375.1234. Foreign insurers, petition to liquidate assets, grounds--granted when--effects.
Foreign insurers, petition to liquidate assets, grounds--grantedwhen--effects.
375.1234. 1. If no domiciliary receiver has beenappointed, the director may apply to the circuit court of ColeCounty by verified petition for an order directing him toliquidate the assets found in this state of a foreign insurer oran alien insurer not domiciled in this state, on any of thefollowing grounds:
(1) Any of the grounds in section 375.1165 or 375.1175; or
(2) Any of the grounds specified in subdivisions (2), (3)and (4) of subsection 1 of section 375.1232.
2. When an order is sought under subsection 1 of thissection, the court shall cause the insurer to be given suchnotice and time to respond thereto as is reasonable under thecircumstances.
3. If it shall appear to the court that the best interestsof creditors, policyholders and the public require, the court mayissue an order to liquidate in whatever terms it shall deemappropriate. The filing or recording of the order with the clerkof the court or the recorder of deeds of the county in which theprincipal business of the company is located or the county inwhich its principal office or place of business is located, shallimpart the same notice as a deed, bill of sale or other evidenceof title duly filed or recorded with that recorder of deeds wouldhave imparted.
4. If a domiciliary liquidator is appointed in a reciprocalstate while a liquidation is proceeding under this section, theliquidator under this section shall thereafter act as ancillaryreceiver under section 375.1236. If a domiciliary liquidator isappointed in a nonreciprocal state while a liquidation isproceeding under this section, the liquidator under this sectionmay petition the court for permission to act as ancillaryreceiver under section 375.1236.
5. On the same grounds as are specified in subsection 1 ofthis section, the director may petition any appropriate federaldistrict court to be appointed receiver to liquidate that portionof the insurer's assets and business over which the court willexercise jurisdiction, or any lesser part thereof that thedirector deems desirable for the protection of the policyholdersand creditors in this state.
6. The court may order the director, when he has liquidatedthe assets of a foreign or alien insurer pursuant to thissection, to pay claims of residents of this state against theinsurer under such rules as to the liquidation of insurers undersections 375.1150 to 375.1246, sections 374.216 and 374.217,RSMo, and section 382.302, RSMo, as are otherwise compatible withthe provisions of this section.
(L. 1991 H.B. 385, et al. § 100)