§ 7410. Conduct of delinquency proceedings against insurers not
domiciled in this state. (a) Whenever under the laws of this state an
ancillary receiver is to be appointed in delinquency proceedings for an
insurer not domiciled in this state, the court shall appoint the
superintendent as ancillary receiver. The superintendent shall file a
petition requesting the appointment if he finds that there are
sufficient assets of such insurer located in this state to justify the
appointment of an ancillary receiver, or if ten or more persons resident
in this state having claims against such insurer file a petition with
the superintendent requesting the appointment of such ancillary
receiver.

(b) The domiciliary receiver for the purpose of liquidating an insurer
domiciled in a reciprocal state, shall be vested by operation of law
with the title to all of the property, contracts, and rights of action,
and all books and records of the insurer located in this state, and
shall have the immediate right to recover balances due from local agents
and obtain possession of any books and records of the insurer found in
this state. He shall also be entitled to recover the other assets of
the insurer located in this state except that upon the appointment of an
ancillary receiver in this state, the ancillary receiver shall during
the ancillary receivership proceedings have the sole right to recover
such other assets. The ancillary receiver shall, as soon as practicable,
liquidate from their respective securities those special deposit claims
and secured claims which are proved and allowed in the ancillary
proceedings in this state, and shall pay the necessary expenses of the
proceedings. All remaining assets he shall promptly transfer to the
domiciliary receiver. Subject to the foregoing provisions the ancillary
receiver and his deputies shall have the same powers and be subject to
the same duties with respect to the administration of such assets, as a
receiver of an insurer domiciled in this state.

(c) The domiciliary receiver of an insurer domiciled in a reciprocal
state may sue in this state to recover any assets of such insurer to
which he may be entitled under the laws of this state.