§ 58-30-80. Rehabilitation orders. - North Carolina Statutes

§58‑30‑80.  Rehabilitation orders.

(a)        An order torehabilitate the business of a domestic insurer or an alien insurer domiciledin this State, shall appoint the Commissioner and his successors in office asthe rehabilitator, and shall direct the rehabilitator forthwith to takepossession of the assets of the insurer and to administer them under thegeneral supervision of the Court.  The filing or recording of the order withthe clerk of the Court or register of deeds of the county in which theprincipal business of the insurer is conducted, or the county in which itsprincipal office or place of business is located, shall impart the same noticeas a deed, bill of sale, or other evidence of title duly filed or recorded withthat register of deeds would have imparted.  The order to rehabilitate theinsurer shall by operation of law vest title to all assets of the insurer inthe rehabilitator.

(b)        Any order issuedunder this section shall require accounting to the Court by the rehabilitator. Accountings shall be at such intervals as the Court specifies in its order.

(c)        Entry of an orderof rehabilitation shall not constitute an anticipatory breach of any contractof the insurer. (1989, c. 452, s. 1.)