TITLE 41

INSURANCE

CHAPTER 33

INSURERS SUPERVISION, REHABILITATION AND LIQUIDATION

41-3322.  Notice to creditors and others. (1) Unless the court otherwise directs, the liquidator shall give or cause to be given notice of the liquidation order as soon as possible:

(a)  By first class mail and either by telegram or telephone to the insurance director of each jurisdiction in which the insurer is doing business;

(b)  By first class mail to any guaranty association or foreign guaranty association which is or may become obligated as a result of the liquidation;

(c)  By first class mail to all insurance agents of the insurer;

(d)  By first class mail to all persons known or reasonably expected to have claims against the insurer, including, but not limited to, all policyholders, at their last known address as indicated by the records of the insurer and the director of the department of finance and the secretary of state; and

(e)  By publication in a newspaper of general circulation in the county in which the insurer has its principal place of business and in such other locations as the liquidator deems appropriate.

(2)  Notice to potential claimants under the provisions of subsection (1) of this section shall require claimants to file their claims with the liquidator together with proper proofs thereof under the provisions of section 41-3336, Idaho Code, on or before a date the liquidator shall specify in the notice. The liquidator need not require persons claiming cash surrender values or other investment values in life insurance and annuities to file a claim. All claimants shall have a duty to keep the liquidator informed of any changes of address.

(3)  If notice is given in accordance with the provisions of this section, the distribution of assets of the insurer under this chapter shall be conclusive with respect to all claimants, whether or not they received notice.

History:

[41-3322, added 1981, ch. 249, sec. 2, p. 519.]