Guam § 15603 - Conduct of Delinquency Proceedings Against

§ 15603. Conduct of Delinquency Proceedings Against

Insurers not Domiciled in Guam.

(a) Whenever under the laws of Guam an ancillary receiver

is to be appointed in delinquency proceedings for an insurer not

domiciled in Guam, the Commissioner shall file a petition

requesting the appointment

(1) if he finds that there are sufficient assets of such

insurer located in Guam to justify the appointment of an

ancillary receiver, or

(2) if ten (10) or more persons resident in Guam, having

claims against such insurer, file a petition with the

Commissioner requesting the appointment of such ancillary

receiver.

(b) The domiciliary receiver of 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 Guam, and he shall

have the immediate right to recover balances due from local

agents and to obtain possession of any books and records of the

insurer found in Guam. He shall also be entitled to recover the

other assets of the insurer located in Guam except that upon the

appointment of an ancillary receiver in Guam, 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 Guam and

shall pay the necessary expenses of the proceedings. All

remaining assets he shall promptly transfer to the domiciliary

receiver. Subject to the foregoing provisions, the ancillary

receiver and his 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 Guam.