|SB 0302||Certification of liquidators in insurance insolvencies|
|Last Action:||05/15/95 - 012 S Calendar S Bills For Perfection|
|Effective Date:||August 28, 1995|
SB 302 - This act creates a "Missouri Insurers' Insolvency Commission" to certify "insolvency practitioners". It requires liquidators in insurance insolvency cases to be certified insolvency practitioners, and it authorizes the court to appoint a creditors' committee in those cases.
INSURERS' INSOLVENCY COMMISSION - The Commission shall be composed of seven members to be appointed by the Governor with the advice and consent of the Senate. The members would have varied backgrounds in law, accounting, and insurance insolvency. The Commission will write the standards for certification of insolvency practitioners.
LIQUIDATION - Insolvency practitioners shall be appointed as the liquidator in all liquidation cases. These insolvency practitioners will replace the Director of the Department of Insurance. The Department of Insurance shall notify all creditors before the court appoints a liquidator. The Department and the creditors can recommend a liquidator.
CREDITORS - The court may appoint a creditors' committee,
which would have standing in the liquidation process. Procedures
are set out for the liquidator and any creditors' committee.