2005 Idaho Code - 41-3318 — LIQUIDATION ORDERS

                                  TITLE  41
                                  INSURANCE
                                  CHAPTER 33
                            INSURERS SUPERVISION,
                        REHABILITATION AND LIQUIDATION
    41-3318.  LIQUIDATION ORDERS. (1) An order to liquidate the business of a
domestic insurer shall appoint the director and his successors in office
liquidator and shall direct the liquidator forthwith to take possession of the
assets of the insurer and to administer them under the general supervision of
the court. The liquidator shall be vested 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 ordered liquidated, wherever located, as of the
entry of the final order of liquidation. The filing or recording of the order
with the clerk of the district court and the recorder of deeds of the county
in which its principal office or place of business is located, or, in the case
of real estate, with the recorder of deeds of the county where the property is
located, shall impart the same notice as a deed, bill of sale, or other
evidence of title duly filed or recorded with that recorder of deeds would
have imparted.
    (2)  Upon issuance of the order, the rights and liabilities of any such
insurer and of its creditors, policyholders, shareholders, members, and all
other persons interested in its estate shall become fixed as of the date of
entry of the order of liquidation, except as provided in sections 41-3319 and
41-3337, Idaho Code.
    (3)  An order to liquidate the business of an alien insurer domiciled in
this state shall be in the same terms and have the same legal effect as an
order to liquidate a domestic insurer, except that the assets and the business
in the United States shall be the only assets and business included therein.
    (4)  At the time of petitioning for an order of liquidation, or at any
time thereafter, the director, after making appropriate findings of an
insurer's insolvency, may petition the court for a judicial declaration of
such insolvency. After providing such notice and hearing as it deems proper
the court may make the declaration.
    (5)  Any order issued under the provisions of this section shall require
accounting to the court by the liquidator. Accountings shall be at such
intervals as the court specifies in its order.