Effective - 28 Aug 2018, 2 histories
376.747. Distribution of member insurer assets upon liquidation, priority of association. — 1. Prior to the termination of any liquidation, rehabilitation, or conservation proceeding, the court may take into consideration the contributions of the respective parties, including the association, the shareholders, contract owners, certificate holders, enrollees, and policy owners of the insolvent insurer, and any other party with a bona fide interest, in making an equitable distribution of the ownership rights of such insolvent insurer. In such a determination consideration shall be given to the welfare of the policy owners, contract owners, certificate holders, enrollees, and policyholders of the continuing or successor member insurer.
2. No distribution to stockholders, if any, of an impaired or insolvent insurer shall be made until and unless the total amount of valid claims of the association with interest thereon for funds expended in carrying out its powers and duties under the provisions of sections 376.715 to 376.758 with respect to such member insurer have been fully recovered by the association.
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(L. 1988 S.B. 430 § 28, A.L. 2018 H.B. 1690)