§ 7409. Conduct of delinquency proceedings against insurers domiciled
in this state. (a) Whenever under the laws of this state a receiver is
to be appointed in delinquency proceedings for an insurer domiciled in
this state, the court shall appoint the superintendent as such receiver
and direct the superintendent forthwith to take possession of the assets
of the insurer and to administer the same under the orders of the court.

(b) As domiciliary receiver the superintendent and his successors in
office shall be vested by operation of law with the title to all
property, contracts, and rights of action, and all books and records of
the insurer wherever located, as of the date of entry of the order
directing him to liquidate a domestic insurer or the United States
branch of an alien insurer domiciled in this state, and he shall have
the right to recover the same and reduce the same to possession; except
that ancillary receivers in reciprocal states shall have, as to assets
located in their respective states, the rights and powers hereinafter
prescribed for ancillary receivers appointed in this state as to assets
located in this state. The filing or recording of the order directing
possession to be taken, or a certified copy thereof, in the office where
instruments affecting title to property are required to be filed or
recorded shall impart the same notice as would be imparted by a deed,
bill of sale, or other evidence of title duly filed or recorded. The
superintendent as domiciliary receiver shall be responsible for the
proper administration of all assets coming into his possession or
control. The court may at any time require bond from him or his deputies
if deemed desirable for the protection of the assets.

(c) Upon taking possession of the assets of a delinquent insurer the
domiciliary receiver shall, subject to the direction of the court,
immediately proceed to conduct the business of the insurer or to take
such steps as are authorized by the laws of this state for the purpose
of liquidating, rehabilitating, reorganizing, or conserving the affairs
of the insurer. In connection with delinquency proceedings he may
appoint special deputy superintendents, and employ such counsel, clerks,
and assistants as he deems necessary. Their compensation and all
expenses of taking possession of the insurer and of conducting the
delinquency proceedings shall be fixed by the receiver, subject to the
approval of the court, and shall be paid out of the funds or assets of
the insurer. Within the limits of the duties imposed upon them special
deputies shall possess all the powers given to, and, in the exercise of
those powers, shall be subject to all duties imposed upon, the receiver
with respect to delinquency proceedings.