Title 31A, Title 31A: Insurance Code

31A-27a-512.1. Indemnitor liability. (1) Except as otherwise provided in this chapter, the amount recoverable by the receiver from an indemnitor may not be reduced as a result of a delinquency proceeding with a finding of insolvency, regardless of any provision in the indemnity c…

31A-27a-513. Reinsurance continuation and termination. (1) For purposes of this section: "Coverage date" is the day on which an order of liquidation is entered. "Election date" is the day on which an affected guaranty association elects to assume under this section the rights and…

31A-27a-514. Recovery of premiums owed. (1) An insured shall pay any unpaid earned premium or retrospectively rated premium due the insurer: directly to the receiver; or to an agent that pays or is obligated to pay the receiver on behalf of the insured. Premium on surety business…

31A-27a-515. Commutation and release agreements. (1) For purposes of this section, "casualty claims" means the insurer's aggregate claims arising out of insurance contracts in the following lines: farm owner multiperil; homeowner multiperil; commercial multiperil; medical malprac…

31A-27a-516. Reinsurance recoverable trust provisions. (1) As used in this section: "Beneficiary" means the domiciliary insurance commissioner, as liquidator of the insurer for whose sole benefit a reinsurance recoverable trust is established. "Grantor" means the reinsurer who ha…

31A-27a-601. Filing of claims. (1) Subject to the other provisions of this Subsection, proof of a claim shall be filed with the liquidator in the form required by Sectionon or before the last day for filing specified in the notice required under Section. (1) 31A-27a-602 31A-27a-4…

31A-27a-602. Proof of claim. (1) Proof of claim shall consist of a statement signed by the claimant or on behalf of the claimant that includes all of the following that are applicable: the particulars of the claim including the consideration given for the claim; the identity and …

31A-27a-603. Allowance of claims. (1) Except as provided in Subsectionsand, the liquidator shall: (11) (12) review all claims filed in the liquidation proceeding in accordance with this chapter; and further investigate a claim, as the liquidator considers necessary. Consistent wi…

31A-27a-604. Claims under an occurrence policy, surety bond, surety undertaking. (1) Subject to Section, an insured may file a claim for the protection afforded under the insured's policy, irrespective of whether a claim is known at the time of filing, if the policy is an occurre…

31A-27a-605. Allowance of contingent and unliquidated claims. (1) As used in this section, "claim" means a demand for payment pursuant to Sectionunder the terms and conditions of a contract issued by the insurer as a result of a known accident, casualty, disaster, loss, event, or…

31A-27a-606. Special provisions for third party claims. (1) Whenever a third party asserts a cause of action against an insured of an insurer in liquidation, the third party may file a claim with the liquidator on or before the last day for filing claims. (2) Whether or not the t…

31A-27a-607. Disputed claims. (1) When a claim is disallowed in whole or in part by the liquidator, written notice of the determination and of the right to object shall be given promptly to the claimant or the claimant's attorney of record, if any, by first-class mail at the addr…

31A-27a-608. Liquidator's recommendations to the receivership court. (1) The liquidator shall, from time to time as determined by the liquidator, present to the receivership court for approval, reports of claims settled or determined by the liquidator under Section. 31A-27a-603 (…

31A-27a-609. Claims of codebtor. If a creditor does not timely file a proof of the creditor's claim, the following may file a proof of the claim: (1) a person who is liable to the creditor together with the insurer; or (2) a person who has secured the creditor.

31A-27a-610. Secured creditor's claims. (1) The value of a security held by a secured creditor shall be determined in one of the following ways: by converting the security into money according to the terms of the agreement pursuant to which the security is delivered to the credit…

31A-27a-611. Qualified financial contracts. (1) As used in this section: "Actual direct compensatory damages" does not include: punitive or exemplary damages; damages for lost profit or lost opportunity; or damages for pain and suffering. "Actual direct compensatory damages" incl…

31A-27a-612. Administration of deductible policies and insured collateral. (1) As used in this section: "Collateral" means any of the following that secures an insured's obligation to pay or to reimburse the insurer for deductible claim payments and to reimburse or pay to the ins…

31A-27a-701. Priority of distribution. (1) The priority of payment of distributions on unsecured claims shall be in accordance with the order in which each class of claim is set forth in this section except as provided in Section. 31A-27a-702 All claims in each class shall be pai…

31A-27a-702. Health maintenance organization claims. (1) For a delinquency proceeding under this chapter that is initiated before May 8, 2018, in the liquidation of a health maintenance organization, a claim for uncovered expenditures has priority over a Class 3 claim as provided…

31A-27a-703. Partial and final distributions of assets. (1) With the approval of the receivership court, a liquidator may declare and pay: one or more partial distributions on claims as those claims are allowed; and a final distribution. All claims allowed within a priority class…

31A-27a-704. Early access disbursements. (1) As used in this section, "distributable assets" means general assets of the liquidation estate less: amounts reserved, to the extent necessary and appropriate, for the entire Subsectionexpenses of the liquidation through and after the …

31A-27a-705. Unclaimed and withheld funds. (1) If any funds of the receivership estate remain unclaimed after the final distribution under Section, the funds shall be placed in a segregated unclaimed funds account held by the commissioner. 31A-27a-703 If the owner of any of the f…

31A-27a-801. Condition on release from delinquency proceedings. (1) Unless otherwise provided in a plan approved by the guaranty associations, an insurer that is subject to a rehabilitation proceeding may not take an action listed in Subsectionuntil all payments by all guaranty a…

31A-27a-802. Discharge of liquidator and termination of liquidation proceedings. (1) When all property justifying the expense of collection and distribution is collected and distributed under this chapter, the liquidator shall apply to the receivership court for an order discharg…

31A-27a-803. Reopening liquidation. (1) After a liquidation proceeding is terminated and the liquidator discharged, the commissioner may at any time petition the court that was the receivership court to reopen the proceedings for good cause, including the discovery of additional …

31A-27a-804. Disposition of records during and after termination of liquidation. (1) Whenever it appears to the receiver that records of the insurer in receivership are no longer useful, the receiver may recommend to the receivership court, and the receivership court shall direct…

31A-27a-805. External audit of the receiver's books. (1) As used in this section, "books" means: the business operations of the receiver; the accounting systems and procedures of the receiver; and the financial records of the receiver. (2) The receivership court may, as it consid…

31A-27a-901. Ancillary conservation of foreign insurers. (1) The commissioner may initiate an action against a foreign insurer pursuant to Sectionon any of the grounds stated in that section or on the basis that: 31A-27a-201 any of the foreign insurer's property is sequestered, g…

31A-27a-902. Domiciliary receivers appointed in other states. (1) A domiciliary receiver appointed in another state is vested by operation of law with title to, and may summarily take possession of, all property and records of the insurer in this state. Notwithstanding any other …