375.1235. Reciprocal state, powers and duties of domiciliary liquidator--nonreciprocal state, duties of director--claims filed, where.

MISSOURI STATUTES AND CODES

375.1235. Reciprocal state, powers and duties of domiciliary liquidator--nonreciprocal state, duties of director--claims filed, where.

Reciprocal state, powers and duties of domiciliaryliquidator--nonreciprocal state, duties of director--claimsfiled, where.

375.1235. 1. The domiciliary liquidator of an insurerdomiciled in a reciprocal state shall, except as to the specialdeposits and security on secured claims under subsection 3 ofsection 375.1236, be vested by operation of law with the title toall of the assets, property, contracts and rights of action,agents' balances, and all of the books, accounts and otherrecords of the insurer located in this state. The date ofvesting shall be the date of the filing of the petition, if thatdate is specified by the domiciliary law for the vesting ofproperty in the domiciliary state. Otherwise, the date ofvesting shall be the date of entry of the order directingpossession to be taken. The domiciliary liquidator shall havethe immediate right to recover balances due from agents and toobtain possession of the books, accounts and other records of theinsurer located in this state. He also shall have the right torecover all other assets of the insurer located in this state,subject to section 375.1236.

2. If a domiciliary liquidator is appointed for an insurernot domiciled in a reciprocal state, the director shall be vestedby operation of law with the title to all of the property,contracts and right of action, and all of the books, accounts andother records of the insurer located in this state, at the sametime that the domiciliary liquidator is vested with title in thedomicile. The director may petition for a conservation orliquidation order under section 375.1232 or 375.1234, or for anancillary receivership under section 375.1236, or after approvalby the court may transfer title to the domiciliary liquidator, asthe interests of justice and the equitable distribution of theassets require.

3. Claimants residing in this state may file claims withthe liquidator or ancillary receiver, if any, in this state orwith the domiciliary liquidator, if the domiciliary law permits.The claims must be filed on or before the last date fixed for thefiling of claims in the domiciliary liquidation proceedings.