§ 58-30-260. Conservation of property of foreign or alien insurers found in this State.
§58‑30‑260. Conservation of property of foreign or alien insurersfound in this State.
(a) If a domiciliaryliquidator has not been appointed, the Commissioner may apply to the Court byverified petition for an order directing him to act as conservator to conservethe property of an alien insurer not domiciled in this State or a foreigninsurer on any one or more of the following grounds:
(1) Any of the groundsin G.S. 58‑30‑75;
(2) That any of itsproperty has been sequestered by official action in its domiciliary state, orin any other state;
(3) That enough of itsproperty has been sequestered in an alien country to give reasonable cause tofear that the insurer is or may become insolvent;
(4) That its license todo business in this State has been revoked or that none was ever issued; andthat there are residents of this State with outstanding claims or outstandingpolicies.
(b) When an order issought under subsection (a) of this section, the Court shall cause the insurerto be given such notice and time to respond thereto as is reasonable under thecircumstances.
(c) The Court may issuethe order in whatever terms it shall deem appropriate. The filing or recordingof the order with the clerk of court or the register of deeds of the county inwhich the principal business of the company is located, shall impart the samenotice as a deed, bill of sale or other evidence of title duly filed orrecorded with that register of deeds would have imparted.
(d) The conservator mayat any time petition for and the Court may grant an order under G.S. 58‑30‑265to liquidate assets of a foreign or alien insurer under conservation, or, ifappropriate, for an order under G.S. 58‑30‑275, to be appointedancillary receiver.
(e) The conservator mayat any time petition the Court for an order terminating conservation of aninsurer. If the Court finds that the conservation is no longer necessary, itshall order that the insurer be restored to possession of its property and thecontrol of its business. The Court may also make such finding and issue suchorder at any time upon motion of any interested party, but if such motion isdenied all costs shall be assessed against such party. (1989,c. 452, s. 1; 1999‑132, s. 9.1.)