§ 27-14.3-57. Ancillary formal proceedings.
(a) If a domiciliary liquidator has been appointed for an insurer not domiciled in this
state, the commissioner may file a petition with the superior court for the county
of Providence requesting appointment as ancillary receiver in this state:
(1) If the commissioner finds that there are sufficient assets of the insurer located
in this state to justify the appointment of an ancillary receiver; and
(2) If the protection of creditors or policyholders in this state requires this.
(b) The court
Free access — add to your briefcase to read the full text and ask questions with AI
§ 27-14.3-57. Ancillary formal proceedings.
(a) If a domiciliary liquidator has been appointed for an insurer not domiciled in this
state, the commissioner may file a petition with the superior court for the county
of Providence requesting appointment as ancillary receiver in this state:
(1) If the commissioner finds that there are sufficient assets of the insurer located
in this state to justify the appointment of an ancillary receiver; and
(2) If the protection of creditors or policyholders in this state requires this.
(b) The court may issue an order appointing an ancillary receiver in whatever terms it
shall deem appropriate. The filing or recording of the order with the recorders of
deeds in this state imparts the same notice as a deed, bill of sale, or other evidence
of title duly filed or recorded with that recorder of deeds.
(c) When a domiciliary liquidator has been appointed in a reciprocal state, then the ancillary
receiver appointed in this state may, whenever necessary, aid and assist the domiciliary
liquidator in recovering assets of the insurer located in this state. The ancillary
receiver shall, as soon as practicable, liquidate from their respective securities
those special deposit claims and secured claims which are proved and allowed in the
ancillary proceedings in this state, and shall pay the necessary expenses of the proceedings.
The ancillary receiver shall promptly transfer all remaining assets, books, accounts,
and records to the domiciliary liquidator. Subject to this section, the ancillary
receiver and the ancillary receiver's deputies shall have the same powers and be subject
to the same duties with respect to the administration of assets as a liquidator of
an insurer domiciled in this state.
(d) When a domiciliary liquidator has been appointed in this state, ancillary receivers
appointed in reciprocal states shall have, as to assets and books, accounts, and other
records in their respective states, corresponding rights, duties, and powers to those
provided in subsection (c) of this section for ancillary receivers appointed in this
state.