41-3318. LIQUIDATION ORDERS. (1) An order to liquidate the business of a domestic insurer shall appoint the director and his successors in office liquidator and shall direct the liquidator forthwith to take possession of the assets of the insurer and to administer them under the general supervision of the court. The liquidator shall be vested by operation of law with the title to all of the property, contracts, and rights of action and all of the books and records of the insurer ordered liquidated, wherever located, as of the entry of the final order of liquidation. The filing or recording of the order with the clerk of the district court and the recorder of deeds of the county in which its principal office or place of business is located, or, in the case of real estate, with the recorder of deeds of the county where the property 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.
(2) Upon issuance of the order, the rights and liabilities of any such insurer and of its creditors, policyholders, shareholders, members, and all other persons interested in its estate shall become fixed as of the date of entry of the order of liquidation, except as provided in sections 41-3319 and 41-3337, Idaho Code.
(3) An order to liquidate the business of an alien insurer domiciled in this state shall be in the same terms and have the same legal effect as an order to liquidate a domestic insurer, except that the assets and the business in the United States shall be the only assets and business included therein.
(4) At the time of petitioning for an order of liquidation, or at any time thereafter, the director, after making appropriate findings of an insurer’s insolvency, may petition the court for a judicial declaration of such insolvency. After providing such notice and hearing as it deems proper the court may make the declaration.
(5) Any order issued under the provisions of this section shall require accounting to the court by the liquidator. Accountings shall be at such intervals as the court specifies in its order.
History:
[41-3318, added 1981, ch. 249, sec. 2, p. 515.]
Structure Idaho Code
Chapter 33 - INSURERS SUPERVISION, REHABILITATION AND LIQUIDATION
Section 41-3301 - CONSTRUCTION AND PURPOSE.
Section 41-3302 - PERSONS COVERED.
Section 41-3303 - DEFINITIONS.
Section 41-3304 - JURISDICTION AND VENUE.
Section 41-3305 - INJUNCTIONS AND ORDERS.
Section 41-3306 - COOPERATIONS OF OFFICERS, OWNERS, AND EMPLOYEES.
Section 41-3308 - CONTINUATION OF DELINQUENCY PROCEEDINGS.
Section 41-3309 - DIRECTOR’S SUMMARY ORDERS AND SUPERVISION PROCEEDINGS.
Section 41-3310 - COURT’S SEIZURE ORDER.
Section 41-3312 - GROUNDS FOR REHABILITATION.
Section 41-3313 - REHABILITATION ORDERS.
Section 41-3314 - POWERS AND DUTIES OF THE REHABILITATOR.
Section 41-3315 - ACTIONS BY AND AGAINST REHABILITATOR.
Section 41-3316 - TERMINATION OF REHABILITATION.
Section 41-3317 - GROUNDS FOR LIQUIDATION.
Section 41-3318 - LIQUIDATION ORDERS.
Section 41-3319 - CONTINUANCE OF COVERAGE.
Section 41-3320 - INSURER — DISSOLUTION.
Section 41-3321 - POWERS OF LIQUIDATOR.
Section 41-3322 - NOTICE TO CREDITORS AND OTHERS.
Section 41-3323 - DUTIES OF AGENTS.
Section 41-3324 - ACTIONS BY AND AGAINST LIQUIDATOR.
Section 41-3325 - COLLECTION AND LIST OF ASSETS.
Section 41-3326 - FRAUDULENT TRANSFERS PRIOR TO PETITION.
Section 41-3327 - FRAUDULENT TRANSFER AFTER PETITION.
Section 41-3328 - VOIDABLE PREFERENCES AND LIENS.
Section 41-3329 - CLAIMS OF HOLDERS OF VOID OR VOIDABLE RIGHTS.
Section 41-3331 - ASSESSMENTS.
Section 41-3332 - REINSURER’S LIABILITY.
Section 41-3333 - RECOVERY OF PREMIUMS OWED.
Section 41-3334 - DOMICILIARY LIQUIDATOR’S PROPOSAL TO DISTRIBUTE ASSETS.
Section 41-3335 - FILING OF CLAIMS.
Section 41-3336 - PROOF OF CLAIM.
Section 41-3337 - SPECIAL CLAIMS.
Section 41-3338 - SPECIAL PROVISIONS FOR THIRD PARTY CLAIMS.
Section 41-3339 - DISPUTED CLAIMS.
Section 41-3340 - CLAIMS OF SURETY.
Section 41-3341 - SECURED CREDITOR’S CLAIMS.
Section 41-3342 - PRIORITY OF DISTRIBUTION.
Section 41-3343 - LIQUIDATOR’S RECOMMENDATIONS TO THE COURT.
Section 41-3344 - DISTRIBUTION OF ASSETS.
Section 41-3345 - UNCLAIMED AND WITHHELD FUNDS.
Section 41-3346 - TERMINATION OF PROCEEDINGS.
Section 41-3347 - REOPENING LIQUIDATION.
Section 41-3348 - DISPOSITION OF RECORDS DURING AND AFTER TERMINATION OF LIQUIDATION.
Section 41-3349 - EXTERNAL AUDIT OF THE RECEIVER’S BOOKS.
Section 41-3350 - CONSERVATION OF PROPERTY OF FOREIGN OR ALIEN INSURERS FOUND IN THIS STATE.
Section 41-3351 - LIQUIDATION OF PROPERTY OF FOREIGN OR ALIEN INSURERS FOUND IN THIS STATE.
Section 41-3352 - DOMICILIARY LIQUIDATORS IN OTHER STATES.
Section 41-3353 - ANCILLARY FORMAL PROCEEDINGS.
Section 41-3354 - ANCILLARY SUMMARY PROCEEDINGS.
Section 41-3355 - CLAIMS OF NONRESIDENTS AGAINST INSURERS DOMICILED IN THIS STATE.
Section 41-3356 - CLAIMS OF RESIDENTS AGAINST INSURERS DOMICILED IN RECIPROCAL STATES.
Section 41-3357 - ATTACHMENT, GARNISHMENT, AND LEVY OF EXECUTION.
Section 41-3358 - INTERSTATE PRIORITIES.
Section 41-3359 - SUBORDINATION OF CLAIMS FOR NONCOOPERATION.