TITLE XXXVII
INSURANCE

CHAPTER 402-C
INSURERS REHABILITATION AND LIQUIDATION

Formal Proceedings

Section 402-C:16

    402-C:16 Rehabilitation Orders. –
I. Appointment of Rehabilitator. An order to rehabilitate the business of a domestic insurer, or an alien insurer domiciled in this state, shall appoint the commissioner and his successors in office rehabilitator and shall direct the rehabilitator forthwith to take possession of the assets of the insurer and to administer them under the orders of the court. The filing or recording of the order with any register of deeds in the state imparts the same notice as a deed, bill of sale or other evidence of title duly filed or recorded with that register of deeds.
II. Anticipatory Breach. Entry of an order of rehabilitation shall not constitute an anticipatory breach of any contracts of the insurer.
III. Any order issued under this section shall require accountings to the court by the rehabilitator. Accountings shall be at such intervals as the court specifies in its order, but no less frequently than semi-annually.

Source. 1969, 272:1. 1991, 96:3, eff. Jan. 1, 1992.