(1) (a) Except as provided in Subsections (11) and (12), the liquidator shall: (i) review all claims filed in the liquidation proceeding in accordance with this chapter; and (ii) further investigate a claim, as the liquidator considers necessary. (b) Consistent with this chapter, the liquidator may allow, disallow, or compromise a claim that will be recommended to the receivership court unless the liquidator is required by law to accept the claim as settled by a person, including an affected guaranty association, subject to a statutory or contractual right of the affected reinsurers to participate in the claims allowance process. (c) Notwithstanding any other provision of this chapter, a claim under a policy of insurance may not be allowed for an amount in excess of the applicable policy limits. (2) (a) Pursuant to the review required by Subsection (1), the liquidator shall provide notice of the claim determination to the claimant or the claimant's attorney. (b) The notice required by this Subsection (2) shall set forth: (i) the amount of the claim allowed by the liquidator, if any; (ii) the priority class of the claim as established in Section 31A-27a-701; and (iii) if the claim is denied, the reason for the denial. (c) In regard to a claim to be allowed pursuant to Section 31A-27a-605, preliminary notice of the amount of the claim determination shall be provided to any reinsurer that is or may be liable in respect to the claim at least 45 days before the day on which notice is provided to the claimant pursuant to this Subsection (2). (d) In regard to a claim being allowed other than pursuant to Section 31A-27a-605, the notice sent to the claimant may be provided to any reinsurer that is or may be liable in respect to the claim. (e) If no timely objection is submitted, the claim determination is binding on the reinsurer upon allowance. (3) (a) Within 45 days after the day on which the notice described in Subsection (2) is mailed, the claimant noticed may submit a written objection to the liquidator. (b) An objection provided for under this Subsection (3) shall clearly set out: (i) all facts and the legal basis, if any, for the objection; and (ii) the reasons why the claim should be allowed at a different amount or in a different priority class. (c) If no timely objection is submitted, the claimant may not further object, and the determination is final. (d) The liquidator may accelerate the allowance of a claim by obtaining a waiver of an objection. (4) (a) A claim that is not mature as of the coverage termination date established under Section
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