§ 27-14.3-26 - Notice to creditors and others.
SECTION 27-14.3-26
§ 27-14.3-26 Notice to creditors andothers. – (a) Unless the court otherwise directs, the liquidator shall give or cause tobe given notice of the liquidation order as soon as possible:
(1) By first class mail and either by facsimile or telegraphto the insurance commissioner of each jurisdiction in which the insurer isdoing business;
(2) By first class mail to any guaranty association orforeign guaranty association which is or may become obligated as a result ofthe liquidation;
(3) By first class mail to all insurance agents or insuranceproducers of the insurer;
(4) By first class mail to all persons known or reasonablyexpected to have claims against the insurer including all policyholders, attheir last known address as indicated by the records of the insurer;
(5) By first class mail to federal, state, and localgovernmental agencies and instrumentalities as their interests may arise; and
(6) By publication in a newspaper of general circulation inthe state in which the insurer has its principal place of business and in thoseother locations that the liquidator deems appropriate.
(b) Except as established by the liquidator with the approvalof the court, notice to potential claimants under subsection (a) of thissection shall require claimants to file with the liquidator their claimstogether with proper proofs of their claims under § 27-14.3-40, on orbefore a date the liquidator shall specify in the notice. The liquidator neednot require persons claiming cash surrender values or other investment valuesin life insurance and annuities to file a claim. All claimants shall have aduty to keep the liquidator informed of any changes of address.
(c) Notice under subsection (a) of this section to agents orinsurance producers of the insurer and to potential claimants who arepolicyholders shall include, where applicable, notice that coverage by stateguaranty associations may be available for all or part of policy benefits inaccordance with applicable state guaranty laws.
(2) The liquidator shall promptly provide to the guarantyassociations any information concerning the identities and addresses of thepolicyholders and their policy coverages as may be within the liquidator'spossession or control, and cooperate with guaranty associations to assist themin providing to the policyholders timely notice of the guaranty associations'coverage of policy benefits, including, as applicable, coverage of claims andcontinuation termination of coverage.
(d) If notice is given in accordance with this section, thedistribution of assets of the insurer under this chapter shall be conclusivewith respect to all claimants, whether or not they received notice.