31A-27a-703 - Partial and final distributions of assets. - Utah Statutes

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Statutes > Utah > Title-31a > Chapter-27a > 31a-27a-703

31A-27a-703. Partial and final distributions of assets.
(1) (a) With the approval of the receivership court, a liquidator may declare and pay:
(i) one or more partial distributions on claims as those claims are allowed; and
(ii) a final distribution.
(b) All claims allowed within a priority class shall be paid at substantially the samepercentage.
(c) A distribution under this section to a guaranty association is not an advance underSection 31A-27a-704.
(2) In determining the percentage of distributions to be paid on a claim, the liquidatormay consider:
(a) the estimated value of the insurer's property, including estimated reinsurancerecoverables in connection with the insurer's estimated liabilities for:
(i) unpaid losses and loss expenses; and
(ii) incurred but not reported losses and loss expenses; and
(b) the estimated value of the insurer's liabilities, including estimated liabilities for:
(i) unpaid losses and loss expenses; and
(ii) incurred but not reported losses and loss expenses.
(3) Distribution of property in kind may be made at valuations set by agreement:
(a) between the liquidator and the creditor; and
(b) as approved by the receivership court.
(4) (a) Notwithstanding Subsection (1) and Part 6, Claims, the liquidator may paybenefits under a workers' compensation policy after the day on which the liquidation order isentered if:
(i) there is an acceptance of liability by the insurer, and no bona fide dispute exists;
(ii) payment is commenced before the entry of the liquidation order; and
(iii) future or past indemnity or medical payments are due.
(b) A claim payment under this Subsection (4) may continue until the applicableguaranty association:
(i) assumes responsibility for the claim payments; or
(ii) determines the claim is not a covered claim under its guaranty association law.
(c) A claim payment or related expense made under this Subsection (4) may be treated asearly access distribution under Section 31A-27a-704 in accordance with an agreement with theguaranty association responsible for the payment.

Enacted by Chapter 309, 2007 General Session

State Codes and Statutes

Statutes > Utah > Title-31a > Chapter-27a > 31a-27a-703

31A-27a-703. Partial and final distributions of assets.
(1) (a) With the approval of the receivership court, a liquidator may declare and pay:
(i) one or more partial distributions on claims as those claims are allowed; and
(ii) a final distribution.
(b) All claims allowed within a priority class shall be paid at substantially the samepercentage.
(c) A distribution under this section to a guaranty association is not an advance underSection 31A-27a-704.
(2) In determining the percentage of distributions to be paid on a claim, the liquidatormay consider:
(a) the estimated value of the insurer's property, including estimated reinsurancerecoverables in connection with the insurer's estimated liabilities for:
(i) unpaid losses and loss expenses; and
(ii) incurred but not reported losses and loss expenses; and
(b) the estimated value of the insurer's liabilities, including estimated liabilities for:
(i) unpaid losses and loss expenses; and
(ii) incurred but not reported losses and loss expenses.
(3) Distribution of property in kind may be made at valuations set by agreement:
(a) between the liquidator and the creditor; and
(b) as approved by the receivership court.
(4) (a) Notwithstanding Subsection (1) and Part 6, Claims, the liquidator may paybenefits under a workers' compensation policy after the day on which the liquidation order isentered if:
(i) there is an acceptance of liability by the insurer, and no bona fide dispute exists;
(ii) payment is commenced before the entry of the liquidation order; and
(iii) future or past indemnity or medical payments are due.
(b) A claim payment under this Subsection (4) may continue until the applicableguaranty association:
(i) assumes responsibility for the claim payments; or
(ii) determines the claim is not a covered claim under its guaranty association law.
(c) A claim payment or related expense made under this Subsection (4) may be treated asearly access distribution under Section 31A-27a-704 in accordance with an agreement with theguaranty association responsible for the payment.

Enacted by Chapter 309, 2007 General Session

State Codes and Statutes

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State Codes and Statutes

Statutes > Utah > Title-31a > Chapter-27a > 31a-27a-703

31A-27a-703. Partial and final distributions of assets.
(1) (a) With the approval of the receivership court, a liquidator may declare and pay:
(i) one or more partial distributions on claims as those claims are allowed; and
(ii) a final distribution.
(b) All claims allowed within a priority class shall be paid at substantially the samepercentage.
(c) A distribution under this section to a guaranty association is not an advance underSection 31A-27a-704.
(2) In determining the percentage of distributions to be paid on a claim, the liquidatormay consider:
(a) the estimated value of the insurer's property, including estimated reinsurancerecoverables in connection with the insurer's estimated liabilities for:
(i) unpaid losses and loss expenses; and
(ii) incurred but not reported losses and loss expenses; and
(b) the estimated value of the insurer's liabilities, including estimated liabilities for:
(i) unpaid losses and loss expenses; and
(ii) incurred but not reported losses and loss expenses.
(3) Distribution of property in kind may be made at valuations set by agreement:
(a) between the liquidator and the creditor; and
(b) as approved by the receivership court.
(4) (a) Notwithstanding Subsection (1) and Part 6, Claims, the liquidator may paybenefits under a workers' compensation policy after the day on which the liquidation order isentered if:
(i) there is an acceptance of liability by the insurer, and no bona fide dispute exists;
(ii) payment is commenced before the entry of the liquidation order; and
(iii) future or past indemnity or medical payments are due.
(b) A claim payment under this Subsection (4) may continue until the applicableguaranty association:
(i) assumes responsibility for the claim payments; or
(ii) determines the claim is not a covered claim under its guaranty association law.
(c) A claim payment or related expense made under this Subsection (4) may be treated asearly access distribution under Section 31A-27a-704 in accordance with an agreement with theguaranty association responsible for the payment.

Enacted by Chapter 309, 2007 General Session