§ 58-30-90. Actions by and against rehabilitator. - North Carolina Statutes

§58‑30‑90.  Actions by and against rehabilitator.

(a)        When arehabilitation order against an insurer is entered, every court in this State,before which any pending action or proceeding in which the insurer is a partyor is obligated to defend a party, shall stay the action or proceeding for 120days and such additional time that is necessary for the rehabilitator to obtainproper representation and prepare for further proceedings.  The rehabilitatormay take such action respecting pending litigation as he deems necessary in theinterests of justice and for the protection of creditors, policyholders, andthe public.  The rehabilitator may immediately consider all litigation pendingoutside this State and may petition the courts having jurisdiction over thatlitigation for stays whenever necessary to protect the estate of the insurer.

(b)        No statute oflimitations or defense of laches shall run with respect to any action by oragainst an insurer between the filing of a petition for appointment of arehabilitator for that insurer and the order granting or denying that petition.

(c)        Any domestic orforeign guaranty association has standing to appear in any Court proceedingconcerning the rehabilitation of an insurer if such association is or maybecome liable to act as a result of the rehabilitation. (1989,c. 452, s. 1.)