§ 27-14.3-56 - Domiciliary liquidators in other states.
SECTION 27-14.3-56
§ 27-14.3-56 Domiciliary liquidators inother states. – (a) The domiciliary liquidator of an insurer domiciled in a reciprocal stateshall, except as to special deposits and security on secured claims under§ 27-14.3-57(c), be vested by operation of law with the title to all ofthe assets, property, contracts, and rights of action, agents' or insuranceproducers' balances, and all of the books, accounts and other records of theinsurer located in this state. The date of vesting shall be the date of thefiling of the petition, if that date is specified by the domiciliary law forthe vesting of property in the domiciliary state. The date of vesting shall bethe date of entry of the order directing possession to be taken. Thedomiciliary liquidator shall have the immediate right to recover balances duefrom agents or insurance producers and to obtain possession of the books,accounts, and other records of the insurer located in this state. He or shealso shall have the right to recover all of the other assets of the insurerlocated in this state, subject to § 27-14.3-57.
(b) If a domiciliary liquidator is appointed for an insurernot domiciled in a reciprocal state, the commissioner of this state shall bevested by operation of law with the title to all of the property, contracts,and right of action, and all of the books, accounts, and other records of theinsurer located in this state, at the same time that the domiciliary liquidatoris vested with the title in the domicile. The commissioner of this state maypetition for a conservation or liquidation order under § 27-14.3-54 or27-14.3-55, or for an ancillary receivership under § 27-14.3-57, or afterapproval by the superior court for the county of Providence may transfer thetitle to the domiciliary liquidator, as the interests of justice and theequitable distribution of the assets require.
(c) Claimants residing in this state may file claims with theliquidator or ancillary receiver, if any, in this state or with the domiciliaryliquidator, if the domiciliary law permits. The claims must be filed on orbefore the last date fixed for the filing of claims in the domiciliaryliquidation proceedings.