2006 Utah Code - 31A-27-315 — Notice to creditors and others.

     31A-27-315.   Notice to creditors and others.
     (1) (a) The liquidator shall give notice of the liquidation order as soon as possible:
     (i) by first-class mail and electronic communication to the insurance commissioner of each jurisdiction in which the insurer is doing business;
     (ii) by first-class mail and electronic communication to any guaranty fund or association that may become obligated as a result of the liquidation;
     (iii) by first-class mail to all insurance agents, brokers, and reinsurers doing business with the insurer;
     (iv) by first-class mail to the persons designated in Subsection 31A-2-212(4), if the insurer does a surety business;
     (v) by first-class mail to the last known address of all persons known or reasonably expected from the insurer's records to have claims against the insurer, including all policyholders; and
     (vi) unless the court orders otherwise, by publication under Section 31A-2-303, with the last publication being not less than three months before the earliest deadline specified in the notice under Subsection (2).
     (b) Notice to policyholders shall include:
     (i) notice of impairment and termination of coverage under Section 31A-27-311; and
     (ii) when applicable:
     (A) notice of withdrawal of the insurer from the defense of any case in which the insured is interested; and
     (B) information about the existence of any:
     (I) applicable assigned risk plans or residual market facilities; or
     (II) guaranty funds under Chapter 28, Guaranty Associations, or similar laws of another state.
     (c) (i) Within 45 days of the date of entry of the liquidation order, the liquidator shall report to the court what notice has been given.
     (ii) The court may order notice in addition to the notice required by this Subsection (1) that the court considers appropriate.
     (2) (a) Notice to potential claimants under Subsection (1) shall require claimants to file with the liquidator on or before a date the liquidator specifies in the notice:
     (i) the claimants' claims; and
     (ii) proper proofs under Section 31A-27-329.
     (b) The liquidator need not require the following to file a claim:
     (i) a person claiming unearned premium; or
     (ii) a person claiming cash surrender values or other investment values in life insurance and annuities.
     (c) The liquidator may specify different dates for filing the different kinds of claims.
     (3) If notice is given in accordance with this section, the distribution of the assets of the insurer under this chapter is conclusive with respect to all claimants, whether or not the claimants received actual notice.

Amended by Chapter 177, 2006 General Session