A proceeding in which an insolvent insurer is a party in a court in this state shall be stayed one hundred eighty days from the date an order of liquidation, rehabilitation or conservation is final to permit proper legal action by the association on matters germane to its powers or duties. As to a judgment under a decision, order, verdict or finding based on default, the association may apply to have the judgment set aside by the same court that made the judgment and shall be permitted to defend against the suit on the merits.
History: Laws 1984, ch. 127, § 765; 2012, ch. 9, § 19.
ANNOTATIONSThe 2012 amendment, effective July 1, 2012, expanded the time period of the stay and in the first sentence, after "shall be stayed", deleted "sixty (60)" and added "one hundred eighty".