State Codes and Statutes
Statutes > Missouri > T24 > C375 > 375_958Ancillary receiver, appointed when, entitled to what property, duties.
375.958. 1. Whenever under the laws of this state an ancillary receiveris to be appointed in delinquency proceedings for an insurer not domiciled inthis state, the court shall appoint the director of the department ofinsurance, financial institutions and professional registration as ancillaryreceiver. The director shall file a petition requesting the appointment if hefinds that there are sufficient assets of such insurer located in this stateto justify the appointment of an ancillary receiver. Notwithstanding anyother provision of the insurance laws of this state, said petition may befiled in the circuit court in the county or city in which the insurer has orlast had its principal or chief office or place of business in this state orin the county of Cole.
2. The domiciliary receiver of an insurer domiciled in a reciprocalstate shall be vested by operation of law with the title to all of theproperty, contracts, and rights of action, and all of the books and records ofthe insurer located in this state, and he shall have the immediate right torecover balances due from local agents and to obtain possession of any booksand records of the insurer found in this state. He shall also be entitled torecover the other assets of the insurer located in this state except that uponthe appointment of an ancillary receiver in this state, the ancillary receivershall during the ancillary receivership proceedings have the sole right torecover such other assets. The ancillary receiver shall, as soon aspracticable, liquidate from their respective securities those special depositclaims and secured claims which are proved and allowed in the ancillaryproceedings in this state, and shall pay the necessary expenses of theproceedings. All remaining assets shall be promptly transferred to thedomiciliary receiver. Subject to the foregoing provisions the ancillaryreceiver and his deputies shall have the same powers and be subject to thesame duties with respect to the administration of such assets as a receiver ofan insurer domiciled in this state.
(L. 1976 H.B. 1479 § 3)Effective 6-16-76
