§ 27-14.4-6 - Director as ancillary receiver. - Rhode Island Statutes

SECTION 27-14.4-6

   § 27-14.4-6  Director as ancillaryreceiver. – Whenever under the laws of this state an ancillary receiver is to be appointedin delinquency proceedings for an insurer not domiciled in this state, thesuperior court shall appoint the director of business regulation as theancillary receiver. The ancillary receiver shall file a petition in the courtrequesting appointment:

   (1) If he or she finds that there are sufficient assets ofthe insurer located in this state to justify the appointment of an ancillaryreceiver; or

   (2) If ten (10) or more persons resident in this state havingclaims against the insurer file a petition with the director of businessregulation requesting the appointment of an ancillary receiver.