Arizona § 20-623 Order of conservation or ancillary liquidation of foreign or alien insurers

Arizona Statutes

§ 20-623 — Order of conservation or ancillary liquidation of foreign or alien insurers

Arizona·Title 20 Arizona Revised Statutes·Ch. 3 FINANCIAL PROVISIONS AND PROCEDURES·Art. 4 Rehabilitation and Liquidation

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.

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.

Free access — add to your briefcase to read the full text and ask questions with AI

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.

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.

Arizona § 20-623 (Order of conservation or ancillary liquidation of foreign or alien insurers) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.