§ 27-14.3-47 - Liquidator's recommendations to the court. - Rhode Island Statutes

SECTION 27-14.3-47

   § 27-14.3-47  Liquidator's recommendationsto the court. – (a) The liquidator shall review all claims duly filed in the liquidation andshall make any further investigation as he or she shall deem necessary. He orshe may compound, compromise, or in any other manner negotiate the amount forwhich claims will be recommended to the court except where the liquidator isrequired by law to accept claims as settled by any person or organization,including any guaranty association or foreign guaranty association. Unresolveddisputes shall be determined under § 27-14.3-43. As soon as practicable,he or she shall present to the court a report of the claims against the insurerwith his or her recommendations. The report shall include the name and addressof each claimant and the amount of the claim finally recommended, if any. Ifthe insurer has issued annuities or life insurance policies, the liquidatorshall report the persons to whom, according to the records of the insurer,amounts are owed as cash surrender values or other investment value and theamounts owed.

   (b) The court may approve, disapprove, or modify the reporton claims by the liquidator. Those reports not modified by the court within aperiod of sixty (60) days following submission by the liquidator shall betreated by the liquidator as allowed claims, subject after this to latermodification or to rulings made by the court pursuant to § 27-14.3-43. Noclaim under a policy of insurance shall be allowed for an amount in excess ofthe applicable policy limits.