§ 27-14.4-7 - Powers and duties of receivers of foreign companies. - Rhode Island Statutes

SECTION 27-14.4-7

   § 27-14.4-7  Powers and duties of receiversof foreign companies. – The domiciliary receiver of an insurer domiciled in a reciprocal state shall bevested by operation of law with the title to all of the property, contracts,and rights of action, and all of the books and records, of the insurer locatedin this state, and the receiver shall have the immediate right to recover allbalances due from local agents and to obtain possession of any books andrecords of the insurer found in this state. The receiver shall also be entitledto recover the other assets of the insurer located in this state except thatupon the appointment of an ancillary receiver in this state, the ancillaryreceiver shall during the ancillary receivership proceedings have the soleright to recover those other assets. The ancillary receiver shall, as soon aspracticable, liquidate from their respective securities those special depositclaims and secured claims which are proved and allowed in the ancillaryproceedings in this state, and shall pay the necessary expenses of theproceedings. All remaining assets the ancillary receiver shall promptlytransfer to the domiciliary receiver. Subject to these provisions the ancillaryreceiver and his or her deputies shall have the same powers and be subject tothe same duties, with respect to the administration of the insurer's assets, asa receiver of an insurer domiciled in this state.