alien insurer: means an insurer incorporated or organized under the laws of a jurisdiction that is not a state. See Utah Code 31A-27a-102
Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
Domestic insurer: means an insurer organized under the laws of this state. See Utah Code 31A-1-301
insurer: means a person who:
(a)
is doing, has done, purports to do, or is licensed to do the business of insurance;
(b)
is or has been subject to the authority of, or to rehabilitation, liquidation, reorganization, supervision, or conservation by an insurance commissioner; or
receivership: means a rehabilitation, liquidation, or ancillary receivership. See Utah Code 31A-27a-102
State: means a state, district, or territory of the United States. See Utah Code 31A-27a-102
(a)
An order to liquidate the business of an insurer shall:
(i)
appoint the commissioner and any successor in office as the liquidator; and
(ii)
direct the liquidator to:
(A)
take possession of the property of the insurer; and
(B)
administer the property subject to this chapter.
(b)
As of the entry of the final order of liquidation, the liquidator is vested by operation of law with the title to the following, wherever located, of the insurer ordered liquidated:
(i)
all property;
(ii)
all contracts;
(iii)
all rights of action; and
(iv)
all records.
(2)
Upon issuance of the order of liquidation, the rights and liabilities of the insurer and of its creditors, policyholders, shareholders, members, and all other persons interested in its estate shall become fixed as of the day on which the order of liquidation is entered:
An order to liquidate the business of an alien insurer in this state shall be in the same terms and have the same legal effect as an order to liquidate a domestic insurer.
(4)
(a)
Whenever applicable, a petition for liquidation should include a request for a judicial declaration or finding of insolvency.
(b)
After providing proper notice and hearing, the receivership court may at any time make the declaration of insolvency.
(5)
If an order of liquidation is set aside upon appeal, the insurer is not released from delinquency proceedings except in accordance with Section 31A-27a-801.
