§ 26-28-112 — Conduct of delinquency proceedings; domestic and alien insurers

Wyoming § 26-28-112

• Jurisdiction: Wyoming
• Title 26: Insurance Code
• Ch. 28: REHABILITATION AND LIQUIDATION

Text

(a) If under this chapter a receiver is to be appointed in
delinquency proceedings for a domestic or alien insurer, the
court shall appoint the commissioner as the receiver. The court
shall order the commissioner immediately to take possession of
the insurer's assets and to administer those assets under the
court's orders.
(b) As a domiciliary receiver, the commissioner is vested
by operation of law with the title to all of the insurer's
property, contracts and right of action and all of its books and
records, wherever located, as of the date of entry of the order
directing him to rehabilitate or liquidate a domestic insurer or
to liquidate the United States branch of an alien insurer
domiciled in this state. The commissioner may recover and take
possession of the insurer's property, contracts and right of
action and its books and records, except that ancillary
receivers in reciprocal states, as to assets located in their
states, have the rights and powers prescribed in this chapter
for ancillary receivers appointed in this state as to assets
located in this state.
(c) The filing or recording of the order directing
possession to be taken, or a certified copy thereof, in any
office where instruments affecting title to property are
required to be filed or recorded, imparts the same notice as is
imparted by a deed, bill of sale or other evidence of title duly
filed or recorded.
(d) The commissioner as domiciliary receiver is
responsible for the proper administration of all assets coming
into his possession or control. The court may require a bond
from the commissioner or his deputies if deemed desirable for
the protection of the assets.
(e) Upon taking possession of the insurer's assets, the
domiciliary receiver, subject to the court's direction,
immediately shall proceed to conduct the insurer's business or
to take any steps authorized by this chapter for rehabilitating,
liquidating or conserving the insurer's affairs or assets.
(f) In connection with delinquency proceedings, the
commissioner may appoint one (1) or more special deputy
commissioners to act for him and he may employ such counsel,
clerks and assistants as he deems necessary. The compensation of
the special deputies, counsel, clerks or assistants and all
expenses of taking possession of the insurer and of conducting
the proceeding shall be fixed by the receiver, subject to the
court's approval, and shall be paid out of the insurer's funds
or assets. Within the limits of duties imposed upon them,
special deputies have the powers of the receiver and, in the
exercise of those powers, are subject to all of the duties
imposed upon the receiver with respect to the proceedings.