Director to be receiver, when--receiver has title to what, ancillaryreceivers have title to what, filing of order impartsnotice--appointment of special deputies, compensation, payment.
375.954. 1. Whenever under the laws of this state a receiver is to beappointed in delinquency proceedings for an insurer domiciled in this state,the court shall appoint the director of the department of insurance, financialinstitutions and professional registration as such receiver. The court shalldirect the receiver forthwith to take possession of the assets of the insurerand to administer the same under the orders of the court.
2. The domiciliary receiver and his successors in office shall be vestedby operation of law with the title to all of the property, contracts, andrights of action, and all of the books and records of the insurer whereverlocated, as of the date of entry of the order directing possession to betaken, and he shall have the right to recover the same and reduce the same topossession; except that ancillary receivers in reciprocal states shall have,as to assets located in their respective states, the rights and powers whichare hereinafter prescribed for ancillary receivers appointed in this state asto assets located in this state. The filing or recording of the orderdirecting possession to be taken, or a certified copy thereof, in the officewhere instruments affecting title to property are required to be filed orrecorded shall impart the same notice as would be imparted by a deed, bill ofsale, or other evidence of title duly filed or recorded. The court may at anytime require an additional bond from him or his deputies if deemed desirablefor the protection of the assets.
3. Upon taking possession of the assets of a delinquent insurer thedomiciliary receiver shall, subject to the direction of the court, immediatelyproceed to conduct the business of the insurer or to take such other steps asare authorized by the laws of this state for the purpose of liquidating,rehabilitating, reorganizing, or conserving the affairs of the insurer. Inconnection with delinquency proceedings he may appoint or employ one or morespecial deputies to act for him, and may employ such counsel, clerks, andassistants as he deems necessary. The compensation of the special deputies,counsel, clerks, or assistants and all expenses of taking possession of thedelinquent insurer and of conducting the delinquency proceedings shall befixed by the receiver, subject to the approval of the court, and shall be paidout of the funds or assets of the insurer in accordance with section 375.740.Within the limits of the duties imposed upon them, special deputies shallpossess all the powers given to, and, in the exercise of those powers, shallbe subject to all of the duties imposed upon the receiver with respect todelinquency proceedings.
Director to be receiver, when--receiver has title to what, ancillaryreceivers have title to what, filing of order impartsnotice--appointment of special deputies, compensation, payment.
375.954. 1. Whenever under the laws of this state a receiver is to beappointed in delinquency proceedings for an insurer domiciled in this state,the court shall appoint the director of the department of insurance, financialinstitutions and professional registration as such receiver. The court shalldirect the receiver forthwith to take possession of the assets of the insurerand to administer the same under the orders of the court.
2. The domiciliary receiver and his successors in office shall be vestedby operation of law with the title to all of the property, contracts, andrights of action, and all of the books and records of the insurer whereverlocated, as of the date of entry of the order directing possession to betaken, and he shall have the right to recover the same and reduce the same topossession; except that ancillary receivers in reciprocal states shall have,as to assets located in their respective states, the rights and powers whichare hereinafter prescribed for ancillary receivers appointed in this state asto assets located in this state. The filing or recording of the orderdirecting possession to be taken, or a certified copy thereof, in the officewhere instruments affecting title to property are required to be filed orrecorded shall impart the same notice as would be imparted by a deed, bill ofsale, or other evidence of title duly filed or recorded. The court may at anytime require an additional bond from him or his deputies if deemed desirablefor the protection of the assets.
3. Upon taking possession of the assets of a delinquent insurer thedomiciliary receiver shall, subject to the direction of the court, immediatelyproceed to conduct the business of the insurer or to take such other steps asare authorized by the laws of this state for the purpose of liquidating,rehabilitating, reorganizing, or conserving the affairs of the insurer. Inconnection with delinquency proceedings he may appoint or employ one or morespecial deputies to act for him, and may employ such counsel, clerks, andassistants as he deems necessary. The compensation of the special deputies,counsel, clerks, or assistants and all expenses of taking possession of thedelinquent insurer and of conducting the delinquency proceedings shall befixed by the receiver, subject to the approval of the court, and shall be paidout of the funds or assets of the insurer in accordance with section 375.740.Within the limits of the duties imposed upon them, special deputies shallpossess all the powers given to, and, in the exercise of those powers, shallbe subject to all of the duties imposed upon the receiver with respect todelinquency proceedings.
Director to be receiver, when--receiver has title to what, ancillaryreceivers have title to what, filing of order impartsnotice--appointment of special deputies, compensation, payment.
375.954. 1. Whenever under the laws of this state a receiver is to beappointed in delinquency proceedings for an insurer domiciled in this state,the court shall appoint the director of the department of insurance, financialinstitutions and professional registration as such receiver. The court shalldirect the receiver forthwith to take possession of the assets of the insurerand to administer the same under the orders of the court.
2. The domiciliary receiver and his successors in office shall be vestedby operation of law with the title to all of the property, contracts, andrights of action, and all of the books and records of the insurer whereverlocated, as of the date of entry of the order directing possession to betaken, and he shall have the right to recover the same and reduce the same topossession; except that ancillary receivers in reciprocal states shall have,as to assets located in their respective states, the rights and powers whichare hereinafter prescribed for ancillary receivers appointed in this state asto assets located in this state. The filing or recording of the orderdirecting possession to be taken, or a certified copy thereof, in the officewhere instruments affecting title to property are required to be filed orrecorded shall impart the same notice as would be imparted by a deed, bill ofsale, or other evidence of title duly filed or recorded. The court may at anytime require an additional bond from him or his deputies if deemed desirablefor the protection of the assets.
3. Upon taking possession of the assets of a delinquent insurer thedomiciliary receiver shall, subject to the direction of the court, immediatelyproceed to conduct the business of the insurer or to take such other steps asare authorized by the laws of this state for the purpose of liquidating,rehabilitating, reorganizing, or conserving the affairs of the insurer. Inconnection with delinquency proceedings he may appoint or employ one or morespecial deputies to act for him, and may employ such counsel, clerks, andassistants as he deems necessary. The compensation of the special deputies,counsel, clerks, or assistants and all expenses of taking possession of thedelinquent insurer and of conducting the delinquency proceedings shall befixed by the receiver, subject to the approval of the court, and shall be paidout of the funds or assets of the insurer in accordance with section 375.740.Within the limits of the duties imposed upon them, special deputies shallpossess all the powers given to, and, in the exercise of those powers, shallbe subject to all of the duties imposed upon the receiver with respect todelinquency proceedings.
