Alaska Statutes Title 21, Chapter 21.78 - Rehabilitation and Liquidation

• Sec. 21.78.010 Jurisdiction of Delinquency Proceedings.
  (a) The court is vested with exclusive original jurisdiction of delinquency proceedings under this chapter, and is authorized to make all necessary and proper...
• Sec. 21.78.020 Commencement of Delinquency Proceedings.
  (a) A delinquency proceeding may not be commenced under this chapter unless commenced by the director. A court does not have jurisdiction to entertain,...
• Sec. 21.78.030 Injunctions and Orders.
  (a) A receiver appointed in a proceeding under this chapter may at any time apply for, and a court may grant, a restraining order,...
• Sec. 21.78.040 Grounds for Rehabilitation.
  (a) The director may apply to the court for an order appointing the director as receiver of and directing the director to rehabilitate a...
• Sec. 21.78.050 Grounds for Liquidation.
  The director may apply to the court for an order appointing the director as receiver, if an appointment of the director as receiver is...
• Sec. 21.78.060 Grounds for Conservation, Foreign Insurers.
  The director may apply to the court for an order appointing the director as receiver or ancillary receiver, and directing the director to conserve...
• Sec. 21.78.070 Grounds for Conservation, Alien Insurers.
  The director may apply to the court for an order appointing the director as receiver or ancillary receiver, and directing the director to conserve...
• Sec. 21.78.080 Grounds for Ancillary Liquidation.
  The director may apply to the court for an order appointing the director as ancillary receiver of and directing the director to liquidate the...
• Sec. 21.78.090 Order of Rehabilitation.
  (a) An order to rehabilitate a domestic insurer must require the director to take immediate possession of the property of the insurer and to...
• Sec. 21.78.100 Order of Liquidation, Domestic Insurers.
  (a) An order to liquidate the business of a domestic insurer must require the director to take immediate possession of the property of the...
• Sec. 21.78.110 Order of Liquidation, Alien Insurers.
  An order to liquidate the business of a United States branch of an alien insurer having trusteed assets in this state shall be in...
• Sec. 21.78.120 Order of Conservation or Ancillary Liquidation of Foreign or Alien Insurers.
  (a) An order to conserve the assets of a foreign or alien insurer must require the director to take immediate possession of the property...
• Sec. 21.78.130 Conduct of Delinquency Proceedings Against Domestic and Alien Insurers.
  (a) When under this chapter a receiver is to be appointed in delinquency proceeding for a domestic or alien insurer, the court shall appoint...
• Sec. 21.78.140 Conduct of Delinquency Proceedings Against Foreign Insurers.
  (a) When under this chapter an ancillary receiver is to be appointed in delinquency proceedings for an insurer not domiciled in this state, the...
• Sec. 21.78.150 Claims of Nonresidents Against Domestic Insurers.
  (a) In a delinquency proceeding begun in this state against a domestic insurer, claimants residing in reciprocal states may file claims either with the...
• Sec. 21.78.160 Claims Against Foreign Insurers.
  (a) In a delinquency proceeding in a reciprocal state against an insurer domiciled in that state, claimants against the insurer who reside in this...
• Sec. 21.78.170 Form of Claim.
  (a) All claims against an insurer against which delinquency proceedings have been begun must set out in reasonable detail the amount of the claim,...
• Sec. 21.78.180 Priority of Certain Claims.
  (a) In a delinquency proceeding against an insurer domiciled in this state, claims owing to residents of ancillary states shall be preferred claims if...
• Sec. 21.78.190 Attachment and Garnishment of Assets.
  During the pendency of delinquency proceedings in this or a reciprocal state, an action or proceeding in the nature of an attachment, garnishment, or...
• Sec. 21.78.200 Uniform Insurers Liquidation Act.
  (a) AS 21.78.020 , 21.78.030, 21.78.130 - 21.78.190 and 21.78.330(1) - (4) and (6) - (12) constitute and may be referred to as the...
• Sec. 21.78.210 Deposit of Money Collected.
  The money collected by the director in a proceeding under this chapter shall be from time to time deposited in one or more state...
• Sec. 21.78.220 Exemption From Fees.
  The director shall not be required to pay a fee to a public officer in this state for filing, recording, issuing a transcript or...
• Sec. 21.78.230 Borrowing on Pledge of Assets.
  For the purpose of facilitating the rehabilitation, liquidation, conservation, or dissolution of an insurer under this chapter, the director may, subject to the approval...
• Sec. 21.78.240 Date Rights Fixed on Liquidation.
  The rights and liabilities of the insurer and of its creditors, policyholders, stockholders, members, subscribers, and all other persons interested in its estate shall,...
• Sec. 21.78.250 Fraudulent Transfers Before Petition.
  (a) A transfer made, or an obligation incurred, by an insurer within one year before the filing of a successful petition for rehabilitation or...
• Sec. 21.78.251 Fraudulent Transfer After Petition.
  (a) After a petition for rehabilitation or liquidation has been filed, a transfer of the real property of the insurer made to a person...
• Sec. 21.78.252 Voidable Preferences and Liens.
  (a) A transfer of property of an insurer to or for the benefit of a creditor, for or on account of an antecedent debt,...
• Sec. 21.78.253 Claims of Holders of Void or Voidable Rights.
  (a) A claim of a creditor who has received or acquired a preference, lien, conveyance, transfer, assignment, or encumbrance that is voidable under this...
• Sec. 21.78.260 Priority of Distribution.
  The priority of distribution of claims from an insurer's estate is in accordance with the order in which each class of claims is set...
• Sec. 21.78.270 Setoffs and Counterclaims.
  (a) Except as provided in (b) of this section and in AS 21.78.271, a mutual debt or mutual credit between an insurer and another...
• Sec. 21.78.271 Recovery of Premiums Owed.
  (a) An(1) insurance producer, premium finance company, or any other person, other than the insured, responsible for the payment of a premium is obligated...
• Sec. 21.78.272 Reinsurer's Liability.
  The amount recoverable by the receiver from reinsurers may not be reduced as a result of delinquency proceedings, regardless of a provision in the...
• Sec. 21.78.280 Special Claims.
  (a) A contingent and unliquidated claim may not share in a distribution of the assets of an insurer that has been adjudicated to be...
• Sec. 21.78.281 Special Provisions for Third-Party Claims.
  (a) If a third party asserts a cause of action against an insured of an insurer in liquidation, the third party may file a...
• Sec. 21.78.290 Notice to Creditors and Others.
  (a) Unless the court directs otherwise, the receiver shall give or cause to be given notice of the liquidation order as soon as possible...
• Sec. 21.78.291 Duties of Agents.
  (a) A person who receives notice in the form prescribed in AS 21.78.290 that an insurer that the person represents as an agent is...
• Sec. 21.78.292 Filing of Claims.
  (a) Proof of a claim shall be filed with the receiver, in the form required by AS 21.78.170 , on or before the last...
• Sec. 21.78.293 Receiver's Recommendation to the Court.
  (a) The receiver shall review all claims filed in the liquidation and shall make further investigation that the receiver considers necessary. The receiver may...
• Sec. 21.78.294 Distribution of Assets.
  Under the direction of the court, the receiver shall distribute assets in a manner that will assure the proper recognition of priorities and a...
• Sec. 21.78.295 Unclaimed and Withheld Money.
  (a) All unclaimed money that is subject to distribution and remains in the receiver's hands when the receiver is ready to apply to the...
• Sec. 21.78.296 Termination of Proceedings.
  (a) When all assets justifying the expense of collection and distribution have been collected and distributed under this chapter, the receiver shall apply to...
• Sec. 21.78.297 Reopening Liquidation.
  After the liquidation proceeding has been terminated and the receiver discharged, the director or an interested party may at any time petition the court...
• Sec. 21.78.298 Disposition of Records During and After Termination of Liquidation.
  If it appears to the director that the records of an insurer that is in the process of liquidation, or is completely liquidated, are...
• Sec. 21.78.300 Report and Petition for Assessment.
  Within three years after the date of the entry of an order of rehabilitation or liquidation of a domestic mutual insurer or a domestic...
• Sec. 21.78.310 Order and Levy of Assessment.
  (a) Upon the filing and reading of the report and petition provided for in AS 21.78.300 , the court, ex parte, may order the...
• Sec. 21.78.320 Assessment Prima Facie Correct.
  (a) An assessment of a subscriber or member of an insurer made by the director under the order of court fixing the aggregate amount...
• Sec. 21.78.325 Recovery From Affiliates.
  (a) If an order for liquidation or rehabilitation of a domestic insurer has been entered, the receiver appointed under the order has a right...
• Sec. 21.78.330 Definitions.
  In this chapter,(1) "delinquency proceeding" means a proceeding commenced against an insurer under this chapter for the purpose of liquidating, rehabilitating, reorganizing, or conserving...

Last modified: November 15, 2016