§ 56-9-331 — Liquidator's report on claims - Review of report by court - When liquidator may treat claims as allowed

(a) The liquidator shall review all claims duly filed in the liquidation and shall make further investigation as the liquidator deems necessary. The liquidator may compound, compromise or in any other manner negotiate the amount for which claims will be recommended to the court, except where the liquidator is required by law to accept claims as settled by any person or organization, including any guaranty association or foreign guaranty association. Unresolved disputes shall be determined under § 56-9-327 . As soon as practicable, the liquidator shall present to the court a report of the claims against the insurer with the liquidator's recommendations. The report shall include the name and address of each claimant and the amount of the claim finally recommended, if any. If the insurer has issued annuities or life insurance policies, the liquidator shall report the persons to whom, according to the records of the insurer, amounts are owed as cash surrender values or other investment value and the amounts owed. (b) The court may approve, disapprove or modify the report on claims by the liquidator. Such reports as are not modified by the court within a period of sixty (60) days following submission by the liquidator shall be treated by the liquidator as allowed claims, subject thereafter to later modification or to rulings made by the court pursuant to § 56-9-327 . No claim under a policy of insurance shall be allowed for an amount in excess of the applicable policy limits.

Legislative History

Acts 1991, ch. 142, § 4.