State Codes and Statutes
Statutes > Missouri > T24 > C375 > 375_650Title of assets to vest in director--special deputy receiver,appointment, duties.
375.650. 1. Upon the rendition of a final judgmentdissolving an insurer, or declaring it insolvent, all the generalassets of such insurer shall vest in fee simple and absolutely inthe director, and his successor or successors in office, whoshall hold and dispose of the same in his capacity as receiverfor the use and benefit of the creditors and policyholders ofsuch insurer and such other persons as may be interested in suchassets.
2. Upon the rendition of a final judgment dissolving aninsurer, or declaring it insolvent, the director may appoint aspecial deputy receiver whose appointment is approved by thecourt to manage the receivership. The director in his capacityas receiver of such insurer, any special deputy receiver who isappointed by the director and whose appointment is approved bythe court, all employees and agents of such receivership and allemployees of the state of Missouri when acting with respect tothe receivership shall be considered to be officers of the courtwhen acting in such capacities and as such shall be subject tothe orders and directions of the court with respect to theiractions or omissions in connection with the receivership. Thereceiver, special deputy receiver, commissioners and specialmasters appointed by the court, the agents and employees of thereceivership and the commissioners and employees of the state ofMissouri when acting with respect to the receivership shall enjoyabsolute judicial immunity and be immune from any claim againstthem personally for any act or omission while acting in goodfaith in the performance of their functions and duties inconnection with the receivership.
3. This section shall apply only to proceedings institutedbefore August 28, 1991.
(RSMo 1939 § 6058, A.L. 1986 H.B. 1103, A.L. 1988 S.B. 430, A.L. 1992 H.B. 1574)Prior revisions: 1929 § 5947; 1919 § 6355; 1909 § 7085
(1962) In garnishment proceedings by judgment creditor of insured against reinsurer of automobile liability policy, where superintendent of insurance as receiver of insolvent original insurer was a party and claimed money payable under reinsurance contract, held that under reinsurance contract indemnity against liability was provided and judgment creditor could recover from reinsurer as third party beneficiary. First National Bank of Kansas City v. Higgins (Mo.), 357 S.W.2d 139.
