Today's Law As Amended

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AB-1004 Insurance: Conservation and Liquidation Office: receivership.(2011-2012)

As Amends the Law Today


 Section 1035.1 is added to the Insurance Code, to read:

 (a) The Conservation and Liquidation Office shall report and publish all claims allowed in a proceeding under this article on a quarterly basis. The reporting and publication shall be made through a public filing with the court in which the liquidation proceeding is pending.
(b) After a claim has been allowed in a proceeding under this article, the Conservation and Liquidation Office shall contact the claimant via a written notice of determination that shall include a best time estimate as to when a distribution will be made on the claim. The notice shall provide an opt-out clause to the reporting and publication process described in subdivision (a), with instructions for exercising that clause for those individuals or organizations that choose not to have their allowed claims reported and published. Any individual or organization that chooses to opt-out of the reporting and publication may retract that decision at any time and thereafter have his or her claim information reported and published pursuant to subdivision (a).
(c) Upon receipt of notice that a claim, allowed in a proceeding under this article, has been assigned to another party, the receiver, the commissioner, or the Conservation and Liquidation Office, as applicable, shall process the claim within 21 days.