§ 38-27-410 — Notice to creditors and others.

(a) Unless the court otherwise directs, the liquidator shall give or cause to be given notice of the liquidation order as soon as possible: (1) By first class mail and either by telegram or telephone to the insurance commissioner of each jurisdiction in which the insurer is doing business. (2) By first class mail to any guaranty association or foreign guaranty association which is or may become obligated as a result of the liquidation. (3) By first class mail to all insurance agents of the insurer. (4) By first class mail to all persons known or reasonably expected to have claims against the insurer, including all policyholders, at their last known addresses as indicated by the records of the insurer. (5) By publication in a newspaper of general circulation in the county in which the insurer has its principal place of business and in any other locations the liquidator considers appropriate. (b) Notice to potential claimants under subsection (a) requires claimants to file with the liquidator their claims together with proper proofs thereof under Section 38-27-550 by a date the liquidator specifies in the notice. The liquidator need not require persons claiming cash surrender values or other investment values in life insurance and annuities to file a claim. All claimants have a duty to keep the liquidator informed of any changes of address. (c) If notice is given in accordance with this section, the distribution of assets of the insurer under this chapter is conclusive with respect to all claimants, whether or not they received notice.

Legislative History

HISTORY: Former 1976 Code SECTION 38-5-2110 [1982 Act No. 384, SECTION 22] recodified as SECTION 38-27-410 by 1987 Act No. 155, SECTION 1; 1993 Act No. 181, SECTION 619.