As used in this chapter:
(1) “Delinquency proceeding” means any proceeding commenced against an insurer pursuant to this chapter for the purpose of liquidating, rehabilitating or conserving the insurer.
(2) “Foreign country” means territory not in any state.
(3) “General assets” means all property, real, personal or otherwise, not specifically mortgaged, pledged, deposited or otherwise encumbered for the security or benefit of specified persons or a limited class or classes of persons. As to specifically encumbered property, “general assets” includes all such property or its proceeds in excess of the amount necessary to discharge the sum or sums secured thereby. Assets held in trust and assets held on deposit for the security or benefit of all policyholders or all policyholders and creditors, in more than a single state, shall be treated as general assets.
(4) An insurer is “impaired” when its allowed assets do not exceed its liabilities plus its required capitalization.
(5) An insurer is “insolvent” when the insurer is unable to pay its obligations when they are due, or when its allowed assets do not exceed its liabilities.
(6) “Insurer” includes:
(a) All persons transacting or purporting to transact insurance as insurers in this state; and
(b) All persons in process of organization to become insurers.
(7) “Receiver” means receiver, rehabilitator, liquidator or conservator, as the context may require.
(8) “Secured claim” means any claim secured by mortgage, trust deed, pledge, deposit as security, escrow or otherwise, but not including special deposit claims or claims against general assets. “Secured claim” also includes claims which more than four months prior to the commencement of delinquency proceedings in the state of the insurer’s domicile have become liens upon specific assets by reason of judicial process.
(9) “Special deposit claim” means any claim secured by a deposit made pursuant to statute for the security or benefit of a limited class or classes of persons, but not including any claim secured by general assets. [Formerly 734.020; 1993 c.447 §90]Section: Previous 734.010 734.014 734.018 734.020 734.022 734.026 734.030 734.031 734.035 734.039 734.040 734.043 734.047 734.050 734.051 Next
Last modified: August 7, 2008