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MS Code § 83-24-49 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 24 - Insurers Rehabilitation and Liquidation Act|§ 83-24-49. Preparation of list of insurer's assets

  As soon as practicable after the liquidation order but not later than one hundred twenty (120) days thereafter, the liquidator shall prepare in duplicate a list of the insurer's assets. The list shall be amended or supplemented from time to time as the liquidator may determine. One (1) copy shall be filed in the office of the clerk of the chancery court and one (1) copy shall be retained for the liquidator's files. All amendments and supplements shall be similarly filed.   The liquidator shall reduce the assets to a degree of liquidity that is consistent with the effective execution of the liquidation.   A submission to the court for disbursement of assets in accordance with Section 83-24-67 fulfills the requirements of subsection (1) of this section.
MS Code § 83-24-53 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 24 - Insurers Rehabilitation and Liquidation Act|§ 83-24-53. Transfer of real property of insurer after petition for rehabilitation or liquidation

  After a petition for rehabilitation or liquidation has been filed, a transfer of any of the real property of the insurer made to a person acting in good faith shall be valid against the receiver if made for a present fair equivalent value; or, if not made for a present fair equivalent value, then to the extent of the present consideration actually paid therefor, for which amount the transferee shall have a lien on the property so transferred. The commencement of a proceeding in rehabilitation or liquidation shall be constructive notice upon the recording of a copy of the petition for or order of rehabilitation or liquidation with the chancery court in the county where any real property in question is located. The exercise by a court of the United States or any state or jurisdiction to authorize or effect a judicial sale of real property of the insurer within any county in any state shall not be impaired by the pendency of such a proceeding unless the copy is recorded in the county prior to the consummation of the judicial sale.   After a petition for rehabilitation or liquidation has been filed and before either the receiver takes possession of the property of the insurer or an order of rehabilitation or liquidation is granted:   A transfer of any of the property of the insurer, other than real property, made to a person acting in good faith shall be valid against the receiver if made for a present fair equivalent value; or, if not made for a present fair equivalent value, then to the extent of the present consideration actually paid therefor, for which amount the transferee shall have a lien on the property so transferred.   A person indebted to the insurer or holding property of the insurer may, if acting in good faith, pay the indebtedness or deliver the property, or any part thereof, to the insurer or upon his order, with the same effect as if the petition were not pending.   A person having actual knowledge of the pending rehabilitation or liquidation shall be deemed not to act in good faith.   A person asserting the validity of a transfer under this section shall have the burden of proof. Except as elsewhere provided in this section, no transfer by or on behalf of the insurer after the date of the petition for liquidation by any person other than the liquidator shall be valid against the liquidator.     Every person receiving any property from the insurer or any benefit thereof which is a fraudulent transfer under subsection (1) shall be personally liable therefor and shall be bound to account to the liquidator.   Nothing in this chapter shall impair the negotiability of currency or negotiable instruments.
MS Code § 83-24-57 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 24 - Insurers Rehabilitation and Liquidation Act|§ 83-24-57. Surrender of preference, lien, conveyance, transfer, assignment or encumbrance by creditor

  No claims of a creditor who has received or acquired a preference, lien, conveyance, transfer, assignment or encumbrance voidable under this chapter shall be allowed unless he surrenders the preference, lien, conveyance, transfer, assignment or encumbrance. If the avoidance is effected by a proceeding in which a final judgment has been entered, the claim shall not be allowed unless the money is paid or the property is delivered to the liquidator within thirty (30) days from the date of the entering of the final judgment, except that the court having jurisdiction over the liquidation may allow further time if there is an appeal or other continuation of the proceeding.   A claim allowable under subsection (1) by reason of the avoidance, whether voluntary or involuntary, or a preference, lien, conveyance, transfer, assignment or encumbrance, may be filed as an excused last filing under Section 83-24-69 if filed within thirty (30) days from the date of the avoidance, or within the further time allowed by the court under subsection (1).
MS Code § 83-24-59 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 24 - Insurers Rehabilitation and Liquidation Act|§ 83-24-59. Mutual debts or mutual credits between insurer and another person; setoff

  Mutual debts or mutual credits, whether arising out of one or more contracts between the insurer and another person in connection with any action or proceeding under this chapter, shall be set off and the balance only shall be allowed or paid, except as provided in Section 83-24-65.   No set off shall be allowed in favor of any person where:   The obligation of the insurer to the person would not at the date of the filing of a petition for liquidation entitle the person to share as a claimant in the assets of the insurer; or   The obligation of the insurer to the person was purchased by or transferred to the person with a view to its being used as a set off;   The obligation of the person is to pay an assessment levied against the members or subscribers of the insurer, or is to pay a balance upon a subscription to the capital stock of the insurer, or is in any other way in the nature of a capital contribution.
MS Code § 83-24-61 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 24 - Insurers Rehabilitation and Liquidation Act|§ 83-24-61. Report by liquidator after order of liquidation; assessments; notice

  As soon as practicable but not more than two (2) years from the date of an order of liquidation under Section 83-24-35 of an insurer issuing assessable policies, the liquidator shall make a report to the court setting forth:   The reasonable value of the assets of the insurer;   The insurer's probable total liabilities;   The probable aggregate amount of the assessment necessary to pay all claims of creditors and expenses in full, including expenses of administration and costs of collecting the assessment; and   A recommendation as to whether or not an assessment should be made and in what amount.       Upon the basis of the report provided in subsection (1), including any supplements and amendments thereto, the court may levy one or more assessments against all members of the insurer who are subject to assessment.   Subject to any applicable legal limits on assessability, the aggregate assessment shall be for the amount that the sum of the probable liabilities, the expenses of administration, and the estimated cost of collection of the assessment, exceeds the value of existing assets, with due regard being given to assessments that cannot be collected economically.     After levy of assessment under subsection (2), the liquidator shall issue an order directing each member who has not paid the assessment pursuant to the order to show cause why the liquidator should not pursue a judgment therefor.   The liquidator shall give notice of the order to show cause by publication, and by first class mail to each member liable thereunder mailed to his last known address as it appears on the insurer's records, at least twenty (20) days before the return day of the order, to show cause.     If a member does not appear and serve duly verified objections upon the liquidator on or before the return day of the order to show cause under subsection (3), the court shall make an order adjudging the member liable for the amount of the assessment against him pursuant to subsection (3), together with costs, and the liquidator shall have a judgment against the member therefor.   If on or before such return day, the member appears and serves duly verified objections upon the liquidator, the commissioner may hear and determine the matter or may appoint a referee to hear it and make such order as the facts warrant. In the event that the commissioner determines that such objections do not warrant relief from assessment, the member may request the court to review the matter and vacate the order to show cause.     The liquidator may enforce any order or collect any judgment under subsection (5) by any lawful means.
MS Code § 83-24-63 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 24 - Insurers Rehabilitation and Liquidation Act|§ 83-24-63. Recovery from reinsurers; amount

 The amount recoverable by the liquidator from reinsurers shall not be reduced as a result of the delinquency proceedings, regardless of any provision in the reinsurance contract or other agreement. Payment made directly to an insured or other creditor shall not diminish the reinsurer's obligation to the insurer's estate except when the reinsurance contract provided for direct coverage of a named insured and the payment was made in discharge of that obligation.
MS Code § 83-24-65 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 24 - Insurers Rehabilitation and Liquidation Act|§ 83-24-65. Payment of premiums; recovery of unearned premiums; credits; setoffs; violation of provisions; penalties; notice of violation; hearing; appeal

    An agent, broker, premium finance company, or any other person, other than the insured, responsible for the payment of a premium shall be obligated to pay any unpaid premium for the full policy term due the insurer at the time of the declaration of insolvency, whether earned or unearned, as shown on the records of the insurer. The liquidator shall also have the right to recover from such person any part of an unearned premium that represents commission of such person. Credits or setoffs or both shall not be allowed to an agent, broker, or premium finance company for any amounts advanced to the insurer by the agent, broker, or premium finance company on behalf of, but in the absence of a payment by, the insured.   An insured shall be obligated to pay any unpaid earned premium due the insurer at the time of the declaration of insolvency, as shown on the records of the insurer.     Upon satisfactory evidence of a violation of this section, the commissioner may pursue either one or both of the following courses of action:   Suspend or revoke or refuse to renew the licenses of such offending party or parties.   Impose a penalty of not more than One Thousand Dollars ($1,000.00) for each and every act in violation of this section by the party or parties.     Before the commissioner shall take any action as set forth in subsection (2), he shall give written notice to the person, company, association or exchange accused of violating the law, stating specifically the nature of the alleged violation; and fixing a time and place, at least ten (10) days thereafter, when a hearing on the matter shall be held. After such hearing, or upon failure of the accused to appear at such hearing, the commissioner, if he shall find such violation, shall impose such of the penalties under subsection (2) as he deems advisable.   When the commissioner shall take action in any or all of the ways set out in subsection (2), the party aggrieved may appeal the action to the court.
MS Code § 83-24-69 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 24 - Insurers Rehabilitation and Liquidation Act|§ 83-24-69. Filing proof of claims; late filing

  Proof of all claims shall be filed with the liquidator in the form required by Section 83-24-71 on or before the last day for filing specified in the notice required under Section 83-24-43, except that proof of claims for cash surrender values or other investment values in life insurance and annuities need not be filed unless the liquidator expressly so requires.   The liquidator may permit a claimant making a late filing to share in distributions, whether past or future, as if he were not late, to the extent that any such payment will not prejudice the orderly administration of the liquidation, under the following circumstances:   The existence of the claim was not known to the claimant and that he filed his claim as promptly thereafter as reasonably possible after learning of it;   A transfer to a creditor was avoided under Sections 83-24-51 through 83-24-55, or was voluntarily surrendered under Section 83-24-57, and that the filing satisfies the conditions of Section 83-24-57;   The valuation under Section 83-24-81, of security held by a secured creditor shows a deficiency, which is filed within thirty (30) days after the valuation.     The liquidator shall permit late filing claims to share in distributions, whether past or future, as if they were not late, if such claims are claims of a guaranty association or foreign guaranty association for reimbursement of covered claims paid or expenses incurred, or both, subsequent to the last day for filing where such payments were made and expenses incurred as provided by law.   The liquidator may consider any claim filed late which is not covered by subsection (2), and permit it to receive distributions which are subsequently declared on any claims of the same or lower priority if the payment does not prejudice the orderly administration of the liquidation. The late-filing claimant shall receive, at each distribution, the same percentage of the amount allowed on his claim as is then being paid to claimants of any lower priority. This shall continue until his claim has been paid in full.
MS Code § 83-24-71 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 24 - Insurers Rehabilitation and Liquidation Act|§ 83-24-71. Content of proof of claims

  Proof of claim shall consist of a statement signed by the claimant that includes all of the following that are applicable:   The particulars of the claim including the consideration given for it;   The identity and amount of the security on the claim;   The payments made on the debt, if any;   That the sum claimed is justly owing and that there is no setoff, counterclaim or defense to the claim;   Any right of priority of payment or other specific right asserted by the claimants;   A copy of the written instrument which is the foundation of the claim; and   The name and address of the claimant and the attorney who represents him, if any.     No claim need be considered or allowed if it does not contain all the information in subsection (1) which may be applicable. The liquidator may require that a prescribed form be used, and may require that other information and documents be included.   At any time the liquidator may request the claimant to present information or evidence supplementary to that required under subsection (1) and may take testimony under oath, require production of affidavits or depositions, or otherwise obtain additional information or evidence.   No judgment or order against an insured or the insurer entered after the date of filing of a successful petition for liquidation, and no judgment or order against an insured or the insurer entered at any time by default or by collusion, need be considered as evidence of liability or of quantum of damages. No judgment or order against an insured or the insurer entered within four (4) months before the filing of the petition need be considered as evidence of liability or of the quantum of damages.   All claims of a guaranty association or foreign guaranty association shall be in such form and contain such substantiation as may be agreed to by the association and the liquidator.
MS Code § 83-24-73 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 24 - Insurers Rehabilitation and Liquidation Act|§ 83-24-73. Claim of third party which is contingent on obtaining judgment against insurer; claims due except for passage of time; employment contracts

  The claim of a third party which is contingent only on his first obtaining a judgment against the insured shall be considered and allowed as if there were no such contingency.   A claim may be allowed even if contingent, if it is filed in accordance with Section 83-24-69. It may be allowed and may participate in all distributions declared after it is filed to the extent that it does not prejudice the orderly administration of the liquidation.   Claims that are due except for the passage of time shall be treated as absolute claims are treated, except that such claims may be discounted at the legal rate of interest.   Claims made under employment contracts by directors, principal officers, or persons in fact performing similar functions or having similar powers are limited to payment for services rendered prior to the issuance of any order of rehabilitation or liquidation under Section 83-24-25 or Section 83-24-35.
MS Code § 83-24-75 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 24 - Insurers Rehabilitation and Liquidation Act|§ 83-24-75. Third party claim filed with liquidator; insured filing claim; claim subject to coverage by guaranty association

  Whenever any third party asserts a cause of action against an insured of an insurer in liquidation, the third party may file a claim with the liquidator.   Whether or not the third party files a claim, the insured may file a claim on his own behalf in the liquidation. If the insured fails to file a claim by the date for filing claims specified in the order of liquidation or within sixty (60) days after mailing of the notice required by Section 83-24-43, whichever is later, he is an unexcused late filer.   The liquidator shall make his recommendations to the court under Section 83-24-83, for the allowance of an insured's claim under subsection (2) after consideration of the probable outcome of any pending action against the insured on which the claim is based, the probable damages recoverable in the action and the probable costs and expenses of defense. After allowance by the court, the liquidator shall withhold any dividends payable on the claim, pending the outcome of litigation and negotiation with the insured. Whenever it seems appropriate, he shall reconsider the claim on the basis of additional information and amend his recommendations to the court. The insured shall be afforded the same notice and opportunity to be heard on all changes in the recommendation as in its initial determination. The court may amend its allowance as it thinks appropriate. As claims against the insured are settled or barred, the insured shall be paid from the amount withheld the same percentage dividend as was paid on other claims of like property, based on the lesser of (a) the amount actually recovered from the insured by action or paid by agreement plus the reasonable costs and expense of defense, or (b) the amount allowed on the claims by the court. After all claims are settled or barred, any sum remaining from the amount withheld shall revert to the undistributed assets of the insurer. Delay in final payment under this subsection shall not be a reason for unreasonable delay of final distribution and discharge of the liquidator.   If several claims founded upon one (1) policy are filed, whether by third parties or as claims by the insured under this section, and the aggregate allowed amount of the claims to which the same limit of liability in the policy is applicable exceeds that limit, each claim as allowed shall be reduced in the same proportion so that the total equals the policy limit. Claims by the insured shall be evaluated as in subsection (3). If any insured's claim is subsequently reduced under subsection (3), the amount thus freed shall be apportioned ratably among the claims which have been reduced under this subsection.   No claim may be presented under this section if it is or may be covered by any guaranty association or foreign guaranty association.
MS Code § 83-24-77 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 24 - Insurers Rehabilitation and Liquidation Act|§ 83-24-77. Denial of claim; notice; objection to denial; hearing

  When a claim is denied in whole or in part by the liquidator, written notice of the determination shall be given to the claimant or his attorney by first class mail at the address shown in the proof of claim. Within sixty (60) days from the mailing of the notice, the claimant may file his objections with the liquidator. If no such filing is made, the claimant may not further object to the determination.   Whenever objections are filed with the liquidator and the liquidator does not alter his denial of the claim as a result of the objections, the liquidator shall ask the court for a hearing as soon as practicable and give notice of the hearing by first class mail to the claimant or his attorney and to any other persons directly affected not less than ten (10) nor more than thirty (30) days before the date of the hearing. The matter may be heard by the court or by a court-appointed referee who shall submit findings of fact along with his recommendation.
MS Code § 83-24-79 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 24 - Insurers Rehabilitation and Liquidation Act|§ 83-24-79. Failure of secured creditor to file claim; distribution on claim

 Whenever a creditor whose claim against an insurer is secured, in whole or in part, by the undertaking of another person, fails to prove and file that claim, the other person may do so in the creditor's name, and shall be subrogated to the rights of the creditor, whether the claim has been filed by the creditor or by the other person in the creditor's name, to the extent that he discharges the undertaking. In the absence of an agreement with the creditor to the contrary, the other person shall not be entitled to any distribution; however, until the amount paid to the creditor on the undertaking plus the distributions paid on the claim from the insurer's estate to the creditor equals the amount of the entire claim of the creditor. Any excess received by the creditor shall be held by him in trust for such other person. The term "other person," as used in this section is not intended to apply to a guaranty association or foreign guaranty association.
MS Code § 83-24-81 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 24 - Insurers Rehabilitation and Liquidation Act|§ 83-24-81. Value of security held by secured creditor; determination

  The value of any security held by a secured creditor shall be determined in one of the following ways, as the court may direct:   By converting the same into money according to the terms of the agreement pursuant to which the security was delivered to such creditors; or   By agreement, arbitration, compromise or litigation between the creditor and the liquidator.     The determination shall be under the supervision and control of the court with due regard for the recommendation of the liquidator. The amount so determined shall be credited upon the secured claim, and any deficiency shall be treated as an unsecured claim. If the claimant shall surrender his security to the liquidator, the entire claim shall be allowed as if unsecured.