2006 Utah Code - 31A-27-403 — Foreign domiciliary receivers.

     31A-27-403.   Foreign domiciliary receivers.
     (1) The domiciliary liquidator of an insurer domiciled in a reciprocal state shall, except as to special deposits and security on secured claims, be vested by operation of law with the title to all of the property, contracts, and rights of action, and all of the books, accounts, and other records of the insurer located in Utah. The date of vesting is the date of the filing of the petition, if the filing date is specified by the domiciliary law for the vesting of property in the domiciliary state; otherwise, the date of vesting is the date of entry of the order directing possession to be taken. The domiciliary liquidator has the immediate right to recover balances due from agents and to obtain possession of the books, accounts, and other records of the insurer located in Utah. The domiciliary liquidator may also recover the other assets of the insurer located in Utah, subject to Subsections 31A-27-404 (2) and (3).
     (2) If a domiciliary liquidator is appointed for an insurer not domiciled in a reciprocal state, the Utah commissioner shall be vested by operation of law with the title to all of the property, contracts, and right of action, and all of the books, accounts, and other records of the insurer located in Utah, at the same time that the domiciliary liquidator is vested with title to all of these things in the state of domicile. The Utah commissioner may petition for a conservation or liquidation order under Sections 31A-27-401 or 31A-27-402, or for an ancillary receivership under Section 31A-27-404, or, after approval by the Third District Court for Salt Lake County, may transfer title to the domiciliary liquidator, as required in the interests of justice and for the equitable distribution of the assets.
     (3) Claimants residing in Utah may file claims with the liquidator or ancillary receiver, if any, in Utah or with the domiciliary liquidator, if the domiciliary law permits. The claims shall be filed on or before the last date fixed for the filing of claims in the domiciliary liquidation proceedings.

Enacted by Chapter 242, 1985 General Session