2006 Utah Code - 31A-27-303 — Rehabilitation orders.

     31A-27-303.   Rehabilitation orders.
     (1) An order to rehabilitate the business of a domestic insurer, or an alien insurer domiciled in this state, shall appoint the commissioner and each of his successors in office as the rehabilitator and shall direct the rehabilitator to immediately take possession of the assets of the insurer and to enter into transactions in the ordinary course of the insurer's business, subject to any instructions the court may give. The order shall suspend the authority of all officers and managers of the insurer and vest this authority in the rehabilitator. The filing or recording of the order with any county recorder in the state imparts the same notice as a deed, bill of sale, or other evidence of title properly filed or recorded with that county recorder.
     (2) Entry of an order of rehabilitation is not an anticipatory breach of any contract of the insurer.

Amended by Chapter 204, 1986 General Session