§ 27-14.4-15. Secured claims.
The owner of a secured claim against an insurer for which a receiver has been appointed in this or any other state may surrender his or her security and file his or her claim as a general creditor, or the claim may be discharged by resort to the security, in which case the deficiency, if any, shall be treated as a claim against the general assets of the insurer on the same basis as the claims of unsecured creditors. If the amount of the deficiency has been adjudicated in ancillary proceedings as provided in this chapter, or if it has been adjudicated by a court of competent jurisdiction in proceedings in which the domiciliary receiver has had notice and opportunity to be heard, that amount shall be conclusive; otherwise the amount shall be determined in the delinquency proceeding in the domiciliary state.
History of Section.P.L. 1994, ch. 141, § 2.
Structure Rhode Island General Laws
Chapter 27-14.4 - Uniform Insurers Liquidation Act
Section 27-14.4-1. - Short title.
Section 27-14.4-2. - Definitions.
Section 27-14.4-3. - Director as domiciliary receiver.
Section 27-14.4-4. - Title vested in domiciliary receiver — Official bond.
Section 27-14.4-5. - Administration of assets by receiver — Employment of deputies and personnel.
Section 27-14.4-6. - Director as ancillary receiver.
Section 27-14.4-7. - Powers and duties of receivers of foreign companies.
Section 27-14.4-8. - Filing by claimants in reciprocal states against insurers of this state.
Section 27-14.4-9. - Proof of controverted claims of nonresidents.
Section 27-14.4-10. - Filing by claimants in this state against foreign insurer.
Section 27-14.4-11. - Proof of controverted claims of residents.
Section 27-14.4-12. - Preferred ancillary claims against domestic insurers.
Section 27-14.4-13. - Preferred claims in this state against foreign insurers.
Section 27-14.4-14. - Special deposit claims.
Section 27-14.4-15. - Secured claims.
Section 27-14.4-16. - Attachment, garnishment, and execution.
Section 27-14.4-17. - Suit in this state by domiciliary receiver of foreign insurer.
Section 27-14.4-18. - Right of receiver to deposits.
Section 27-14.4-19. - Immediate access to assets.
Section 27-14.4-20. - Priority of distribution.
Section 27-14.4-21. - Agent’s responsibilities.