This text of North Dakota § 26.1-06.1-49 (Conservation of property of foreign or alien insurers found in this state) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
1. If a domiciliary liquidator has not been appointed, the commissioner may apply to the
district court by verified petition for an order directing the commissioner to act as
conservator to conserve the property of an alien insurer not domiciled in this state or a
foreign insurer on any one or more of the following grounds:
a. Any of the grounds in section 26.1-06.1-11;
b. That any of its property has been sequestered by official action in its domiciliary
state, or in any other state;
c. That enough of its property has been sequestered in a foreign country to give
reasonable cause to fear that the insurer is or may become insolvent; and
d.
(1)That its certificate of authority to do business in this state has been revoked
or that none was ever issued; and
(2)That there are residents of t
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1. If a domiciliary liquidator has not been appointed, the commissioner may apply to the
district court by verified petition for an order directing the commissioner to act as
conservator to conserve the property of an alien insurer not domiciled in this state or a
foreign insurer on any one or more of the following grounds:
a. Any of the grounds in section 26.1-06.1-11;
b. That any of its property has been sequestered by official action in its domiciliary
state, or in any other state;
c. That enough of its property has been sequestered in a foreign country to give
reasonable cause to fear that the insurer is or may become insolvent; and
d. (1) That its certificate of authority to do business in this state has been revoked
or that none was ever issued; and
(2) That there are residents of this state with outstanding claims or outstanding
policies.
2. When an order is sought under subsection 1, the court shall cause the insurer to be
given such notice and time to respond thereto as is reasonable under the
circumstances.
3. The court may issue the order in whatever terms it deems appropriate. The filing or
recording of the order with the recorder, unless the board of county commissioners
designates a different official, of the county in which the principal business of the
company is located, imparts the same notice as a deed, bill of sale, or other evidence
of title duly filed or recorded with that recorder, or designated official.
4. The conservator may at any time petition for and the court may grant an order under
section 26.1-06.1-50 to liquidate assets of a foreign or alien insurer under
conservation, or, if appropriate, an order to be appointed ancillary receiver under
section 26.1-06.1-52.
5. The conservator may at any time petition the court for an order terminating
conservation of an insurer. If the court finds that the conservation is no longer
necessary, it shall order that the insurer be restored to possession of its property and
the control of its business. The court may also make such finding and issue such order
at any time upon motion of any interested party, but if the motion is denied, all costs
must be assessed against the moving party.