31A-27a-301 - Rehabilitation orders. - Utah Statutes

31A-27a-301. Rehabilitation orders.
(1) (a) An order to rehabilitate the business of an insurer shall:
(i) appoint the commissioner and the commissioner's successors in office as therehabilitator;
(ii) direct the rehabilitator to:
(A) take possession and title of the assets of the insurer; and
(B) administer the assets of the insurer under the general supervision of the court; and
(iii) require accountings to the receivership court by the rehabilitator.
(b) Accountings shall be at the intervals the receivership court specifies in its order, butno less frequently than semiannually.
(c) Each accounting shall include a report concerning the rehabilitator's opinion as to:
(i) the likelihood that a plan under Section 31A-27a-303 will be prepared by therehabilitator; and
(ii) the timetable for preparing the plan described in Subsection (1)(c)(i).
(2) (a) In recognition of the need for a prompt and final resolution for all persons affectedby a plan of rehabilitation, any appeal from an order of rehabilitation or an order approving aplan of rehabilitation shall be heard on an expedited basis.
(b) A stay of an order of rehabilitation or an order approving a plan of rehabilitation maynot be granted unless the appellant demonstrates that extraordinary circumstances warrantdelaying the recovery under the plan of rehabilitation of all other persons, includingpolicyholders.
(c) If a plan of rehabilitation provides an appropriate mechanism for adjustment in theevent of an adverse ruling from an appeal, a stay may not be granted.

Enacted by Chapter 309, 2007 General Session