17:30C-18 - Claims of nonresidents against domestic insurers - New Jersey Statutes

17:30C-18.  Claims of nonresidents against domestic insurers    a.  In a delinquency proceeding begun in this State against a domestic insurer, claimants residing in reciprocal states may file claims either with the ancillary receivers, if any, in their respective states or with the domiciliary receiver.  All such claims must be filed on or before the last date  fixed for the filing of claims in domiciliary delinquency proceedings.

    b.  Controverted claims belonging to claimants residing in reciprocal states  may either:

    (1) Be proved in this State;  or

     (2) If ancillary proceedings have been commenced in such reciprocal states,  may be proved in those proceedings.  In the event a claimant elects to prove  his claim in ancillary proceedings, if notice of the claim and opportunity to  appear and be heard is afforded the domiciliary receiver of this State, as  provided in section 19 of this act with respect to ancillary proceedings in  this State, the final allowance of such claim by the courts in the ancillary  state shall be accepted in this State as conclusive as to its amount and shall  also be accepted as conclusive as to its priority, if any, against special  deposits or other security located within the ancillary state.

     L.1975, c. 113, s. 18, eff. June 3, 1975.