Section 375.970

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 375

Effective - 16 Jun 1976, see footnote   

  375.970.  Preferred claims, how determined. — 1.  In a delinquency proceeding against an insurer domiciled in this state, claims owing to residents of ancillary states shall be preferred claims if like claims are preferred under the laws of this state.  All such claims whether owing to residents or nonresidents shall be given equal priority of payment from general assets.  No law of an ancillary state providing for preferred claims against the general assets of insurers shall be recognized as against the assets of delinquent domiciliary insurers of this state regardless of where such assets may be located.

  2.  In a delinquency proceeding against an insurer domiciled in a reciprocal state, claims owing to residents of this state shall be preferred if like claims are preferred by the laws of that state.

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(L. 1976 H.B. 1479 § 6)

Effective 6-16-76