§ 27-14.4-6 — § 27-14.4-6. Director as ancillary receiver.

Rhode Island § 27-14.4-6

• Jurisdiction: Rhode Island
• Title 27: Insurance
• Ch. 27-14.4: Uniform Insurers Liquidation Act

Text

§ 27-14.4-6. Director as ancillary receiver.

Whenever under the laws of this state an ancillary receiver is to be appointed in delinquency proceedings for an insurer not domiciled in this state, the superior court shall appoint the director of business regulation as the ancillary receiver. The ancillary receiver shall file a petition in the court requesting appointment:

(1) If he or she finds that there are sufficient assets of the insurer located in this state to justify the appointment of an ancillary receiver; or

(2) If ten (10) or more persons resident in this state having claims against the insurer file a petition with the director of business regulation requesting the appointment of an ancillary receiver.

Legislative History

P.L. 1994, ch. 141, § 2.