§ 58-30-105. Liquidation orders. - North Carolina Statutes

§58‑30‑105.  Liquidation orders.

(a)        An order toliquidate the business of a domestic insurer shall appoint the Commissioner andhis successors in office liquidator and shall direct the liquidator forthwithto take possession of the assets of the insurer and to administer them underthe general supervision of the Court.  The liquidator is vested by operation oflaw with the title to all of the property, contracts, and rights of action, andall of the books and records of the insurer ordered liquidated, whereverlocated, as of the entry of the final order of liquidation.  The filing orrecording of the order with the clerk of the superior court and the register ofdeeds of the county in which its principal office or place of business islocated; or, in the case of real estate, with the register of deeds of thecounty where the property is located, shall impart the same notice as a deed,bill of sale, or other evidence of title duly filed or recorded with thatregister of deeds would have imparted.

(b)        Upon issuance ofthe order, the rights and liabilities of any such insurer and of its creditors,policyholders, shareholders, members and all other persons interested in itsestate shall become fixed as of the date of entry of the order of liquidation,except as provided in G.S. 58‑30‑110 and G.S. 58‑30‑195.

(c)        An order toliquidate the business of an alien insurer domiciled in this State shall be inthe same terms and have the same legal effect as an order to liquidate adomestic insurer; except that the assets and the business in the United Statesshall be the only assets and business included therein.

(d)        At the time ofpetitioning for an order of liquidation or at any time thereafter theCommissioner, after making appropriate findings of an insurer's insolvency, maypetition the Court for a judicial declaration of such insolvency.  Afterproviding such notice and hearing as it deems to be proper, the Court may makethe declaration.

(e)        Any order issuedunder this section requires accounting to the Court by the liquidator. Accountings shall be at such intervals as the Court specifies in its order. (1989,c. 452, s. 1.)