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filed with and approved by the superintendent the provisions for | | voluntary dissolution under section 3484 must be followed to | | dissolve the reinsurance vehicle. |
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| | | §793.__Conservation, rehabilitation or liquidation |
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| | | 1.__Authorized insurer.__A special purpose reinsurance vehicle | | is considered an authorized insurer for purposes of section 4351, | | subsection 1 and the provisions of chapter 57 apply to a | | reinsurance vehicle except to the extent modified by this | | section. |
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| | | 2.__Grounds for action.__Notwithstanding the provisions of | | sections 4356 and 4357, the Superior Court may issue an order | | authorizing the superintendent to conserve, rehabilitate or | | liquidate a special purpose reinsurance vehicle domiciled in this | | State only if the superintendent proves by clear and convincing | | evidence or the reinsurance vehicle stipulates after notice and | | opportunity for hearing that: |
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| | | A.__There has been embezzlement, wrongful sequestration, | | dissipation or diversion of the assets of the reinsurance | | vehicle intended to be used to pay amounts owed to the | | ceding insurer or the holders of special purpose reinsurance | | vehicle securities; or |
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| | | B.__The reinsurance vehicle is insolvent and the holders of | | a majority in outstanding principal amount of each class of | | special purpose reinsurance vehicle securities request or | | consent to conservation, rehabilitation or liquidation under | | this subchapter. |
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| | | 3.__Receiver.__Notwithstanding any contrary provision of this | | Title, rules adopted under this Title or any other applicable | | law, upon any order of conservation, rehabilitation or | | liquidation of the special purpose reinsurance vehicle, a | | receiver is bound to deal with the reinsurance vehicle's assets | | and liabilities in accordance with the requirements under this | | subchapter. |
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| | | 4.__Recoverable amounts.__With respect to amounts recoverable | | under a special purpose reinsurance vehicle contract, the amount | | recoverable by the receiver may not be reduced or diminished as a | | result of the entry of an order of conservation, rehabilitation | | or liquidation with respect to the ceding insurer, | | notwithstanding any provisions to the contrary in the contracts | | or other documentation governing the special purpose reinsurance | | vehicle insurance securitization. |
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