North Dakota § 26.1-06.1-50 Liquidation of property of foreign or alien insurers found in this state

North Dakota Statutes

§ 26.1-06.1-50 — Liquidation of property of foreign or alien insurers found in this state

North Dakota § 26.1-06.1-50

Title 26.1Insurance

Ch. 26.1-06.1Insurance Company Rehabilitation and Liquidation

This text of North Dakota § 26.1-06.1-50 (Liquidation 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.

Bluebook

N.D. Cent. Code § 26.1-06.1-50 (2026).

Text

1.If no domiciliary receiver has been appointed, the commissioner may apply to the district court by verified petition for an order directing the commissioner to liquidate the assets found in this state of a foreign insurer or an alien insurer not domiciled in this state, on any of the following grounds:

a.Any of the grounds in section 26.1-06.1-11 or 26.1-06.1-16; or

b.Any of the grounds specified in subdivisions b, c, and d of subsection 1 of section 26.1-06.1-49.

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.If it appears to the court that the best interests of creditors, policyholders, and the public require, the court may issue an order to liquidate in

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1. If no domiciliary receiver has been appointed, the commissioner may apply to the
district court by verified petition for an order directing the commissioner to liquidate the
assets found in this state of a foreign insurer or an alien insurer not domiciled in this
state, on any of the following grounds:
a. Any of the grounds in section 26.1-06.1-11 or 26.1-06.1-16; or
b. Any of the grounds specified in subdivisions b, c, and d of subsection 1 of section
26.1-06.1-49.
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. If it appears to the court that the best interests of creditors, policyholders, and the
public require, the court may issue an order to liquidate 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 or the county in which its principal office
or place of business 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. 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 section 26.1-06.1-52. 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 section 26.1-06.1-52.
5. On the same grounds as are specified in subsection 1, 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 this state.
6. Once the assets of a foreign or alien insurer have been liquidated by the commissioner
under this section, the court may order the commissioner to pay claims of residents of

this state against the insurer under such rules as to the liquidation of insurers under
this chapter as are otherwise compatible with the provisions of this section.