§ 58-30-125. Notice to creditors and others. - North Carolina Statutes

§ 58‑30‑125. Notice to creditors and others.

(a)        Unless the Courtotherwise directs, the liquidator shall give or cause to be given notice of theliquidation order as soon as possible:

(1)        By first‑classmail and either by facsimile, electronic mail, or telephone to the insuranceregulator of each jurisdiction in which the insurer is doing business;

(2)        By first‑classmail to any domestic or foreign guaranty association that is or may becomeobligated as a result of the liquidation;

(3)        By first‑classmail to all insurance agents of the insurer;

(4)        By first‑classmail to all persons known or reasonably expected to have claims against theinsurer, including all policyholders, at their last known addresses indicatedby the records of the insurer; and

(5)        By publication in anewspaper of general circulation in the county in which the insurer has itsprincipal place of business and in such other locations as the liquidator deemsto be appropriate.

(b)        Notice to potentialclaimants under subsection (a) of this section shall require claimants to filewith the liquidator their claims, together with proper proofs thereof underG.S. 58‑30‑190, on or before a date the liquidator specifies in thenotice. All claimants have a duty to keep the liquidator informed of any changesof address. The liquidator need not require the following to file claims underthis section:

(1)        Persons claimingcash surrender values or other investment values in life insurance andannuities.

(2)        Persons claimingunearned premiums on property or casualty insurance.

(c)        If notice is givenin accordance with this section, the distribution of assets of the insurerunder this Article shall be conclusive with respect to all claimants, whetheror not they receive notice. (1989, c. 452, s. 1; 2006‑105, s. 1.4.)