§ 27-14.3-54 - Conservation of property of foreign or alien insurers found in this state.
SECTION 27-14.3-54
§ 27-14.3-54 Conservation of property offoreign or alien insurers found in this state. – (a) If a domiciliary liquidator has not been appointed, the commissioner mayapply to the superior court for the county of Providence by verified petitionfor an order directing him or her to act as conservator to conserve theproperty of an alien insurer not domiciled in this state or a foreign insureron any one or more of the following grounds:
(1) Any of the grounds in § 27-14.3-16;
(2) That any of its property has been sequestered by officialaction in its domiciliary state, or in any other state;
(3) That enough of its property has been sequestered in aforeign country to give reasonable cause to fear that the insurer is or maybecome insolvent; and/or
(4) That its certificate of authority to do business in thisstate has been revoked or that none was ever issued, and
(ii) That there are residents of this state with outstandingclaims or outstanding policies.
(b) When an order is sought under subsection (a) of thissection the court shall cause the insurer to be given notice and time torespond to it as is reasonable under the circumstances.
(c) The court may issue the order in whatever terms it shalldeem appropriate. The filing or recording of the order with the clerk ofsuperior court for the county of Providence or the recorder of deeds of thecity or town in which the principal business of the company is located shallimpart the same notice as a deed, bill of sale, or other evidence of title dulyfiled or recorded with that recorder of deeds would have imparted.
(d) The conservator may at any time petition for, and thecourt may grant, an order under § 27-14.3-55 to liquidate the assets of aforeign or alien insurer under conservation, or, if appropriate, for an orderunder § 27-14.3-57, to be appointed ancillary receiver.
(e) The conservator may at any time petition the court for anorder terminating the conservation of an insurer. If the court finds that theconservation is no longer necessary, it shall order that the insurer berestored to possession of its property and the control of it's business. Thecourt may also make the finding and issue the order at any time upon the motionof any interested party, but if the motion is denied, all costs shall beassessed against the party.