All proceedings in which the impaired or insolvent insurer is a party in any court in this state shall be stayed for one hundred eighty days after the date an order of conservation, rehabilitation, or liquidation is final to permit proper legal action by the association on any matters germane to its powers or duties. As to judgment under any decision, order, verdict, or finding based on default, the association may apply to have the judgment set aside by the same court that issued the judgment and shall be permitted to defend against such suit on the merits.
Source: L. 91: Entire article added, p. 1280, § 1, effective July 1. L. 2013: Entire section amended, (SB 13-032), ch. 34, p. 99, § 10, effective March 15.