§ 27-14.4-3 - Director as domiciliary receiver. - Rhode Island Statutes

SECTION 27-14.4-3

   § 27-14.4-3  Director as domiciliaryreceiver. – Whenever under this title, including § 27-1-14, a receiver is to beappointed upon the commencement of delinquency proceedings for an insurerdomiciled in this state, the superior court shall appoint the director ofbusiness regulation as the receiver. The court shall direct the receiver toimmediately take possession of the assets of the insurer and to administer themunder the orders of the court. The receiver may, subject to the discretion ofthe court, continue to be the receiver for the duration of the receivershipproceedings and shall have all of the powers and duties conferred upon thereceivers by law including the powers and duties set forth in chapter 1 of thistitle.