Title 27
Insurance

Chapter 14.5
Voluntary Restructuring of Solvent Insurers

§ 27-14.5-3. Notice.

(a) Wherever in this chapter notice is required, the applicant shall, within ten (10) days of the event triggering the requirement, cause transmittal of the notice:

(1) To the insurance regulator in each jurisdiction in which the applicant is doing business;

(2) To the national conference of insurance guaranty funds and all guaranty associations for the states in which the applicant is doing business;

(3) To all reinsurers of the applicant pursuant to the notice provisions of reinsurance agreements or, where an agreement has no provision for notice, in a manner reasonably designed to provide actual notice to all reinsurers of the applicant;

(4) To all insurance agents or insurance producers of the applicant;

(5) To all persons known or reasonably expected to have claims against the applicant including all policyholders, at their last known address as indicated by the records of the applicant;

(6) To federal, state, and local government agencies and instrumentalities as their interests may arise; and

(7) By publication in a newspaper of general circulation in the state in which the applicant has its principal place of business and in any other locations that the court overseeing the proceeding deems appropriate.

(b) Notice under this section shall be given in a manner designed to provide actual notice to the intended recipient. Depending upon the circumstances, that notice may take the form of first-class mail, facsimile, or electronic notice.

(c) If notice is given in accordance with this section, any orders under this chapter shall be conclusive with respect to all claimants and policyholders, whether or not they received notice.

(d) Where this chapter requires that the applicant provide notice but the commissioner has been named receiver of the applicant, the commissioner shall provide the required notice.