rehabilitator forthwith to take possessionpursuant to the supervision of the court. The filing orrecording of the order with the clerk of the circuit court orrecorder of deeds of the county in which the principal office orplace of business is located shall impart the same notice as adeed, bill of sale, or other evidence of title duly filed orrecorded to the insurer and shall by operation of law vest titleto all assets of the insurer in the rehabilitator.
2. Any order issued under this section shall requireperiodic accounting to the court by the rehabilitator.Accountings shall be at such intervals as the court specifies inits order, but no less frequently than semiannually. Eachaccounting shall include a report concerning the rehabilitator'sopinion as to the likelihood that a plan under subsection 4 ofsection 375.1168 will be prepared by the rehabilitator and thetimetable for doing so.
3. Entry of an order of rehabilitation shall not constitutean anticipatory breach of any contracts of the insurer, nor shallit be grounds for retroactive revocation or retroactivecancellation of any contracts of the insurer, unless suchrevocation or cancellation is made by the rehabilitator pursuantto section 375.1168.
4. The director as rehabilitator, any special deputy, allemployees, agents, and attorneys of the rehabilitator and thespecial deputy, and all employees of the state of Missouri whenacting with respect to the rehabilitation shall enjoy officialimmunity and be immune from any claim against them personally forany act or omission while acting in good faith in the performanceof their functions and duties in connection with therehabilitation during the period of rehabilitation. Thissubsection shall be applicable to any rehabilitation proceedinginstituted on or after August 28, 1991.
Director to serve as rehabilitator--duties--periodic accountingrequired--immunity, when.
375.1166. 1. An order to rehabilitate the business of adomestic insurer, or an alien insurer domiciled in this state,shall appoint the director and his successors as rehabilitator,and shall direct the rehabilitator forthwith to take possessionpursuant to the supervision of the court. The filing orrecording of the order with the clerk of the circuit court orrecorder of deeds of the county in which the principal office orplace of business is located shall impart the same notice as adeed, bill of sale, or other evidence of title duly filed orrecorded to the insurer and shall by operation of law vest titleto all assets of the insurer in the rehabilitator.
2. Any order issued under this section shall requireperiodic accounting to the court by the rehabilitator.Accountings shall be at such intervals as the court specifies inits order, but no less frequently than semiannually. Eachaccounting shall include a report concerning the rehabilitator'sopinion as to the likelihood that a plan under subsection 4 ofsection 375.1168 will be prepared by the rehabilitator and thetimetable for doing so.
3. Entry of an order of rehabilitation shall not constitutean anticipatory breach of any contracts of the insurer, nor shallit be grounds for retroactive revocation or retroactivecancellation of any contracts of the insurer, unless suchrevocation or cancellation is made by the rehabilitator pursuantto section 375.1168.
4. The director as rehabilitator, any special deputy, allemployees, agents, and attorneys of the rehabilitator and thespecial deputy, and all employees of the state of Missouri whenacting with respect to the rehabilitation shall enjoy officialimmunity and be immune from any claim against them personally forany act or omission while acting in good faith in the performanceof their functions and duties in connection with therehabilitation during the period of rehabilitation. Thissubsection shall be applicable to any rehabilitation proceedinginstituted on or after August 28, 1991.
Director to serve as rehabilitator--duties--periodic accountingrequired--immunity, when.
375.1166. 1. An order to rehabilitate the business of adomestic insurer, or an alien insurer domiciled in this state,shall appoint the director and his successors as rehabilitator,and shall direct the rehabilitator forthwith to take possessionpursuant to the supervision of the court. The filing orrecording of the order with the clerk of the circuit court orrecorder of deeds of the county in which the principal office orplace of business is located shall impart the same notice as adeed, bill of sale, or other evidence of title duly filed orrecorded to the insurer and shall by operation of law vest titleto all assets of the insurer in the rehabilitator.
2. Any order issued under this section shall requireperiodic accounting to the court by the rehabilitator.Accountings shall be at such intervals as the court specifies inits order, but no less frequently than semiannually. Eachaccounting shall include a report concerning the rehabilitator'sopinion as to the likelihood that a plan under subsection 4 ofsection 375.1168 will be prepared by the rehabilitator and thetimetable for doing so.
3. Entry of an order of rehabilitation shall not constitutean anticipatory breach of any contracts of the insurer, nor shallit be grounds for retroactive revocation or retroactivecancellation of any contracts of the insurer, unless suchrevocation or cancellation is made by the rehabilitator pursuantto section 375.1168.
4. The director as rehabilitator, any special deputy, allemployees, agents, and attorneys of the rehabilitator and thespecial deputy, and all employees of the state of Missouri whenacting with respect to the rehabilitation shall enjoy officialimmunity and be immune from any claim against them personally forany act or omission while acting in good faith in the performanceof their functions and duties in connection with therehabilitation during the period of rehabilitation. Thissubsection shall be applicable to any rehabilitation proceedinginstituted on or after August 28, 1991.
