Insurance: Conservation and Liquidation Office: receivership.

Existing law authorizes the Insurance Commissioner to petition the superior court of the county in which an insurer has its principal office for an order vesting title of all assets of that insurer in the commissioner, in his or her official capacity, under specified circumstances. Upon taking possession of the property and business, the commissioner is authorized to act, except as specified, as either conservator or liquidator. Existing law provides that there is associated with the Department of Insurance a Conservation and Liquidation Office with certain duties and obligations. This bill would require the Conservation and Liquidation Office to report and publish all specified claims on a quarterly basis through a public filing with the court in which an insurer's liquidation proceeding is pending. The bill would require the office to contact the claimants whose claims have been allowed, as provided. The bill would also require the receiver, the Commissioner, or the Conservation and Liquidation Office, as applicable, upon receipt of notice that an allowed claim has been assigned to another party, to process that claim within 21 days.