RCW 48.99.030
Delinquency proceedings -- Foreign insurers.
(1) Whenever under the laws of this state an ancillary receiver
is to be appointed in delinquency proceedings for an insurer not
domiciled in this state, the court shall appoint the commissioner
as ancillary receiver. The commissioner shall file a petition
requesting the appointment (a) if he or she finds that there are
sufficient assets of such insurer located in this state to
justify the appointment of an ancillary receiver, or (b) if ten
or more persons resident in this state having claims against such
insurer file a petition with the commissioner requesting the
appointment of such ancillary receiver.
(2) The domiciliary receiver for the purpose of liquidating
an insurer domiciled in a reciprocal state, shall be vested by
operation of law with the title to all of the property,
contracts, and rights of action, and all of the books and records
of the insurer located in this state, and he or she shall have
the immediate right to recover balances due from local insurance
producers and surplus line brokers and to obtain possession of
any books and records of the insurer found in this state. He or
she shall also be entitled to recover the other assets of the
insurer located in this state except that upon the appointment of
an ancillary receiver in this state, the ancillary receiver shall
during the ancillary receivership proceedings have the sole right
to recover such other assets. The ancillary receiver shall, as
soon as practicable, liquidate from their respective securities
those special deposit claims and secured claims which are proved
and allowed in the ancillary proceedings in this state, and shall
pay the necessary expenses of the proceedings. All remaining
assets shall promptly transfer to the domiciliary receiver.
Subject to the foregoing provisions the ancillary receiver and
his or her deputies shall have the same powers and be subject to
the same duties with respect to the administration of such
assets, as a receiver of an insurer domiciled in this state.
(3) The domiciliary receiver of an insurer domiciled in a
reciprocal state may sue in this state to recover any assets of
such insurer to which he or she may be entitled under the laws of
this state.
[2009 c 162 § 31; 2008 c 217 § 84; 1947 c 79 § .31.13; Rem. Supp. 1947 § 45.31.13. Formerly RCW 48.31.130.]
NOTES:
Effective date -- 2009 c 162: See note following RCW 48.03.020.
Severability -- Effective date -- 2008 c 217: See notes following RCW 48.03.020.