Section 21.78.120. Order of conservation or ancillary liquidation of foreign or alien insurers.

Latest version.

   (a) An order to conserve the assets of a foreign or alien insurer must require the director to take immediate possession of the property of the insurer in this state and to conserve it, subject to the further direction of the court.
   (b) An order to liquidate the assets in this state of a foreign insurer must require the director to take immediate possession of the property of the insurer in this state and to liquidate it subject to the orders of the court and with due regard to the rights and powers of the domiciliary receiver, as provided in this chapter.

Notes

History

(Sec. 1 ch 120 SLA 1966)

                    
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