Utah Code 31A-28-118. Stay of proceedings — Reopening default judgments
Current as of: 2023 | Check for updates
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(1) | A proceeding in which the insolvent insurer is a party in any court in this state shall be stayed 180 days from the date an order of liquidation, rehabilitation, or conservation is final to permit proper legal action by the association on any matters germane to its powers or duties. |
(a) | an insurer is unable to pay the insurer's obligations as the obligations are due; |
(b) | an insurer's total adjusted capital is less than the insurer's mandatory control level RBC under Subsection 31A-17-601(8)(c); or |
(c) | an insurer's admitted assets are less than the insurer's liabilities. See Utah Code 31A-1-301 |
(2) | The association may apply to have a judgment under any decision, order, verdict, or finding based on default set aside by the same court that made the judgment. The association shall be permitted to defend against the suit on the merits. |
Amended by Chapter 292, 2010 General Session