Arizona Laws 20-623.01. Conduct of all delinquency proceedings
A. In any delinquency proceeding, the receiver may appoint one or more special deputy receivers to act for the receiver and may employ, as the receiver deems necessary, counsel, clerks and assistants. Subject to the approval of the court, the receiver shall fix the compensation of the special deputies, counsel, clerks or assistants and all expenses of taking possession of the insurer and of conducting the proceeding and shall use the funds or assets of the insurer to pay the compensation and expenses. Subject to the limits of duties imposed on a special deputy, in any delinquency proceeding the special deputy possesses all of the powers given to the receiver and, in the exercise of those powers, is subject to all of the duties imposed on the receiver.
Terms Used In Arizona Laws 20-623.01
- Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Court: means , unless the context otherwise requires, the judge of the superior court assigned to the delinquency proceeding. See Arizona Laws 20-611
- Delinquency proceeding: means any proceeding commenced against an insurer pursuant to this article for the purpose of liquidating, rehabilitating, reorganizing or conserving such insurer. See Arizona Laws 20-611
- Insurer: means any person, firm, corporation, association or aggregation of persons doing an insurance business and subject to the insurance supervisory authority of, or to liquidation, rehabilitation, reorganization or conservation by the director or the equivalent insurance supervisory official of another state. See Arizona Laws 20-611
- Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
- Receiver: means the director as receiver, liquidator, rehabilitator or conservator as the context may require. See Arizona Laws 20-611
B. No person except the receiver may cancel or terminate an insurance policy under which another insurer who is the subject of a delinquency proceeding is included in the policy as an owner or insured, based on the director or receiver instituting the delinquency proceeding or any other action pursuant to this article.