§ 10-3-551 — Domiciliary liquidators in other states

Colorado § 10-3-551

• Jurisdiction: Colorado
• Title 10: Insurance
• Art.: Regulation of Insurance Companies

Text

(1) The domiciliary
liquidator of an insurer domiciled in a reciprocal state shall be vested, except as to
special deposits and security on secured claims under section 10-3-552 (3), by
operation of law with the title to all of the assets, property, contracts, rights of
action, and agents' balances and all of the books, accounts, and other records of
the insurer located in this state. The date of vesting shall be the date of the filing of
the petition, if that date is specified by the domiciliary law for the vesting of
property in the domiciliary state; otherwise, the date of vesting shall be the date of
entry of the order directing possession to be taken. The domiciliary liquidator shall
have the immediate right to recover balances due from agents and to obtain
possession of the books, accounts, and other records of the insurer located in this
state, and shall also, subject to the provisions of section 10-3-552, have the right to
recover all other assets of the insurer located in this state.

(2) If a domiciliary liquidator is appointed for an insurer not domiciled in a
reciprocal state, the commissioner of this state shall be vested by operation of law
with the title to all of the property, contracts, and rights of action and all of the
books, accounts, and other records of the insurer located in this state, at the same
time that the domiciliary liquidator is vested with title in the domicile. The
commissioner of this state may petition for a conservation or liquidation order under
section 10-3-549 or 10-3-550 or for an ancillary receivership under section 10-3-552, or, after approval by the district court in and for the city and county of Denver,
may transfer title to the domiciliary liquidator as the interests of justice and the
equitable distribution of the assets require.

(3) Claimants residing in this state may file claims with the liquidator or
ancillary receiver, if any, in this state or with the domiciliary liquidator, if the
domiciliary law permits. Such claims shall be filed on or before the last date fixed
for the filing of claims in the domiciliary liquidation proceedings.

Legislative History

Source: L. 92: Entire part R&RE, p. 1480, � 14, effective July 1.