§ 27-14.4-5 - Administration of assets by receiver – Employment of deputies and personnel. - Rhode Island Statutes

SECTION 27-14.4-5

   § 27-14.4-5  Administration of assets byreceiver – Employment of deputies and personnel. – Upon taking possession of the assets of a delinquent insurer the domiciliaryreceiver shall, subject to the direction of the court, immediately proceed toconduct the business of the insurer or to take those steps authorized by thelaws of this state for the purpose of liquidating, rehabilitating,reorganizing, or conserving the affairs of the insurer. In connection withdelinquency proceedings the receiver may appoint one or more special deputiesto act for him or her, and may employ any counsel, clerks, and assistants as heor she deems necessary. The compensation of the special deputies, counsel,clerks, or assistants and all of the expenses of taking possession of thedelinquent insurer and of conducting the delinquency proceedings shall be fixedby the receiver, subject to the approval of the court, and shall be paid out ofthe funds or assets of the insurer. Within the limits of the duties imposedupon them, special deputies shall possess all of the powers given to, and, inthe exercise of those powers, shall be subject to all of the duties imposedupon the receiver with respect to delinquency proceedings.