§ 27-14.3-28. Actions by and against liquidator.
(a) Upon issuance of an order appointing a liquidator of a domestic insurer or of an alien
insurer domiciled in this state, no action at law or equity or in arbitration shall
be brought against the insurer or liquidator, whether in this state or another place,
nor shall any existing actions be maintained or further presented after the issuance
of the order. The courts of this state shall give full faith and credit to injunctions
against new actions against the liquidator or the company or the continuation of existing
actions against the liquidator or the company, when the injunctions are included in
an order to liquidate an insurer issued pursuant to corresponding provisions in other
states. Whenever, in the liquidator's judgment, protection of the estate of the insurer
necessitates intervention in an action against the insurer that is pending outside
of this state, the liquidator may intervene in the action. The liquidator may defend
any action in which the liquidator intervenes under this section at the expense of
the estate of the insurer.
(b) The liquidator may, upon or after an order for liquidation, within two (2) years or
a longer time as applicable law may permit, institute an action or proceeding on behalf
of the estate of the insurer upon any cause of action against which the period of
limitation fixed by applicable law has not expired at the time of the filing of the
petition upon which the order is entered. When, by any agreement, a period of limitation
is fixed for instituting a suit or proceeding upon any claim, or for filing any claim,
proof of claim, proof of loss, demand, notice, or the like, or when in any proceeding,
judicial or otherwise, a period of limitation is fixed, either in the proceeding or
by applicable law, for taking any action, filing any claim or pleading, or doing any
act, and when in this case the period had not expired at the date of the filing of
the petition the liquidator may, for the benefit of the estate, take any action or
do any act, required of or permitted to the insurer, within a period of one hundred
eighty (180) days subsequent to the entry of an order for liquidation, or within a
further period that is shown to the satisfaction of the court not to be unfairly prejudicial
to the other party.
(c) No statute of limitations or defense of laches shall run with respect to any action
against an insurer between the filing of a petition for liquidation against an insurer
and the denial of the petition. Any action against the insurer that might have been
commenced when the petition was filed may be commenced for at least sixty (60) days
after the petition is denied.
(d) Any guaranty association or foreign guaranty association shall have standing to appear
in any court proceeding concerning the liquidation of an insurer if the association
is or may become liable to act as a result of the liquidation.