376.732. Director to have association's powers and duties, when--association may appear in court, when.
Director to have association's powers and duties, when--associationmay appear in court, when.
376.732. 1. If the association fails to act within areasonable period of time when authorized to do so, the directorshall have the powers and duties of the association undersections 376.715 to 376.758 with respect to impaired orinsolvent insurers.
2. The association may render assistance and advice to thedirector, upon his request, concerning rehabilitation, paymentof claims, continuance of coverage, or the performance of othercontractual obligations of any impaired or insolvent insurer.
3. The association shall have standing to appear before anycourt in this state with jurisdiction over an impaired orinsolvent insurer concerning which the association is or maybecome obligated under sections 376.715 to 376.758. Suchstanding shall extend to all matters germane to the powers andduties of the association, including, but not limited to,proposals for reinsuring, modifying or guaranteeing the policiesor contracts of the impaired or insolvent insurer and thedetermination of the policies or contracts and contractualobligations. The association shall have the right to appear orintervene before a court in another state with jurisdiction overan impaired or insolvent insurer for which the association is ormay become obligated or with jurisdiction over a third partyagainst whom the association may have rights through subrogationof the insurer's policyholders.
(L. 1988 S.B. 430 § 12)