31A-27a-101. Title -- Construction -- Commissioner's powers.
(1) This chapter is known as the "Insurer Receivership Act."
(2) The proceedings authorized by this chapter may be applied to:
(a) all insurers and reinsurers:
(i) who are doing, or have done, an insurance business in this state; and
(ii) against whom claims arising from that business may exist;
(b) all insurers who have the appearance of or claim they do an insurance business in this
state;
(c) all insurers who have insureds resident in this state; and
(d) all other persons organized or in the process of organizing to do an insurance
business as an insurer in this state.
(3) This chapter shall be liberally construed to protect the interests of insureds, claimants,
creditors, and the public generally through:
(a) early detection of any potentially hazardous condition in an insurer;
(b) prompt application of appropriate corrective measures;
(c) improved methods for conserving and rehabilitating insurers;
(d) enhanced efficiency and economy of liquidation, through clarification of the law, to
minimize legal uncertainty and litigation;
(e) apportionment of any unavoidable loss in accordance with the statutory priorities set
out in this chapter;
(f) lessening the problems of interstate receivership by:
(i) facilitating cooperation among states in delinquency proceedings; and
(ii) extending the scope of personal jurisdiction over debtors of the insurer outside this
state;
(g) regulation of the business of insurance by the impact of the law relating to
delinquency procedures and by substantive rules; and
(h) providing for a comprehensive scheme for the receivership of insurance companies
and those subject to this chapter as part of the regulation of the business of insurance in this state.
(4) A proceeding in the case of insurer insolvency and delinquency are integral aspects of
the business of insurance and are of vital public interest and concern.
(5) This chapter does not limit the powers granted the commissioner by other provisions
of law.
(6) All powers and authority of a receiver under this chapter are:
(a) cumulative; and
(b) in addition to any power or authority available to a receiver under a law other than
this chapter.
Enacted by Chapter 309, 2007 General Session
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Last revised: Thursday, May 28, 2009