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(2) If, at any time, the conditions for placing an insurer in rehabilitation or liquidation specified in chapter 14.3 of this title exist, the commissioner may request and, upon a proper showing, the court shall order that the commissioner be named statutory receiver of the applicant. (3) If no implementation order has been entered, then upon being named receiver, the commissioner may request, and if requested, the court shall order, that the proceeding under this chapter be converted to a rehabilitation or liquidation pursuant to chapter 14.3 of this title. If an implementation order has already been entered, then the court may order a conversion upon a showing that some material factor in approving the original order has changed. (4) The commissioner, any creditor, or the court on its own motion may move to have the commissioner named as receiver. The court may enter such an order only upon finding either that one or more grounds for rehabilitation or liquidation specified in chapter 14.3 of this title exist or that the applicant has materially failed to follow the commutation plan or any other court instructions. (5) Unless and until the commissioner is named receiver, the board of directors or other controlling body of the applicant shall remain in control of the applicant. § 27-14.5-5 Taxes, fees, assessments, pools, and regulatory and supervision fund. – (a) Application fee. Upon application to a court pursuant to § 27-14.5-4, the applicant shall pay a fee to the department in the amount of one hundred and twenty-five thousand dollars ($125,000) or any lesser amount that the commissioner shall deem adequate for appropriate and thorough review of the application. (b) Assessment. (1) Every March 15, the commissioner shall assess each run-off insurer an amount equal to the greater of: (i) one thousand dollars ($1,000), or (ii) the sum of that run-off insurer's proportionate share of estimated regulatory expenditure for that calendar year and that run-off insurer's assessment deficit, less its assessment surplus. (2) The calculation of the assessment surplus or deficit shall reflect the total cost of any examinations, which shall be borne by the companies so examined, and shall include the following expenses: (i) One hundred fifty percent (150%) of the total salaries and benefits paid to the examining personnel of the department of business regulation engaged in those examinations, including, but not limited to, examiners, actuaries, attorneys, managers, and para-professionals, less any salary reimbursements; (ii) All reasonable technology costs related to the examination process. Technology costs shall include the actual cost of software and hardware utilized in the examination process and the cost of training examination personnel in the proper use of the software or hardware;
(iii) All necessary and reasonable education and training costs incurred by the state to maintain the proficiency and competence of the examining personnel. All such costs shall be incurred in accordance with appropriate state of Rhode Island regulations, guidelines and procedures. (3) Each run-off insurer shall pay the assessment to the department on or before the following fifteenth (15th) day of April. (4) An insurer that redomiciles to Rhode Island after March 15 of any year and that qualifies as a run-off insurer upon redomestication shall pay an assessment equal to the commissioner's estimate of redomestication expenditure attributable to that run-off insurer. (5) All revenues collected pursuant to this section shall be deposited as general revenues. That assessment shall be in addition to any taxes and fees otherwise payable to the state. (c) Pools. Except with respect to policy renewals required by law or contract, no run-off insurer shall be subject to any assessment or assignment in connection with any residual market, fair plan, or assigned-risk plan mechanisms in this state. (d) Scope. This section shall only apply to run-off insurers that cease underwriting new business after January 1, 2002, or that were not domiciled in Rhode Island on January 1, 2002. § 27-14.5-6 Rules and regulations. – The commissioner shall promulgate rules and regulations that may be necessary to effectuate the purposes of this chapter no later than January 1, 2003. The department shall not accept applications under § 27-14.5-4 until the time that these regulations have been promulgated.
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REFERENCE HANDBOOK ON INSURANCE COM
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Contributing Editors Cross‐Border
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Formal Proceedings ‐ Constitution
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Priorities ‐ Interstate Claimants
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Part III PART IV APPENDIX D. Bermud
Page 172 and 173: Rhode Island Statutes TITLE 27 Insu
Page 174 and 175: (17) "Policyholder" means an insure
Page 176 and 177: (3) All creditors, assumption polic
Page 180 and 181: Run‐Off New York Seaton Ins. Co.
Page 182 and 183: as writs of seizure, were necessary
Page 184 and 185: Igel v. Phillips, 183 A.D. 220, 169
Page 186 and 187: wind up its affairs, even if the no
Page 188 and 189: insolvency, including the issue of
Page 190 and 191: over action would: (i) defeat domic
Page 192 and 193: the Commissioner of Insurance on be
Page 194 and 195: Sixth Circuit AmSouth Bank v. Dale,
Page 196 and 197: action did not automatically preclu
Page 198 and 199: proceedings. The New York insurance
Page 200 and 201: independent receivership proceeding
Page 202 and 203: Connecticut Florida Grasso v. City
Page 204 and 205: instance, because the regulation of
Page 206 and 207: company filed a motion for declarat
Page 208 and 209: Commissioner of Ins. v. Mid‐Ameri
Page 210 and 211: district court had exclusive jurisd
Page 212 and 213: SEC v. Republic National Life Ins.
Page 214 and 215: legislature granted exclusive juris
Page 216 and 217: Rejecting the liquidator's motion,
Page 218 and 219: time as an administrative claim had
Page 220 and 221: mandate application of Florida's in
Page 222 and 223: This simple declarative sentence pr
Page 224 and 225: its earlier holding [Bonura v. Unit
Page 226 and 227: In re Application for an Order Stay
Page 228 and 229:
to prosecution of claims against hi
Page 230 and 231:
were closely intertwined, the entir
Page 232 and 233:
South Carolina Texas New South Life
Page 234 and 235:
the insurance code. The trial court
Page 236 and 237:
within the meaning of the insurance
Page 238 and 239:
was overbroad in delaying indefinit
Page 240 and 241:
financial institutions to transfer
Page 242 and 243:
entities were in fact a "single bus
Page 244 and 245:
the company in that other state to
Page 246 and 247:
easoning that: 1) its earlier findi
Page 248 and 249:
McConnell v. All‐Coverage Insuran
Page 250 and 251:
company. The court also found that
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impermissible because they were not
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contrary appellate court judgment,
Page 256 and 257:
exhaust the pro rata shares of solv
Page 258 and 259:
asserted a priority despite the fac
Page 260 and 261:
The question presented was whether
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Cir. 2000). The Ninth Circuit adopt
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entity with those conferred or with
Page 266 and 267:
Pennsylvania court had exclusive ju
Page 268 and 269:
liquidator argued that Ohio’s sta
Page 270 and 271:
Vermont Costle v. Fremont Indemnity
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(“Munich”) and NAC Reinsurance
Page 274 and 275:
Pine Top Ins. Co. v. Continental Re
Page 276 and 277:
incapable of being performed," foun
Page 278:
completion of the plan of arbitrati
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the policy make specific provision
Page 283 and 284:
the catastrophe policy prevents “
Page 285 and 286:
sought only money damages. 3 Hence,
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Commissioner has reasonable grounds
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policyholders were brought against
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a supervision‐release order for a
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secure a court‐ordered receiversh
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no liability exists for any acts ta
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stay of any proceeding in which an
Page 299 and 300:
Fields v. Fidelity General Ins. Co.
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Illinois insurance code is vested i
Page 303 and 304:
Michigan Daniel v. Citizens' Mutual
Page 305 and 306:
appointment of a receiver to wind u
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independent actuarial firm, and all
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owned by one corporation, proposed
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den'd, 126 N.J. 389 (1991). The cou
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constitutional the statute under wh
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The circuit judge's denial of plain
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duplication provision of the PPCIGA
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New York National Union Fire Ins. C
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insurance companies pursuant to sta
Page 323 and 324:
Matter of Morgan, 277 N.Y. 203, 14
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Alabama Arizona California Moody v.
Page 327 and 328:
Schenek v. Citizens Casualty Co., 6
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disclosed in its annual statement.
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insurance company, the court held t
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Pennsylvania's interest in investig
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Pennsylvania Commonwealth ex rel. C
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non‐mandatory preference for the
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Powers and Duties of the Rehabilita
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the insolvency clause of a reinsura
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Financial Indemnity Company v. Supe
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ecause they had constructive notice
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Illinois law does not provide the D
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claimed. Although the code allows t
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040(3)(a) or 304‐33.190(2). Rathe
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to the state's unemployment compens
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State ex rel. ISC Financial Corp. v
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authorizing the Liquidator to prope
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implement the statutory liquidation
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that trust claimants will recover a
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showing that the rehabilitator’s
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insurer, sued former owner of insur
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Brainard v. Foster, Civil Action No
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Flowers v. Tennessee Trucking Ass
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the insurer under Texas law; and th
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state court against B.C. Rogers, an
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People ex rel. Baylor v. Multi‐St
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equiring the insurer to produce doc
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failed to demonstrate to the contra
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intervention. It is not an abuse of
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eview the actions of the insurance
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not reported losses (IBNR). The Sup
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Commonwealth tort claims against th
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Liquidation Act. On a petition for
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defendant to bring the action to th
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Main Ins. Co. v. Bradford, Williams
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proceedings against an insolvent Ne
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Matter of Title, Etc., Co. of Buffa
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the R.C. 3955.19 stay provision as
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Casualty Insurance Guaranty Associa
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property without a hearing. The Cou
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consent of the liquidators, the bro
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ecording of an order of liquidation
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Florida Imagine Ins. Co. v. State o
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executory contracts, and the insure
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procured new policies in a solvent
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Safeway liable for the entire amoun
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even lower interest rate than that
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North Carolina Texas North Carolina
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an individual and official capacity
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enterprise with United States Gener
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were not ultra vires acts. There we
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authorized by state law to petition
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Stamp v. Touche Ross & Co., 263 Ill
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control, or possession of the insur
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offers to compromise because severa
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insolvent insurer brought an action
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"interested parties" in a proceedin
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Assets of the Insolvent Insurer's E
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Garamendi v. SDI Vendome, No. CV 02
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for personal injury claim brought a
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transacting any insurance business
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Bent v. Hart, 10 Mo. App. 143 (1881
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discretion allowed policyholders to
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In re New State Life Ins. Co., 23 P
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ecover a subscription fund executed
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Pursuant to D.C. Code Ann. § 35‐
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ecause all the directors of the dis
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agree on whether Kentucky statutory
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W. J. Jones & Son v. Independence I
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precluding liquidator's avoidance o
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association's directors for monies
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a Transit insured. Fifteen months l
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court granted the motion. On appeal
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unearned portion of the premium was
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the insolvent Mission Insurance Com
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Drake v. Rollo, 7 Fed. Cas. Pg. 105
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judge to act as presiding judge ove
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$25,000 compromise would be paid to
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express purpose is to avoid financi
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einsurance contract against moneys
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provision and therefore its ruling
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complaint, the defendants would not
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as an offset against the insolvent
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Swiss Re made payments to Protectiv
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directors were not included in that
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purported rescission by the company
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members. The court further held tha
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instituting of the receivership pro
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would prevent a multiplicity of act
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assessments against members of a do
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Richards v. Hale, 14 O.C.D. 468, 1
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Wetmore v. Scalf, 85 S.C. 285, 67 S
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mutual insurance company because Wi
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out liquidation assessment powers i
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their insurer became insolvent. Any
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insolvent carrier, sought to interp
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The Home Insurance Co. v. Hooper, 2
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coverage. The court held that cover
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insurance, and that Mission was not
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contract. Further, as the parties t
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agreement. The Colorado receiver cl
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preliquidation assets that could be
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agreements with Legion Insurance Co
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prediction, and was neither arbitra
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Guaranty Association (“PPCIGA”)
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contrary holding would permit these
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People ex rel. Bolton v. Progressiv
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where the solvency of the company,
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agent of all premiums collected by
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subsequent to institution of delinq
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corporate mismanagement and account
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Mendel v. Garner, 283 Ark. 473, 678
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The lower court denied the claim be
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definition, a “covered claim,”
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Missouri MSEJ, LLC, v. Transit Cas.
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medical malpractice action, which i
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Suit was transferred to the court o
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within policy limits. The insolvent
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alleged negligence of an insured of
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Arkansas Colorado Florida Baldwin
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liquidator was entitled to rely upo
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Ohio Covington v. Ind. Dep’t of N
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River abstention doctrines did not
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directly against manufacturer. The
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insurance commissioner entered into
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un ten months and twenty‐six days
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policies were delivered, the state
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Accordingly, the manufacturer sough
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Sizemore v. United Physicians Ins.
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insolvency. The court found for pla
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equires all claims against the rece
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cancelled by order of the court, th
Page 589 and 590:
Dewey v. Davis, 82 Wis. 500, N.W. 7
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April 18, the filing of the Missour
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Texas Buckner v. Lloyd's Ins. Co. o
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payment by the California Insurance
Page 597 and 598:
the tortfeasors to recover its paym
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Ga. App. 660, 440 S.E.2d 254 (1994)
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Act. The Court also noted that whet
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opportunity to settle.” The court
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jurisdictions that did find associa
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Ohio Lake Hospital System, Inc. v.
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award. It became insolvent, however
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Rhulen advanced claim payments to T
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entitled to coverage from the Illin
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the negligence claim, brought by th
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insurer did not thereby release fro
Page 619 and 620:
when contingent claims must necessa
Page 621 and 622:
In Matter of Liquidation Of Integri
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from the time damages are certain o
Page 625 and 626:
In re N.Y. Surety Co., 723 N.Y.S.2d
Page 627 and 628:
Governmental/Superpriority Claims S
Page 629 and 630:
Reliance Ins. Co. v. Shriver, Inc.,
Page 631 and 632:
Georgia Boyd v. Wright, 148 Ga. 216
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policyholders, judgment creditors o
Page 635 and 636:
when it appears that such funds or
Page 637 and 638:
within the insurance statutes. Cred
Page 639 and 640:
Priorities ‐ Federal U.S. Supreme
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statute was preempted by the federa
Page 643 and 644:
instituting or taking further actio
Page 645 and 646:
Florida Dilme v. SBP Serv., Inc. an
Page 647 and 648:
Massachusetts Commissioner of Insur
Page 649 and 650:
New York Finkelstein v. Van Schaick
Page 651 and 652:
Texas Op. Att'y. Gen. WW‐795 (Tex
Page 653 and 654:
Illinois People ex rel. Potts v. Co
Page 655 and 656:
Arizona Colorado State ex rel. Low
Page 657 and 658:
equirements had not been complied w
Page 659 and 660:
Michigan Commissioner of Insurance
Page 661 and 662:
commissioner certain securities for
Page 663 and 664:
State ex rel. Cincinnati Life Assn'
Page 665 and 666:
and without assets in trust in Flor
Page 667 and 668:
State ex rel. Burgess v. Crabbe, 11
Page 669 and 670:
jurisdiction over the attorneys in
Page 671 and 672:
Pennsylvania Lewycka v. Springfield
Page 673 and 674:
meaning, held that the Indiana clai
Page 675 and 676:
Rose v. Fid. Mut'l Life Ins. Co., 2
Page 677 and 678:
uniform law or that it was necessar
Page 679 and 680:
of incorporation of a mutual insure
Page 681 and 682:
jurisdiction over that litigation f
Page 683 and 684:
ehabilitation in Indiana and had ob
Page 685 and 686:
Krueger v. Tabor, 546 So.2d 1317 (L
Page 687 and 688:
and, because of the guarantees, for
Page 689 and 690:
Rhode Island injunction by arguing
Page 691 and 692:
In prior proceedings in this case,
Page 693 and 694:
state law issues and was contingent
Page 695 and 696:
Bryant v. Shields, Britton & Fraser
Page 697 and 698:
against the Wisconsin Insurance Sec
Page 699 and 700:
PART II Cross‐Border Run‐Offs a
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CASE(S) Highland Insurance Company
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CASE(S) Hatteras Reinsurance Ltd NR
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• The Court in which the Chapter
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As previously noted, of the sevente
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WFUM Pool Solvent Schemes ~ In re G
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arrangement, including solvent run
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5. Chapter 15 ~ Official Text 1501.
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(d) §1502. Definitions. (2) an ind
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(c) (d) A request for comity or coo
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(a) (b) If the decision or certific
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§1521. Relief that may be granted
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(4) approval or implementation of a
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B. United Kingdom ‐‐ The Positi
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1. majority votes in favour of the
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eported claims, was not of great im
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and Jersey. The English schemes wou
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Life Assurance Limited (FPLLA) both
Page 735 and 736:
MB Group Plc, Re (1989) 5 B.C.C. 68
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issued a third circular which state
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court had jurisdiction to sanction
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The Judge (Roger Kaye Q.C.) allowed
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the agreement would not be avoided
Page 745 and 746:
submitted that cover had been provi
Page 747 and 748:
liquidators and in the English bank
Page 749 and 750:
court did not strike out the petiti
Page 751 and 752:
Stein so that he could pursue it. B
Page 753 and 754:
Part III of the Winding‐up and Re
Page 755 and 756:
v. Proceedings in Canada to Assist
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D. Bermuda ‐‐ The Bermuda Persp
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Hong Kong Court to restructure the
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Excluded Lines - Ocean Marine Louis
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Covered Claim - Unearned Premium co
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Oregon Corvallis Aero Service, Inc.
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purposes of joint and several liabi
Page 799 and 800:
Affiliated FM Ins. Co. v. State, 33
Page 801 and 802:
Heninger v. Riley, 317 Pa. Super. 5
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assumed the obligations of Dr. Lucc
Page 805 and 806:
Florida Hawaii Fernandez v. Florida
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Case Law Digest Supplement LIFE & H
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Texas Messagephone, Inc., et al v.
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were invested in four group annuity
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Alaska Arizona Illinois Unisys Corp
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Minnesota Honeywell, Inc. v. Minnes
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plan participants rather than the G
Page 871 and 872:
esponsible for attorneys’ fees an
Page 873 and 874:
Alaska Arizona Indiana Unisys Corp.
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Federal Jurisdiction - Preemption c
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Supreme Court California New York U
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Assessments Assessments - In Genera
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the sales transaction is not uncons
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State Department of Insurance Insur
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Kentucky State Department of Insura
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New Jersey New Mexico State Departm
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Virginia Washington State Departmen
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© 2009 National Association of Ins
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CO Marcy Morrison Commissioner (Wes
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KS Sandy Praeger Commissioner NAIC
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NH Roger A. Sevigny Commissioner NA
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TN Leslie A. Newman Commissioner (V
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NAIC OFFICES NAIC Central Office: 2
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GUARANTY FUND DIRECTORY Updated 02/
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nolhga.com :: state ga contact info
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