Foreign insurers, director may petition to act as conservator,procedures--court may issue order--termination of conservatorship,application for.
375.1232. 1. If a domiciliary liquidator has not beenappointed, the director may apply to the circuit court of ColeCounty by verified petition for an order directing him to act asconservator to conserve the property of an alien insurer notdomiciled in this state or a foreign insurer on any one or moreof the following grounds:
(1) Any of the grounds in section 375.1165;
(2) That any of its property has been sequestered byofficial action in its domiciliary state, or in any other state;
(3) That enough of its property has been sequestered in aforeign country to give reasonable cause to fear that the insureris or may become insolvent;
(4) (a) That its certificate of authority to do businessin this state has been revoked or that none was ever issued; and
(b) That there are residents of this state with outstandingclaims or outstanding policies.
2. When an order is sought under subsection 1 of thissection, the court shall cause the insurer to be given suchnotice and time to respond thereto as is reasonable under thecircumstances.
3. The court may issue the order in whatever terms it shalldeem appropriate. The filing or recording of the order with theclerk of the court or the recorder of deeds of the county inwhich the principal business of the company is located, shallimpart the same notice as a deed, bill of sale or other evidenceof title duly filed or recorded with that recorder of deeds wouldhave imparted.
4. The conservator may at any time petition for and thecourt may grant an order under section 375.1234 to liquidateassets of a foreign or alien insurer under conservation, or, ifappropriate, for an order under section 375.1236, to be appointedancillary receiver.
5. The conservator may at any time petition the court foran order terminating conservation of an insurer. If the courtfinds that the conservation is no longer necessary, it shallorder that the insurer be restored to possession of its propertyand the control of its business. The court may also make suchfinding and issue such order at any time upon motion of anyinterested party, but if such motion is denied all costs shall beassessed against such party.
Foreign insurers, director may petition to act as conservator,procedures--court may issue order--termination of conservatorship,application for.
375.1232. 1. If a domiciliary liquidator has not beenappointed, the director may apply to the circuit court of ColeCounty by verified petition for an order directing him to act asconservator to conserve the property of an alien insurer notdomiciled in this state or a foreign insurer on any one or moreof the following grounds:
(1) Any of the grounds in section 375.1165;
(2) That any of its property has been sequestered byofficial action in its domiciliary state, or in any other state;
(3) That enough of its property has been sequestered in aforeign country to give reasonable cause to fear that the insureris or may become insolvent;
(4) (a) That its certificate of authority to do businessin this state has been revoked or that none was ever issued; and
(b) That there are residents of this state with outstandingclaims or outstanding policies.
2. When an order is sought under subsection 1 of thissection, the court shall cause the insurer to be given suchnotice and time to respond thereto as is reasonable under thecircumstances.
3. The court may issue the order in whatever terms it shalldeem appropriate. The filing or recording of the order with theclerk of the court or the recorder of deeds of the county inwhich the principal business of the company is located, shallimpart the same notice as a deed, bill of sale or other evidenceof title duly filed or recorded with that recorder of deeds wouldhave imparted.
4. The conservator may at any time petition for and thecourt may grant an order under section 375.1234 to liquidateassets of a foreign or alien insurer under conservation, or, ifappropriate, for an order under section 375.1236, to be appointedancillary receiver.
5. The conservator may at any time petition the court foran order terminating conservation of an insurer. If the courtfinds that the conservation is no longer necessary, it shallorder that the insurer be restored to possession of its propertyand the control of its business. The court may also make suchfinding and issue such order at any time upon motion of anyinterested party, but if such motion is denied all costs shall beassessed against such party.
Foreign insurers, director may petition to act as conservator,procedures--court may issue order--termination of conservatorship,application for.
375.1232. 1. If a domiciliary liquidator has not beenappointed, the director may apply to the circuit court of ColeCounty by verified petition for an order directing him to act asconservator to conserve the property of an alien insurer notdomiciled in this state or a foreign insurer on any one or moreof the following grounds:
(1) Any of the grounds in section 375.1165;
(2) That any of its property has been sequestered byofficial action in its domiciliary state, or in any other state;
(3) That enough of its property has been sequestered in aforeign country to give reasonable cause to fear that the insureris or may become insolvent;
(4) (a) That its certificate of authority to do businessin this state has been revoked or that none was ever issued; and
(b) That there are residents of this state with outstandingclaims or outstanding policies.
2. When an order is sought under subsection 1 of thissection, the court shall cause the insurer to be given suchnotice and time to respond thereto as is reasonable under thecircumstances.
3. The court may issue the order in whatever terms it shalldeem appropriate. The filing or recording of the order with theclerk of the court or the recorder of deeds of the county inwhich the principal business of the company is located, shallimpart the same notice as a deed, bill of sale or other evidenceof title duly filed or recorded with that recorder of deeds wouldhave imparted.
4. The conservator may at any time petition for and thecourt may grant an order under section 375.1234 to liquidateassets of a foreign or alien insurer under conservation, or, ifappropriate, for an order under section 375.1236, to be appointedancillary receiver.
5. The conservator may at any time petition the court foran order terminating conservation of an insurer. If the courtfinds that the conservation is no longer necessary, it shallorder that the insurer be restored to possession of its propertyand the control of its business. The court may also make suchfinding and issue such order at any time upon motion of anyinterested party, but if such motion is denied all costs shall beassessed against such party.
