§ 26.1-06.1-42 — Liquidator's recommendations to the court

North Dakota § 26.1-06.1-42

• Jurisdiction: North Dakota
• Title 26.1: Insurance
• Ch. 26.1-06.1: Insurance Company Rehabilitation and Liquidation

Text

1. The liquidator shall review all claims duly filed in the liquidation and shall make such
further investigation as deemed necessary. The liquidator may compound,
compromise, or in any other manner negotiate the amount for which claims will be
recommended to the court except when the liquidator is required by law to accept
claims as settled by any person or organization, including any guaranty association or
foreign guaranty association. Unresolved disputes must be determined under section
26.1-06.1-38. As soon as practicable, the liquidator shall present to the court a report
of the claims against the insurer along with the recommendations of the liquidator. The
report must include the name and address of each claimant and the amount of the
claim finally recommended, if any. If the insurer has issued annuities or life insurance
policies, the liquidator shall report the persons to whom, according to the records of
the insurer, amounts are owed as cash surrender values or other investment value and
the amounts owed.
2. The court may approve, disapprove, or modify the report on claims by the liquidator.
The reports which are not modified by the court within a period of sixty days following
submission by the liquidator must be treated by the liquidator as allowed claims,
subject thereafter to later modification or to rulings made by the court pursuant to
section 26.1-06.1-38. No claim under a policy of insurance may be allowed for an
amount in excess of the applicable policy limits.