2006 Utah Code - 31A-27-402 — Liquidation of property of foreign or alien insurers found in this state.

     31A-27-402.   Liquidation of property of foreign or alien insurers found in this state.
     (1) If no domiciliary receiver has been appointed, the commissioner or creditors conforming to Subsection 31A-27-103 (2) may apply by verified petition to the Third District Court for Salt Lake County for an order directing him to liquidate the assets found in Utah of a foreign insurer or an alien insurer not domiciled in Utah, on any of the following grounds:
     (a) any of the grounds given under Section 31A-27-301;
     (b) any of the grounds given under Section 31A-27-307; or
     (c) any of the grounds given under Section 31A-27-401.
     (2) If, after giving the notice to the insurer and hearing as the court considers appropriate, it appears to the court that the best interests of creditors, policyholders, and the public so require, the court may issue an order to liquidate the insurer in whatever terms it considers appropriate. The filing or recording of the order with any county recorder in Utah imparts the same notice as a deed, bill of sale, or other evidence of title properly filed or recorded with that county recorder.
     (3) If a domiciliary liquidator is appointed in a reciprocal state while a liquidation is proceeding under this section, the liquidator under this section shall thereafter act as ancillary receiver under Section 31A-27-404. If a domiciliary liquidator is appointed in a nonreciprocal state while a liquidation is proceeding under this section, the liquidator under this section may petition the court for permission to act as ancillary receiver under Section 31A-27-404.
     (4) The court may order the liquidator to pay those claims against the insurer of Utah residents and claims relating to Utah property which the court considers just.

Enacted by Chapter 242, 1985 General Session