Rhode Island General Laws
Chapter 27-14.3 - Insurers’ Rehabilitation and Liquidation Act
Section 27-14.3-39. - Filing of claims.

§ 27-14.3-39. Filing of claims.
(a) Proof of all claims shall be filed with the liquidator in the form required by § 27-14.3-40 on or before the last day for filing specified in the notice required under § 27-14.3-26, except that proof of claims for cash surrender values or other investment values in life insurance and annuities need not be filed unless the liquidator expressly so requires this. Provided, however, only upon the application of the liquidator, the court may allow alternative procedures and requirements for the filing of proofs of claim or for allowing or proving claims. Upon application, if the court dispenses with the requirements of filing a proof of claim by a person, class, or group of persons, a proof of claim for such persons shall be deemed as having been filed for all purposes, including the application of guaranty association or foreign guaranty association laws.
(b) The liquidator may permit a claimant making a late filing to share in distributions, whether past or future, as if the claimant were not late, to the extent that the payment will not prejudice the orderly administration of the liquidation, under the following circumstances:
(1) The existence of the claim was not known to the claimant and that the claimant filed the claim as promptly thereafter as reasonably possible after learning of it;
(2) A transfer to a creditor was avoided under §§ 27-14.3-30 — 27-14.3-32, or was voluntarily surrendered under § 27-14.3-33, and that the filing satisfies the conditions of § 27-14.3-33; and
(3) The valuation under § 27-14.3-45 of security held by a secured creditor shows a deficiency, which is filed within thirty (30) days after the valuation.
(c) The liquidator may consider any claim filed late which is not covered by subsection (b) and permit it to receive distributions which are subsequently declared on any claims of the same or lower priority if the payment does not prejudice the orderly administration of the liquidation. The late filing claimant shall receive, at each distribution, the same percentage of the amount allowed on the claim as is then being paid to claimants of any lower priority. This shall continue until the claim has been paid in full.
History of Section.P.L. 1993, ch. 248, § 1; P.L. 2003, ch. 396, § 1.

Structure Rhode Island General Laws

Rhode Island General Laws

Title 27 - Insurance

Chapter 27-14.3 - Insurers’ Rehabilitation and Liquidation Act

Section 27-14.3-1. - Short title — Construction — Purpose.

Section 27-14.3-2. - Applicability.

Section 27-14.3-3. - Definitions.

Section 27-14.3-4. - Jurisdiction and venue.

Section 27-14.3-5. - Injunctions and orders.

Section 27-14.3-6. - Cooperation of officers, owners, and employees.

Section 27-14.3-7. - Repealed.

Section 27-14.3-8. - Condition on release from delinquency proceedings.

Section 27-14.3-9. - Immunity and indemnification of the receiver and employees.

Section 27-14.3-10. - Court’s seizure order.

Section 27-14.3-11. - Commencement of formal delinquency proceeding.

Section 27-14.3-12. - Return of summons and summary hearing.

Section 27-14.3-13. - Proceedings for expedited trial — Continuances, discovery, and evidence.

Section 27-14.3-14. - Decision and appeals.

Section 27-14.3-15. - Confidentiality of hearings.

Section 27-14.3-16. - Grounds for rehabilitation.

Section 27-14.3-17. - Rehabilitation order.

Section 27-14.3-18. - Powers and duties of rehabilitator.

Section 27-14.3-19. - Actions by and against rehabilitator.

Section 27-14.3-20. - Termination of rehabilitation.

Section 27-14.3-21. - Grounds for liquidation.

Section 27-14.3-22. - Liquidation orders.

Section 27-14.3-22.1. - Grounds for rehabilitation or liquidation of a domestic company that is a covered financial company under Dodd-Frank Wall Street Reform and Consumer Protection Act.

Section 27-14.3-23. - Continuance of coverage.

Section 27-14.3-24. - Dissolution of insurer.

Section 27-14.3-25. - Powers of liquidator.

Section 27-14.3-26. - Notice to creditors and others.

Section 27-14.3-27. - Duties of agents or insurance producers.

Section 27-14.3-28. - Actions by and against liquidator.

Section 27-14.3-29. - Collection and list of assets.

Section 27-14.3-30. - Fraudulent transfers prior to petition.

Section 27-14.3-31. - Fraudulent transfer after petition.

Section 27-14.3-32. - Voidable preferences and liens.

Section 27-14.3-33. - Claims of holders of void or voidable rights.

Section 27-14.3-34. - Setoffs.

Section 27-14.3-35. - Assessments.

Section 27-14.3-36. - Reinsurer’s liability.

Section 27-14.3-37. - Recovery of premiums owed.

Section 27-14.3-38. - Domiciliary liquidator’s proposal to distribute assets.

Section 27-14.3-39. - Filing of claims.

Section 27-14.3-40. - Proof of claim.

Section 27-14.3-41. - Special claims.

Section 27-14.3-42. - Special provisions for third party claims.

Section 27-14.3-43. - Disputed claims.

Section 27-14.3-44. - Claims of surety.

Section 27-14.3-45. - Secured creditor’s claims.

Section 27-14.3-46. - Priority of distribution.

Section 27-14.3-46.1. - Insurer assessments.

Section 27-14.3-47. - Liquidator’s recommendations to the court.

Section 27-14.3-48. - Distribution of assets.

Section 27-14.3-49. - Unclaimed and withheld funds.

Section 27-14.3-50. - Termination of proceedings.

Section 27-14.3-51. - Reopening liquidation.

Section 27-14.3-52. - Disposition of records during and after termination of liquidation.

Section 27-14.3-53. - External audit of receiver’s books.

Section 27-14.3-54. - Conservation of property of foreign or alien insurers found in this state.

Section 27-14.3-55. - Liquidation of property of foreign or alien insurers found in this state.

Section 27-14.3-56. - Domiciliary liquidators in other states.

Section 27-14.3-57. - Ancillary formal proceedings.

Section 27-14.3-58. - Ancillary summary proceedings.

Section 27-14.3-59. - Claims of nonresidents against insurers domiciled in this state.

Section 27-14.3-60. - Claims of residents against insurers domiciled in reciprocal states.

Section 27-14.3-61. - Attachment, garnishment and levy of execution.

Section 27-14.3-62. - Interstate priorities.

Section 27-14.3-63. - Subordination of claims for noncooperation.

Section 27-14.3-64. - Severability.

Section 27-14.3-65. - Rules and regulations.