District of Columbia § 31-1349 Liquidation of property of foreign or alien insurers found in the District of Columbia.

District of Columbia Statutes

§ 31-1349 — Liquidation of property of foreign or alien insurers found in the District of Columbia.

District of Columbia·Title 31 Insurance and Securities.·Ch. 13 Insurers Rehabilitation and Liquidation Procedures.

(a)If no domiciliary receiver has been appointed, the Commissioner may apply to the Superior Court of the District of Columbia by verified petition for an order directing him or her to liquidate the assets, found in the District, of a foreign insurer or an alien insurer not domiciled in the District, on any of the following grounds:

(1)Any of the grounds in § 31-1310 or § 31-1315 ; or

(2)Any of the grounds specified in § 31-1348(a)(2) through (4).

(b)When an order is sought under subsection (a) of this section, the court shall cause the insurer to be given notice and time to respond reasonable under the circumstances.

(c)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 whatev

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(a) If no domiciliary receiver has been appointed, the Commissioner may apply to the Superior Court of the District of Columbia by verified petition for an order directing him or her to liquidate the assets, found in the District, of a foreign insurer or an alien insurer not domiciled in the District, on any of the following grounds:

(1) Any of the grounds in § 31-1310 or § 31-1315 ; or

(2) Any of the grounds specified in § 31-1348(a)(2) through (4).

(b) When an order is sought under subsection (a) of this section, the court shall cause the insurer to be given notice and time to respond reasonable under the circumstances.

(c) 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 shall deem appropriate. The filing or recording of the order with the Clerk of the Superior Court of the District of Columbia or the recorder of deeds of the District of Columbia shall impart the same notice as a deed, bill of sale, or other evidence of title duly filed or recorded with that recorder of deeds would have imparted.

(d) 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 § 31-1351 . 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 § 31-1351 .

(e) On the same grounds as are specified in subsection (a) of this section, 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 the District.

(f) The court may order the Commissioner, when he or she has liquidated the assets of a foreign or alien insurer under this section, to pay claims of residents of the District against the insurer under rules concerning liquidation of insurers under this chapter as are otherwise compatible with the provisions of this section.

District of Columbia § 31-1349 (Liquidation of property of foreign or alien insurers found in the District of Columbia.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Oct. 15, 1993, D.C. Law 10-35, § 50, 40 DCR 5773; Feb. 27, 1996, D.C. Law 11-90, § 2, 42 DCR 7155; May 21, 1997, D.C. Law 11-268, § 10(z)(2), 44 DCR 1730