(a) If no domiciliary receiver has been appointed, the commissioner may apply to the Superior Court by verified petition for an order directing him to liquidate the assets found in this state of a foreign insurer or an alien insurer not domiciled in this state, on any of the following grounds: (1) Any of the grounds in section 38a-914 or 38a-919; or (2) any of the grounds specified in sections 38a-952 to 38a-956, inclusive.
(b) When an order is sought pursuant to subsection (a) of this section, the court shall cause the insurer to be given such notice and time to respond thereto as is reasonable under the circumstances.
(c) If it shall appear to the court that the best interests of creditors, policyholders, and the public require, the court may issue an order to liquidate in whatever terms it shall deem appropriate. The filing or recording of the order with the clerk of the superior court of the judicial district or the recorder of deeds of the town in which the principal business of the company is located or the town in which its principal office or place of business is located, shall impart the same notice as a deed, bill of sale, or other evidence of title duly filed or recorded with that recorder of deeds would have imparted.
(d) If a domiciliary liquidator is appointed in a reciprocal state while a liquidation is proceeding under this section, the liquidator under this section shall thereafter act as ancillary receiver pursuant to section 38a-955. If a domiciliary liquidator is appointed in a nonreciprocal state while a liquidation is proceeding under this section, the liquidator under this section may petition the court for permission to act as ancillary receiver pursuant to section 38a-955.
(e) On the same grounds as are specified in subsection (a) of this section, the commissioner may petition any appropriate federal district court to be appointed receiver to liquidate that portion of the insurer's assets and business over which the court will exercise jurisdiction, or any lesser part thereof that the commissioner deems desirable for the protection of the policyholders and creditors in this state.
(f) The court may order the commissioner, when he has liquidated the assets of a foreign or alien insurer under this section, to pay claims of residents of this state against the insurer under such rules as to the liquidation of insurers under sections 38a-903 to 38a-961, inclusive, as are otherwise compatible with the provisions of this section.
(P.A. 79-382, S. 51.)
History: Sec. 38-471 transferred to Sec. 38a-953 in 1991.
Structure Connecticut General Statutes
Section 38a-904. (Formerly Sec. 38-422). - Application of provisions.
Section 38a-905. (Formerly Sec. 38-423). - Definitions.
Section 38a-906. (Formerly Sec. 38-424). - Jurisdiction and venue.
Section 38a-907. (Formerly Sec. 38-425). - Injunctions, orders and stays.
Section 38a-908. (Formerly Sec. 38-426). - Cooperation of officers, owners and employees. Penalties.
Section 38a-910. (Formerly Sec. 38-428). - Continuation of delinquency proceedings.
Section 38a-911. (Formerly Sec. 38-429). - Delinquency proceeding: Limitations and conditions.
Section 38a-912. (Formerly Sec. 38-430). - Seizure order by court.
Section 38a-913. (Formerly Sec. 38-431). - Confidentiality of proceedings.
Section 38a-914. (Formerly Sec. 38-432). - Grounds for rehabilitation.
Section 38a-917. (Formerly Sec. 38-435). - Actions by and against rehabilitator.
Section 38a-918. (Formerly Sec. 38-436). - Order of liquidation. Termination of rehabilitation.
Section 38a-919. (Formerly Sec. 38-437). - Grounds for liquidation.
Section 38a-922. (Formerly Sec. 38-440). - Dissolution of insurer.
Section 38a-923. (Formerly Sec. 38-441). - Powers of liquidator.
Section 38a-924. (Formerly Sec. 38-442). - Notice to creditors and others. Requirements. Exceptions.
Section 38a-925. (Formerly Sec. 38-443). - Duties of agents. Penalty.
Section 38a-926. (Formerly Sec. 38-444). - Actions by and against liquidator.
Section 38a-927. (Formerly Sec. 38-445). - List of assets.
Section 38a-928. (Formerly Sec. 38-446). - Fraudulent transfers prior to petition.
Section 38a-929. (Formerly Sec. 38-447). - Fraudulent transfer after petition.
Section 38a-930. (Formerly Sec. 38-448). - Voidable preferences and liens. Exceptions.
Section 38a-931. (Formerly Sec. 38-449). - Claims of holders of void or voidable rights.
Section 38a-932. (Formerly Sec. 38-450). - Set-offs and counterclaims. Accounting statements.
Section 38a-933. (Formerly Sec. 38-451). - Assessments.
Section 38a-933a. - Amounts recoverable. Affiliate liability. Timing of proceedings.
Section 38a-934. (Formerly Sec. 38-452.) - Reinsurer's liability.
Section 38a-935. (Formerly Sec. 38-453). - Recovery of premiums owed. Penalty. Appeals.
Section 38a-936. (Formerly Sec. 38-454). - Liquidator's proposal to distribute assets.
Section 38a-937. (Formerly Sec. 38-455). - Filing of claims.
Section 38a-938. (Formerly Sec. 38-456). - Proof of claim.
Section 38a-939. (Formerly Sec. 38-457). - Special claims.
Section 38a-941. (Formerly Sec. 38-459). - Disputed claims. Hearings. Procedure.
Section 38a-942. (Formerly Sec. 38-460). - Claims of surety.
Section 38a-943. (Formerly Sec. 38-461). - Secured creditor's claims.
Section 38a-944. (Formerly Sec. 38-462). - Priority of distribution of claims.
Section 38a-945. (Formerly Sec. 38-463). - Liquidator's recommendations to the court.
Section 38a-946. (Formerly Sec. 38-464). - Distribution of assets.
Section 38a-947. (Formerly Sec. 38-465). - Unclaimed and withheld funds.
Section 38a-948. (Formerly Sec. 38-466). - Termination of proceedings.
Section 38a-949. (Formerly Sec. 38-467). - Reopening liquidation.
Section 38a-951. (Formerly Sec. 38-469). - External audit of the receiver's books.
Section 38a-954. (Formerly Sec. 38-472). - Domiciliary liquidators in other states.
Section 38a-955. (Formerly Sec. 38-473). - Ancillary formal proceedings.
Section 38a-956. (Formerly Sec. 38-474). - Ancillary summary proceedings.
Section 38a-960. (Formerly Sec. 38-478). - Interstate priorities.
Section 38a-961. (Formerly Sec. 38-479). - Subordination of claims for noncooperation.
Section 38a-962. - Definitions.
Section 38a-962a. - Applicability.
Section 38a-962b. - Administrative supervision by the commissioner.
Section 38a-962d. - Prohibited activities during supervision. Prior approval.
Section 38a-962e. - Contested action. Appeal.
Section 38a-962f. - Judicial or other delinquency proceedings.
Section 38a-962g. - Regulations.
Section 38a-962h. - Supervision proceeding: Contact with commissioner allowed.
Section 38a-962i. - Immunity from liability.