New Hampshire Revised Statutes 402-C:53 – Liquidation of Property of Foreign or Alien Insurers Found in This State
Current as of: 2023 | Check for updates
|
Other versions
I.
Grounds for Petition. If no domiciliary receiver has been appointed, the commissioner may apply to the superior court for Merrimack county by verified petition for an order directing him to liquidate the assets found in this state of a foreign insurer or an alien insurer not domiciled in this state, on any of the following grounds:
(a) Any of the grounds in N.H. Rev. Stat. § 402-C:15;
(b) Any of the grounds in N.H. Rev. Stat. § 402-C:20;
(c) Any of the grounds in N.H. Rev. Stat. § 402-C:52.
II.
Terms of Order. If it appears to the court that the best interests of creditors, policyholders and the public so require, the court may issue an order to liquidate in whatever terms it deems appropriate. The filing or recording of the order with any register of deeds in this state imparts the same notice as a deed, bill of sale or other evidence of title duly filed or recorded with that register of deeds.
III.
Conversion to Ancillary Proceeding. If a domiciliary liquidator is appointed in a reciprocal state while a liquidation is proceeding under this section, the liquidator under this section shall thereafter act as ancillary receiver under N.H. Rev. Stat. § 402-C:55. If a domiciliary liquidator is appointed in a nonreciprocal state while a liquidation is proceeding under this section, the liquidator under this section may petition the court for permission to act as ancillary receiver under N.H. Rev. Stat. § 402-C:55.
IV.
Federal Receivership. On the same grounds as are specified in paragraph I, the commissioner may petition any appropriate federal district court to be appointed receiver to liquidate that portion of the insurer’s assets and business over which the court will exercise jurisdiction, or any lesser part thereof that the commissioner deems desirable for the protection of the policyholders and creditors in this state. The commissioner may accept appointment as federal receiver if another person files a petition.
Grounds for Petition. If no domiciliary receiver has been appointed, the commissioner may apply to the superior court for Merrimack county by verified petition for an order directing him to liquidate the assets found in this state of a foreign insurer or an alien insurer not domiciled in this state, on any of the following grounds:
Terms Used In New Hampshire Revised Statutes 402-C:53
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- following: when used by way of reference to any section of these laws, shall mean the section next preceding or following that in which such reference is made, unless some other is expressly designated. See New Hampshire Revised Statutes 21:13
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- person: may extend and be applied to bodies corporate and politic as well as to individuals. See New Hampshire Revised Statutes 21:9
- petition: when used in connection with the equity jurisdiction of the superior court, and referring to a document filed with the court, shall mean complaint, and "petitioner" shall mean plaintiff. See New Hampshire Revised Statutes 21:51
- state: when applied to different parts of the United States, may extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall include said district and territories. See New Hampshire Revised Statutes 21:4
(a) Any of the grounds in N.H. Rev. Stat. § 402-C:15;
(b) Any of the grounds in N.H. Rev. Stat. § 402-C:20;
(c) Any of the grounds in N.H. Rev. Stat. § 402-C:52.
II.
Terms of Order. If it appears to the court that the best interests of creditors, policyholders and the public so require, the court may issue an order to liquidate in whatever terms it deems appropriate. The filing or recording of the order with any register of deeds in this state imparts the same notice as a deed, bill of sale or other evidence of title duly filed or recorded with that register of deeds.
III.
Conversion to Ancillary Proceeding. If a domiciliary liquidator is appointed in a reciprocal state while a liquidation is proceeding under this section, the liquidator under this section shall thereafter act as ancillary receiver under N.H. Rev. Stat. § 402-C:55. If a domiciliary liquidator is appointed in a nonreciprocal state while a liquidation is proceeding under this section, the liquidator under this section may petition the court for permission to act as ancillary receiver under N.H. Rev. Stat. § 402-C:55.
IV.
Federal Receivership. On the same grounds as are specified in paragraph I, the commissioner may petition any appropriate federal district court to be appointed receiver to liquidate that portion of the insurer’s assets and business over which the court will exercise jurisdiction, or any lesser part thereof that the commissioner deems desirable for the protection of the policyholders and creditors in this state. The commissioner may accept appointment as federal receiver if another person files a petition.