(a) In a delinquency proceeding against an insurer domiciled in this state, claims owing to residents of ancillary states shall be preferred claims if like claims are preferred under the laws of this state. All such claims owing to residents or nonresidents shall be given equal priority of payment from general assets regardless of where such assets are located.
(b) In a delinquency proceeding against an insurer domiciled in a reciprocal state, claims owing to residents of this state shall be preferred if like claims are preferred by the laws of that state.
(c) The owners of special deposit claims against an insurer for which a receiver is appointed in this or any other state shall be given priority against their several special deposits in accordance with the provisions of the statutes governing the creation and maintenance of such deposits. If there is a deficiency in any such deposit so that the claims secured thereby are not fully discharged therefrom, the claimants may share in the general assets, but such sharing shall be deferred until general creditors, and also claimants against other special deposits who have received smaller percentages from their respective special deposits, have been paid percentages of their claims equal to the percentage paid from the special deposit.
(d) 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 security and file his 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 claims of unsecured creditors. If the amount of the deficiency has been adjudicated in ancillary proceedings as provided in this article 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, such amounts shall be conclusive; otherwise the amount shall be determined in the delinquency proceeding in the domiciliary state.
Structure West Virginia Code
Article 10. Rehabilitation and Liquidation
§33-10-2. Jurisdiction, Venue and Appeal of Delinquency Proceedings; Exclusive Remedy
§33-10-3. Court's Seizure Order
§33-10-4. Injunctions and Other Orders
§33-10-4a. Commencement of Formal Delinquency Proceeding
§33-10-4b. Return of Summons and Summary Hearing
§33-10-4c. Proceedings for Expedited Trial, Continuances, Discovery, Evidence
§33-10-4d. Decision and Appeals
§33-10-5. Grounds for Rehabilitation of Domestic Insurers
§33-10-6. Grounds for Liquidation
§33-10-7. Grounds for Conserving Assets of Foreign Insurers
§33-10-8. Grounds for Conserving Assets of Alien Insurers
§33-10-9. Grounds for Ancillary Liquidation of Foreign Insurers
§33-10-10. Order of Rehabilitation
§33-10-11. Order of Liquidation of Domestic Insurer
§33-10-12. Order of Liquidation of Alien Insurers
§33-10-13. Order of Conservation or Ancillary Liquidation of Foreign or Alien Insurers
§33-10-14. Conduct of Delinquency Proceedings Against Domestic or Alien Insurers
§33-10-15. Conduct of Delinquency Proceedings Against Foreign Insurers
§33-10-16. Claims of Nonresidents Against Domestic Insurers
§33-10-17. Claims Against Foreign Insurers
§33-10-19. Priority of Certain Claims
§33-10-19a. Priority of Distribution
§33-10-20. Attachment, Garnishment or Execution
§33-10-21. Uniform Insurers Liquidation Act
§33-10-22. Deposit of Moneys Collected
§33-10-23. Exemption of Commissioner From Fees
§33-10-24. Borrowing on Pledge of Assets
§33-10-25. Date Rights Fixed on Liquidation
§33-10-26. Voidable Preferences and Liens
§33-10-26a. Fraudulent Transfers Prior to Petition
§33-10-26b. Recoupment From Affiliates
§33-10-26c. Fraudulent Transfer After Petition
§33-10-26d. Claims of Holders of Void or Voidable Rights
§33-10-29. Allowance of Certain Claims
§33-10-30. Time Within Which Claims to Be Filed
§33-10-31. Report for Assessment Against Members or Subscribers of Mutual or Reciprocal Insurers
§33-10-33. Order to Pay Assessment
§33-10-34. Publication and Service of Assessment Order
§33-10-35. Judgment Upon the Assessment
§33-10-36. Early Access to Distribution
§33-10-37. Distribution of Assets
§33-10-38. Unclaimed and Withheld Funds; Termination of Proceedings
§33-10-39. Immunity in Receivership Proceedings and Representation of the Special Deputy Supervisor