§ 58-30-225. Liquidator's recommendations to the Court. - North Carolina Statutes

§58‑30‑225.  Liquidator's recommendations to the Court.

(a)        The liquidatorshall review all claims duly filed in the liquidation and shall make suchfurther investigation as necessary.  He may compound, compromise, or in anyother manner negotiate the amount for which claims will be recommended to theCourt except where he is required by law to accept claims as settled by anyperson or organization, including any domestic or foreign guarantyassociation.  Unresolved disputes shall be determined under G.S. 58‑30‑205. As soon as practicable, the liquidator shall present to the Court a report ofthe claims against the insurer with his recommendations.  The report shallinclude the name and address of each claimant and the amount of any claimfinally recommended.  If the insurer has issued annuities or life insurancepolicies, the liquidator shall report the persons to whom, according to therecords of the insurer, amounts are owed as cash surrender values or otherinvestment values and the amounts owed.

(b)        The Court mayapprove, disapprove, or modify the report on claims by the liquidator.  Suchreports that are not modified by the Court within a period of 60 days followingsubmission by the liquidator shall be treated by the liquidator as allowedclaims, subject thereafter to later modification or to rulings made by theCourt pursuant to G.S. 58‑30‑205.  No claim under a policy ofinsurance shall be allowed for an amount in excess of the applicable policybenefits. (1989, c. 452, s. 1.)