375.970. Preferred claims, how determined.
Preferred claims, how determined.
375.970. 1. In a delinquency proceeding against an insurerdomiciled in this state, claims owing to residents of ancillarystates shall be preferred claims if like claims are preferredunder the laws of this state. All such claims whether owing toresidents or nonresidents shall be given equal priority ofpayment from general assets. No law of an ancillary stateproviding for preferred claims against the general assets ofinsurers shall be recognized as against the assets of delinquentdomiciliary insurers of this state regardless of where suchassets may be located.
2. In a delinquency proceeding against an insurer domiciledin a reciprocal state, claims owing to residents of this stateshall be preferred if like claims are preferred by the laws ofthat state.
(L. 1976 H.B. 1479 § 6)Effective 6-16-76