Connecticut § 38a-961 (Formerly Sec. 38-479). Subordination of claims for noncooperation.

Connecticut Statutes

§ 38a-961 — (Formerly Sec. 38-479). Subordination of claims for noncooperation.

Connecticut·Title 38a Insurance·Ch. 704c Insurers Rehabilitation and Liquidation Act and Termination of Domestic Life Insurance Companies

If an ancillary receiver in another state or foreign country, whether called by that name or not, fails to transfer to the domiciliary liquidator in this state any assets within his control other than special deposits, diminished only by the expenses of the ancillary receivership, if any, the claims filed in the ancillary receivership, other than special deposit claims or secured claims, shall be placed in the class of claims pursuant to subdivision (8) of subsection (a) of section 38a-944.

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If an ancillary receiver in another state or foreign country, whether called by that name or not, fails to transfer to the domiciliary liquidator in this state any assets within his control other than special deposits, diminished only by the expenses of the ancillary receivership, if any, the claims filed in the ancillary receivership, other than special deposit claims or secured claims, shall be placed in the class of claims pursuant to subdivision (8) of subsection (a) of section 38a-944.

Connecticut § 38a-961 ((Formerly Sec. 38-479). Subordination of claims for noncooperation.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

(P.A. 79-382, S. 59; P.A. 98-214, S. 27.) History: Sec. 38-479 transferred to Sec. 38a-961 in 1991; P.A. 98-214 substituted reference to Sec. 38a-944(a)(8) for reference to Sec. 38a-944(g).