§ 58-30-270. Domiciliary liquidators in other states. - North Carolina Statutes

§58‑30‑270.  Domiciliary liquidators in other states.

(a)        The domiciliaryliquidator of an insurer domiciled in a reciprocal state is, except as tospecial deposits and security on secured claims under G.S. 58‑30‑275(c),vested by operation of law with the title to all of the assets, property,contracts and rights of action, agents' balances, and all of the books,accounts, and other records of the insurer located in this State.  The date ofvesting shall be the date of the filing of the petition, if that date isspecified by the domiciliary law for the vesting of property in the domiciliarystate.  Otherwise, the date of vesting shall be the date of entry of the orderdirecting possession to be taken.  The domiciliary liquidator shall have theimmediate right to recover the balances due from agents and to obtainpossession of the books, accounts, and other records of the insurer located inthis State.  He also shall have the right to recover all other assets of theinsurer located in this State, subject to G.S. 58‑30‑275.

(b)        If a domiciliaryliquidator is appointed for an insurer not domiciled in a reciprocal state, theCommissioner shall be vested by operation of law with the title to all of theproperty, contracts, and rights of action, and all of the books, accounts andother records of the insurer located in this State, at the same time that thedomiciliary liquidator is vested with title in the domicile.  The Commissionermay petition for a conservation or liquidation order under G.S. 58‑30‑260and G.S. 58‑30‑265, or for an ancillary receivership under G.S. 58‑30‑275,or after approval by the Court may transfer title to the domiciliaryliquidator, as the interests of justice and the equitable distribution of theassets require.

(c)        Claimants residingin this State may file claims with the liquidator or ancillary receiver, ifany, in this State or with the domiciliary liquidator, if the domiciliary lawpermits.  The claims must be filed on or before the last date fixed for thefiling of claims in the domiciliary liquidation proceedings. (1989,c. 452, s. 1.)