Powers of liquidator--insureds may purchase extended period to reportclaims, when, limitations--liquidator and employees deemed officersof the court.
375.1182. 1. The liquidator shall have the power:
(1) To employ employees and agents, legal counsel,actuaries, accountants, appraisers, consultants and such otherpersonnel as he may deem necessary to assist in the liquidation;
(2) To fix the reasonable compensation of employees andagents, legal counsel, actuaries, accountants, appraisers andconsultants with the approval of the court;
(3) To pay reasonable compensation to persons appointed andto defray from the funds or assets of the insurer all expenses oftaking 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 insurerdoes not contain sufficient cash or liquid assets to defray thecosts incurred, the director may advance the costs so incurredout of funds appropriated for that purpose. Any amounts soadvanced for expenses of administration shall be repaid to thedirector out of the first available moneys of the insurer andsuch funds repaid shall be transferred by the director to thestate treasurer for deposit to the general revenue fund;
(4) To hold hearings, to subpoena witnesses to compel theirattendance, to administer oaths, to examine any persons underoath, and to compel any person to subscribe to his testimonyafter it has been correctly reduced to writing; and in connectiontherewith to require the production of any books, papers, recordsor other documents which he deems relevant to the inquiry;
(5) To audit the books and records of all agents of theinsurer insofar as those records relate to the businessactivities of the insurer;
(6) To collect all debts and moneys due and claimsbelonging to the insurer, wherever located, and for this purpose:
(a) To institute timely action in other jurisdictions, inorder to forestall garnishment and attachment proceedings againstsuch debts;
(b) To do such other acts as are necessary or expedient tocollect, conserve or protect its assets or property, includingthe power to sell, compound, compromise or assign debts forpurposes of collection upon such terms and conditions as he deemsbest; and
(c) To pursue any creditor's remedies available to enforcehis claims;
(7) To conduct public and private sales of the property ofthe insurer;
(8) To use assets of the estate of an insurer under aliquidation order to transfer policy obligations to a solventassuming insurer, if the transfer can be arranged withoutprejudice to applicable priorities under section 375.1218;
(9) To acquire, hypothecate, encumber, lease, improve,sell, transfer, abandon or otherwise dispose of or deal with, anyproperty of the insurer at its market value or upon such termsand conditions as are fair and reasonable. He shall also havepower to execute, acknowledge and deliver any and all deeds;
(10) To borrow money on the security of the insurer'sassets or without security and to execute and deliver alldocuments necessary to that transaction for the purpose offacilitating the liquidation. Any such funds borrowed may berepaid as an administrative expense and have priority over anyother claims in class 1 under the priority of distribution;
(11) To enter into such contracts as are necessary to carryout the order to liquidate, and to affirm or disavow anycontracts to which the insurer is a party;
(12) To continue to prosecute and to institute in the nameof the insurer or in his own name any and all suits and otherlegal proceedings, in this state or elsewhere, and, with theapproval of the supervising court, to abandon the prosecution ofclaims he deems unprofitable to pursue further. If the insureris dissolved under section 375.1180, he shall have the power toapply to any court in this state or elsewhere for leave tosubstitute himself for the insurer as plaintiff;
(13) To prosecute any action which may exist on behalf ofthe creditors, members, policyholders or shareholders of theinsurer against any officer of the insurer, or any other person;
(14) To institute proceedings in the same case forreceivership for any organization or corporation having theexclusive or dominant right to manage or control the insurerwhich is the subject of the main case, when it appears that areceiver is necessary for the preservation of the assets of theinsurer or that a receiver is necessary to determine the assetsof the insurer held by the organization or corporation. Theduration of the receivership and the duties of the receiver shallbe in the discretion of the court;
(15) To remove any or all records and property of theinsurer to the offices of the director or to such other place asmay be convenient for the purposes of efficient and orderlyexecution of the liquidation. Guaranty associations and foreignguaranty associations shall have such reasonable access to therecords of the insurer as is necessary for them to carry outtheir legal obligations;
(16) To deposit in one or more banks in this state suchsums as are required for meeting current administration expensesand dividend distributions and to invest all sums not currentlyneeded, unless the court orders otherwise; provided that, at theelection of the supervising court, funds held by the liquidatorof the insurer's estate shall be deposited and invested by theliquidator pursuant to either of the following standards as thecourt shall order:
(a) The standards specified by law for the deposit andinvestment of state funds by the state treasurer, as suchstandards are determined to be applicable by the court;
(b) The standards specified by law for the investment ofmoney and property of the Missouri state employees' retirementsystem, as such standards are determined to be applicable by thecourt;
(17) To file any necessary documents for record in theoffice of any recorder of deeds or other office in this state orelsewhere where property of the insurer is located;
(18) To assert all defenses available to the insurer asagainst third persons, including statutes of limitation, statutesof frauds, and the defense of usury. A waiver of any defense bythe insurer after a petition in liquidation has been filed shallnot bind the liquidator. Whenever a guaranty association orforeign guaranty association has an obligation to defend anysuit, the liquidator shall give precedence to such obligation andmay defend only in the absence of a defense by such guarantyassociations;
(19) To exercise and enforce all the rights, remedies, andpowers of any creditor, shareholder, policyholder or member,including any power to avoid any transfer or lien that may begiven by the general law and that is not included within* sections375.1192 to 375.1195, except for any right of distributionpursuant to section 375.1218;
(20) To intervene in any proceeding wherever institutedthat might lead to the appointment of a receiver or trustee, andto act as the receiver or trustee whenever the appointment isoffered;
(21) To enter into agreements with any receiver or directorof any other state relating to the rehabilitation, liquidation,conservation or dissolution of an insurer doing business in bothstates; and
(22) To exercise all powers now held or hereafter conferredupon receivers by the laws of this state not inconsistent withthe provisions of sections 375.1150 to 375.1246.
2. (1) If an insurer being liquidated issued liabilitypolicies on a claims-made basis, which provided an option topurchase an extended period to report claims, then the liquidatormay make available to holders of such policies, for a charge, anextended period to report claims as stated herein. The extendedreporting period shall be made available only to those insuredswho have not secured substitute coverage. The extended periodmade available by the liquidator shall begin upon termination ofany extended period to report claims in the basic policy andshall end at the earlier of the final date for filing of claimsin the liquidation proceeding or eighteen months from the entryof the order of liquidation.
(2) The extended period to report claims made available bythe liquidator shall be subject to the terms of the policy towhich it relates. The liquidator shall make available suchextended period within sixty days after the order of liquidationat a charge to be determined by the liquidator subject toapproval of the court. Such offer shall be deemed rejectedunless the offer is accepted in writing and the charge is paidwithin ninety days after the order of liquidation. Nocommissions, premium taxes, assessments or other fees shall bedue on the charges paid by policyholders pertaining to theextended period to report claims.
3. The enumeration in this section of the powers andauthority of the liquidator shall not be construed as alimitation upon him, nor shall it exclude in any manner his rightto do such other acts not herein specifically enumerated, orotherwise provided for, as may be necessary or appropriate forthe accomplishment of or in aid of the purpose of liquidation.
4. Notwithstanding the powers of the liquidator as statedin this section, the liquidator shall have no obligation todefend claims or to continue to defend claims subsequent to thedischarge of the liquidator.
5. The director as liquidator, any special deputy, allemployees, agents and attorneys of the liquidator and the specialdeputy, and all employees of the state of Missouri when actingwith respect to the liquidation shall be considered to beofficers of the court when acting in such capacities and as suchshall be subject to the orders and directions of the court withrespect to their actions or omissions in connection with theliquidation. The liquidator, special deputy, commissioners andreferees appointed by the court, the agents, attorneys andemployees of the liquidator and employees of the state ofMissouri when acting with respect to the liquidation shall enjoyabsolute judicial immunity and be immune from any claim againstthem personally for any act or omission committed in theperformance of their functions and duties in connection with theliquidation.
6. Notwithstanding the provisions of section 375.1158,subdivision (16) of subsection 1 of this section shall apply toand govern delinquency proceedings commenced before and afterAugust 28, 1991.
Powers of liquidator--insureds may purchase extended period to reportclaims, when, limitations--liquidator and employees deemed officersof the court.
375.1182. 1. The liquidator shall have the power:
(1) To employ employees and agents, legal counsel,actuaries, accountants, appraisers, consultants and such otherpersonnel as he may deem necessary to assist in the liquidation;
(2) To fix the reasonable compensation of employees andagents, legal counsel, actuaries, accountants, appraisers andconsultants with the approval of the court;
(3) To pay reasonable compensation to persons appointed andto defray from the funds or assets of the insurer all expenses oftaking 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 insurerdoes not contain sufficient cash or liquid assets to defray thecosts incurred, the director may advance the costs so incurredout of funds appropriated for that purpose. Any amounts soadvanced for expenses of administration shall be repaid to thedirector out of the first available moneys of the insurer andsuch funds repaid shall be transferred by the director to thestate treasurer for deposit to the general revenue fund;
(4) To hold hearings, to subpoena witnesses to compel theirattendance, to administer oaths, to examine any persons underoath, and to compel any person to subscribe to his testimonyafter it has been correctly reduced to writing; and in connectiontherewith to require the production of any books, papers, recordsor other documents which he deems relevant to the inquiry;
(5) To audit the books and records of all agents of theinsurer insofar as those records relate to the businessactivities of the insurer;
(6) To collect all debts and moneys due and claimsbelonging to the insurer, wherever located, and for this purpose:
(a) To institute timely action in other jurisdictions, inorder to forestall garnishment and attachment proceedings againstsuch debts;
(b) To do such other acts as are necessary or expedient tocollect, conserve or protect its assets or property, includingthe power to sell, compound, compromise or assign debts forpurposes of collection upon such terms and conditions as he deemsbest; and
(c) To pursue any creditor's remedies available to enforcehis claims;
(7) To conduct public and private sales of the property ofthe insurer;
(8) To use assets of the estate of an insurer under aliquidation order to transfer policy obligations to a solventassuming insurer, if the transfer can be arranged withoutprejudice to applicable priorities under section 375.1218;
(9) To acquire, hypothecate, encumber, lease, improve,sell, transfer, abandon or otherwise dispose of or deal with, anyproperty of the insurer at its market value or upon such termsand conditions as are fair and reasonable. He shall also havepower to execute, acknowledge and deliver any and all deeds;
(10) To borrow money on the security of the insurer'sassets or without security and to execute and deliver alldocuments necessary to that transaction for the purpose offacilitating the liquidation. Any such funds borrowed may berepaid as an administrative expense and have priority over anyother claims in class 1 under the priority of distribution;
(11) To enter into such contracts as are necessary to carryout the order to liquidate, and to affirm or disavow anycontracts to which the insurer is a party;
(12) To continue to prosecute and to institute in the nameof the insurer or in his own name any and all suits and otherlegal proceedings, in this state or elsewhere, and, with theapproval of the supervising court, to abandon the prosecution ofclaims he deems unprofitable to pursue further. If the insureris dissolved under section 375.1180, he shall have the power toapply to any court in this state or elsewhere for leave tosubstitute himself for the insurer as plaintiff;
(13) To prosecute any action which may exist on behalf ofthe creditors, members, policyholders or shareholders of theinsurer against any officer of the insurer, or any other person;
(14) To institute proceedings in the same case forreceivership for any organization or corporation having theexclusive or dominant right to manage or control the insurerwhich is the subject of the main case, when it appears that areceiver is necessary for the preservation of the assets of theinsurer or that a receiver is necessary to determine the assetsof the insurer held by the organization or corporation. Theduration of the receivership and the duties of the receiver shallbe in the discretion of the court;
(15) To remove any or all records and property of theinsurer to the offices of the director or to such other place asmay be convenient for the purposes of efficient and orderlyexecution of the liquidation. Guaranty associations and foreignguaranty associations shall have such reasonable access to therecords of the insurer as is necessary for them to carry outtheir legal obligations;
(16) To deposit in one or more banks in this state suchsums as are required for meeting current administration expensesand dividend distributions and to invest all sums not currentlyneeded, unless the court orders otherwise; provided that, at theelection of the supervising court, funds held by the liquidatorof the insurer's estate shall be deposited and invested by theliquidator pursuant to either of the following standards as thecourt shall order:
(a) The standards specified by law for the deposit andinvestment of state funds by the state treasurer, as suchstandards are determined to be applicable by the court;
(b) The standards specified by law for the investment ofmoney and property of the Missouri state employees' retirementsystem, as such standards are determined to be applicable by thecourt;
(17) To file any necessary documents for record in theoffice of any recorder of deeds or other office in this state orelsewhere where property of the insurer is located;
(18) To assert all defenses available to the insurer asagainst third persons, including statutes of limitation, statutesof frauds, and the defense of usury. A waiver of any defense bythe insurer after a petition in liquidation has been filed shallnot bind the liquidator. Whenever a guaranty association orforeign guaranty association has an obligation to defend anysuit, the liquidator shall give precedence to such obligation andmay defend only in the absence of a defense by such guarantyassociations;
(19) To exercise and enforce all the rights, remedies, andpowers of any creditor, shareholder, policyholder or member,including any power to avoid any transfer or lien that may begiven by the general law and that is not included within* sections375.1192 to 375.1195, except for any right of distributionpursuant to section 375.1218;
(20) To intervene in any proceeding wherever institutedthat might lead to the appointment of a receiver or trustee, andto act as the receiver or trustee whenever the appointment isoffered;
(21) To enter into agreements with any receiver or directorof any other state relating to the rehabilitation, liquidation,conservation or dissolution of an insurer doing business in bothstates; and
(22) To exercise all powers now held or hereafter conferredupon receivers by the laws of this state not inconsistent withthe provisions of sections 375.1150 to 375.1246.
2. (1) If an insurer being liquidated issued liabilitypolicies on a claims-made basis, which provided an option topurchase an extended period to report claims, then the liquidatormay make available to holders of such policies, for a charge, anextended period to report claims as stated herein. The extendedreporting period shall be made available only to those insuredswho have not secured substitute coverage. The extended periodmade available by the liquidator shall begin upon termination ofany extended period to report claims in the basic policy andshall end at the earlier of the final date for filing of claimsin the liquidation proceeding or eighteen months from the entryof the order of liquidation.
(2) The extended period to report claims made available bythe liquidator shall be subject to the terms of the policy towhich it relates. The liquidator shall make available suchextended period within sixty days after the order of liquidationat a charge to be determined by the liquidator subject toapproval of the court. Such offer shall be deemed rejectedunless the offer is accepted in writing and the charge is paidwithin ninety days after the order of liquidation. Nocommissions, premium taxes, assessments or other fees shall bedue on the charges paid by policyholders pertaining to theextended period to report claims.
3. The enumeration in this section of the powers andauthority of the liquidator shall not be construed as alimitation upon him, nor shall it exclude in any manner his rightto do such other acts not herein specifically enumerated, orotherwise provided for, as may be necessary or appropriate forthe accomplishment of or in aid of the purpose of liquidation.
4. Notwithstanding the powers of the liquidator as statedin this section, the liquidator shall have no obligation todefend claims or to continue to defend claims subsequent to thedischarge of the liquidator.
5. The director as liquidator, any special deputy, allemployees, agents and attorneys of the liquidator and the specialdeputy, and all employees of the state of Missouri when actingwith respect to the liquidation shall be considered to beofficers of the court when acting in such capacities and as suchshall be subject to the orders and directions of the court withrespect to their actions or omissions in connection with theliquidation. The liquidator, special deputy, commissioners andreferees appointed by the court, the agents, attorneys andemployees of the liquidator and employees of the state ofMissouri when acting with respect to the liquidation shall enjoyabsolute judicial immunity and be immune from any claim againstthem personally for any act or omission committed in theperformance of their functions and duties in connection with theliquidation.
6. Notwithstanding the provisions of section 375.1158,subdivision (16) of subsection 1 of this section shall apply toand govern delinquency proceedings commenced before and afterAugust 28, 1991.
Powers of liquidator--insureds may purchase extended period to reportclaims, when, limitations--liquidator and employees deemed officersof the court.
375.1182. 1. The liquidator shall have the power:
(1) To employ employees and agents, legal counsel,actuaries, accountants, appraisers, consultants and such otherpersonnel as he may deem necessary to assist in the liquidation;
(2) To fix the reasonable compensation of employees andagents, legal counsel, actuaries, accountants, appraisers andconsultants with the approval of the court;
(3) To pay reasonable compensation to persons appointed andto defray from the funds or assets of the insurer all expenses oftaking 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 insurerdoes not contain sufficient cash or liquid assets to defray thecosts incurred, the director may advance the costs so incurredout of funds appropriated for that purpose. Any amounts soadvanced for expenses of administration shall be repaid to thedirector out of the first available moneys of the insurer andsuch funds repaid shall be transferred by the director to thestate treasurer for deposit to the general revenue fund;
(4) To hold hearings, to subpoena witnesses to compel theirattendance, to administer oaths, to examine any persons underoath, and to compel any person to subscribe to his testimonyafter it has been correctly reduced to writing; and in connectiontherewith to require the production of any books, papers, recordsor other documents which he deems relevant to the inquiry;
(5) To audit the books and records of all agents of theinsurer insofar as those records relate to the businessactivities of the insurer;
(6) To collect all debts and moneys due and claimsbelonging to the insurer, wherever located, and for this purpose:
(a) To institute timely action in other jurisdictions, inorder to forestall garnishment and attachment proceedings againstsuch debts;
(b) To do such other acts as are necessary or expedient tocollect, conserve or protect its assets or property, includingthe power to sell, compound, compromise or assign debts forpurposes of collection upon such terms and conditions as he deemsbest; and
(c) To pursue any creditor's remedies available to enforcehis claims;
(7) To conduct public and private sales of the property ofthe insurer;
(8) To use assets of the estate of an insurer under aliquidation order to transfer policy obligations to a solventassuming insurer, if the transfer can be arranged withoutprejudice to applicable priorities under section 375.1218;
(9) To acquire, hypothecate, encumber, lease, improve,sell, transfer, abandon or otherwise dispose of or deal with, anyproperty of the insurer at its market value or upon such termsand conditions as are fair and reasonable. He shall also havepower to execute, acknowledge and deliver any and all deeds;
(10) To borrow money on the security of the insurer'sassets or without security and to execute and deliver alldocuments necessary to that transaction for the purpose offacilitating the liquidation. Any such funds borrowed may berepaid as an administrative expense and have priority over anyother claims in class 1 under the priority of distribution;
(11) To enter into such contracts as are necessary to carryout the order to liquidate, and to affirm or disavow anycontracts to which the insurer is a party;
(12) To continue to prosecute and to institute in the nameof the insurer or in his own name any and all suits and otherlegal proceedings, in this state or elsewhere, and, with theapproval of the supervising court, to abandon the prosecution ofclaims he deems unprofitable to pursue further. If the insureris dissolved under section 375.1180, he shall have the power toapply to any court in this state or elsewhere for leave tosubstitute himself for the insurer as plaintiff;
(13) To prosecute any action which may exist on behalf ofthe creditors, members, policyholders or shareholders of theinsurer against any officer of the insurer, or any other person;
(14) To institute proceedings in the same case forreceivership for any organization or corporation having theexclusive or dominant right to manage or control the insurerwhich is the subject of the main case, when it appears that areceiver is necessary for the preservation of the assets of theinsurer or that a receiver is necessary to determine the assetsof the insurer held by the organization or corporation. Theduration of the receivership and the duties of the receiver shallbe in the discretion of the court;
(15) To remove any or all records and property of theinsurer to the offices of the director or to such other place asmay be convenient for the purposes of efficient and orderlyexecution of the liquidation. Guaranty associations and foreignguaranty associations shall have such reasonable access to therecords of the insurer as is necessary for them to carry outtheir legal obligations;
(16) To deposit in one or more banks in this state suchsums as are required for meeting current administration expensesand dividend distributions and to invest all sums not currentlyneeded, unless the court orders otherwise; provided that, at theelection of the supervising court, funds held by the liquidatorof the insurer's estate shall be deposited and invested by theliquidator pursuant to either of the following standards as thecourt shall order:
(a) The standards specified by law for the deposit andinvestment of state funds by the state treasurer, as suchstandards are determined to be applicable by the court;
(b) The standards specified by law for the investment ofmoney and property of the Missouri state employees' retirementsystem, as such standards are determined to be applicable by thecourt;
(17) To file any necessary documents for record in theoffice of any recorder of deeds or other office in this state orelsewhere where property of the insurer is located;
(18) To assert all defenses available to the insurer asagainst third persons, including statutes of limitation, statutesof frauds, and the defense of usury. A waiver of any defense bythe insurer after a petition in liquidation has been filed shallnot bind the liquidator. Whenever a guaranty association orforeign guaranty association has an obligation to defend anysuit, the liquidator shall give precedence to such obligation andmay defend only in the absence of a defense by such guarantyassociations;
(19) To exercise and enforce all the rights, remedies, andpowers of any creditor, shareholder, policyholder or member,including any power to avoid any transfer or lien that may begiven by the general law and that is not included within* sections375.1192 to 375.1195, except for any right of distributionpursuant to section 375.1218;
(20) To intervene in any proceeding wherever institutedthat might lead to the appointment of a receiver or trustee, andto act as the receiver or trustee whenever the appointment isoffered;
(21) To enter into agreements with any receiver or directorof any other state relating to the rehabilitation, liquidation,conservation or dissolution of an insurer doing business in bothstates; and
(22) To exercise all powers now held or hereafter conferredupon receivers by the laws of this state not inconsistent withthe provisions of sections 375.1150 to 375.1246.
2. (1) If an insurer being liquidated issued liabilitypolicies on a claims-made basis, which provided an option topurchase an extended period to report claims, then the liquidatormay make available to holders of such policies, for a charge, anextended period to report claims as stated herein. The extendedreporting period shall be made available only to those insuredswho have not secured substitute coverage. The extended periodmade available by the liquidator shall begin upon termination ofany extended period to report claims in the basic policy andshall end at the earlier of the final date for filing of claimsin the liquidation proceeding or eighteen months from the entryof the order of liquidation.
(2) The extended period to report claims made available bythe liquidator shall be subject to the terms of the policy towhich it relates. The liquidator shall make available suchextended period within sixty days after the order of liquidationat a charge to be determined by the liquidator subject toapproval of the court. Such offer shall be deemed rejectedunless the offer is accepted in writing and the charge is paidwithin ninety days after the order of liquidation. Nocommissions, premium taxes, assessments or other fees shall bedue on the charges paid by policyholders pertaining to theextended period to report claims.
3. The enumeration in this section of the powers andauthority of the liquidator shall not be construed as alimitation upon him, nor shall it exclude in any manner his rightto do such other acts not herein specifically enumerated, orotherwise provided for, as may be necessary or appropriate forthe accomplishment of or in aid of the purpose of liquidation.
4. Notwithstanding the powers of the liquidator as statedin this section, the liquidator shall have no obligation todefend claims or to continue to defend claims subsequent to thedischarge of the liquidator.
5. The director as liquidator, any special deputy, allemployees, agents and attorneys of the liquidator and the specialdeputy, and all employees of the state of Missouri when actingwith respect to the liquidation shall be considered to beofficers of the court when acting in such capacities and as suchshall be subject to the orders and directions of the court withrespect to their actions or omissions in connection with theliquidation. The liquidator, special deputy, commissioners andreferees appointed by the court, the agents, attorneys andemployees of the liquidator and employees of the state ofMissouri when acting with respect to the liquidation shall enjoyabsolute judicial immunity and be immune from any claim againstthem personally for any act or omission committed in theperformance of their functions and duties in connection with theliquidation.
6. Notwithstanding the provisions of section 375.1158,subdivision (16) of subsection 1 of this section shall apply toand govern delinquency proceedings commenced before and afterAugust 28, 1991.
