376.747. Distribution of member insurer assets upon liquidation, priority of association. - Missouri Statutes

Distribution of member insurer assets upon liquidation, priority ofassociation.

376.747. 1. Prior to the termination of any liquidation,rehabilitation, or conservation proceeding, the court may takeinto consideration the contributions of the respective parties,including the association, the shareholders, and policy ownersof the insolvent insurer, and any other party with a bona fideinterest, in making an equitable distribution of the ownershiprights of such insolvent insurer. In such a determinationconsideration shall be given to the welfare of the policyholdersof the continuing or successor insurer.

2. No distribution to stockholders, if any, of an impairedor insolvent insurer shall be made until and unless the totalamount of valid claims of the association with interest thereonfor funds expended in carrying out its powers and duties underthe provisions of sections 376.715 to 376.758 with respect tosuch insurer have been fully recovered by the association.

(L. 1988 S.B. 430 § 28)