Arizona Laws 20-623. Order of conservation or ancillary liquidation of foreign or alien insurers
Current as of: 2024 | Check for updates
|
Other versions
A. An order to conserve the assets of a foreign or alien insurer shall require the director as ancillary receiver to take immediate possession of the property of the insurer within this state and to conserve it, subject to the further direction of the court.
Terms Used In Arizona Laws 20-623
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Court: means , unless the context otherwise requires, the judge of the superior court assigned to the delinquency proceeding. See Arizona Laws 20-611
- Insurer: means any person, firm, corporation, association or aggregation of persons doing an insurance business and subject to the insurance supervisory authority of, or to liquidation, rehabilitation, reorganization or conservation by the director or the equivalent insurance supervisory official of another state. See Arizona Laws 20-611
- Property: includes both real and personal property. See Arizona Laws 1-215
- Receiver: means the director as receiver, liquidator, rehabilitator or conservator as the context may require. See Arizona Laws 20-611
- State: means any state of the United States, the District of Columbia and the territories and possessions of the United States. See Arizona Laws 20-611
B. An order to liquidate the assets in this state of a foreign insurer shall require the director as ancillary receiver to take immediate possession of the property of the insurer within this state and to liquidate it subject to the orders of the court and with due regard to the rights and powers of the domiciliary receiver, as provided in this article.