The Utah Insurance Receivers Office was established in 1996 to assist the Utah Insurance Commissioner, in his capacity as liquidator of Utah insolvent insurance companies, in winding up the affairs of those insolvent companies. Once a Utah insurance company has been found by a Utah court to be insolvent or otherwise hazardous to the public, a deputy liquidator is appointed to take over and administer the affairs of the company.
Once a company has been placed into a delinquency proceeding, notices are sent to all persons who have had dealings with the insurance company. Notices of the proceedings also include a form to send back to the company identifying any claim that may be outstanding against the company and setting forth rules to assure consideration of that claim. There is a time limit on how long a person has to file a claim.
The person assigned by the insurance commissioner to run the proceedings is called the Special Deputy Liquidator. That person has the responsibility, under the direction of the insurance commissioner as liquidator, to collect all of the company's assets and distribute them to the claimants to the extent that the assets allow.
Once a company has been placed into a delinquency proceeding, notices are sent to all persons who have had dealings with the insurance company. Notices of the proceedings also include a form to send back to the company identifying any claim that may be outstanding against the company and setting forth rules to assure consideration of that claim. There is a time limit on how long a person has to file a claim.
The person assigned by the insurance commissioner to run the proceedings is called the Special Deputy Liquidator. That person has the responsibility, under the direction of the insurance commissioner as liquidator, to collect all of the company's assets and distribute them to the claimants to the extent that the assets allow.
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