§ 26-28-113 — Conduct of delinquency proceedings; foreign insurers

Wyoming § 26-28-113

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

Text

(a) If under this chapter an ancillary receiver is to be
appointed in delinquency proceedings for an insurer not
domiciled in this state, the court shall appoint the
commissioner as ancillary receiver. The commissioner shall file
a petition requesting the appointment on the grounds set forth
in W.S. 26-28-108 if:
(i) He finds the insurer has sufficient assets
located in this state to justify the appointment of an ancillary
receiver; or
(ii) Ten (10) or more persons resident in this state
having claims against the insurer file a petition with the
commissioner requesting the appointment of an ancillary
receiver.
(b) The domiciliary receiver for the purpose of
liquidating an insurer domiciled in a reciprocal state is vested
by operation of law with the title to all of the insurer's
property, contracts and rights of action and all of its books
and records located in this state. The domiciliary receiver has
the immediate right to recover balances due from local agents,
to obtain possession of any of the insurer's books and records
found in this state and to recover the insurer's other assets
located in this state, except that upon the appointment of an
ancillary receiver in this state, the ancillary receiver, during
the ancillary receivership proceedings, has sole right to
recover the other assets. The ancillary receiver, as soon as
practicable, shall liquidate from the 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. He shall promptly
transfer all remaining assets to the domiciliary receiver.
Subject to the provisions of this subsection, the ancillary
receiver and his deputies have the same powers and are subject
to the same duties with respect to the administration of the
assets as a receiver of an insurer domiciled in this state.
(c) The domiciliary receiver of an insurer domiciled in
the reciprocal state may sue in this state to recover any of the
insurer's assets to which he is entitled under the laws of this
state.