Section 21.78.290. Notice to creditors and others.

   (a) Unless the court directs otherwise, the receiver shall give or cause to be given notice of the liquidation order as soon as possible after the date of the entry of the order of liquidation
        (1) by first class mail and either by telegram or telephone, to the insurance director, commissioner, or superintendent of each jurisdiction in which the insurer is doing business;
        (2) by first class mail to a guaranty association or a foreign guaranty association that is or that might become obligated as a result of the liquidation;
        (3) by first class mail to all insurance agents of the insurer;
        (4) by first class mail to all persons known or reasonably expected to have claims against the insurer, including all policyholders, at the person's last known address as indicated by the records of the insurer; and
        (5) by publication in a newspaper of general circulation in the locale in which the insurer has its principal place of business and in other locations that the receiver considers appropriate.
   (b) Notice to potential claimants under (a) of this section must state that a claimant shall file a claim with the receiver, along with the information required by AS 21.78.170(a), on or before the date specified in the notice.  The time specified in the notice may not be less than six months after the date the liquidation order was entered. The liquidation need not require a person claiming a cash surrender value or other investment value in life insurance and annuities to file a claim.  A claimant has a duty to keep the receiver informed of a change of address.

Authorities

21.78.281;21.78.291

Notes

References

AS 21.78.281 Special provisions for third-party claims.
AS 21.78.291 Duties of agents.

History

(Sec. 1 ch 120 SLA 1966; am Sec. 79 ch 50 SLA 1990)