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§27-14.3-24  Dissolution Of Insurer. –


Published: 2015

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TITLE 27

Insurance

CHAPTER 27-14.3

Insurers' Rehabilitation and Liquidation Act

SECTION 27-14.3-24



   § 27-14.3-24  Dissolution of insurer.

–

The commissioner may petition for an order dissolving the corporate existence

of a domestic insurer or the United States branch of an alien insurer domiciled

in this state at the time he or she applies for a liquidation order. The court

shall order the dissolution of the corporation upon petition by the

commissioner upon or after the granting of a liquidation order. If the

dissolution has not previously been ordered, it shall be effected by operation

of law upon the discharge of the liquidator if the insurer is insolvent, but

may be ordered by the court upon the discharge of the liquidator if the insurer

is under a liquidation order for some other reason.



History of Section.

(P.L. 1993, ch. 248, § 1.)