§27-20.2-11  Rehabilitation, liquidation, or conservation. –


Published: 2015

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Get a Day Pass for only USD$49.99.
TITLE 27

Insurance

CHAPTER 27-20.2

Nonprofit Optometric Service Corporations

SECTION 27-20.2-11



   § 27-20.2-11  Rehabilitation, liquidation,

or conservation. –

(a) Any rehabilitation, liquidation, administrative supervision, or

conservation of a nonprofit optometric service corporation organized under this

chapter shall be conducted under the supervision of the director of business

regulation pursuant to chapters 14.1, 14.2, and 14.3 of this title. The

director of business regulation may apply for an order from the superior court

directing the director of business regulation to rehabilitate, liquidate, or

conserve a nonprofit optometric service corporation upon any one or more of the

following grounds:



   (1) That the nonprofit optometric service corporation is

insolvent; for the purposes of this section, the term "insolvent" means the

inability of the nonprofit optometric service corporation to meet its debts and

financial obligations as they become due;



   (2) That the nonprofit optometric service corporation fails

or refuses to comply with a lawful order of the director of business

regulations reasonably designed to correct unsound business policies or

practices which, if uncorrected, could reasonably lead to insolvency as defined

in subdivision (1) of this subsection; or



   (3) That the nonprofit optometric service corporation's

financial condition is such as to render its further transaction of business

hazardous to the public or its subscribers or members.



   (b) A claim by a health care provider shall not be asserted

against any subscriber or member of the nonprofit optometric service

corporation in the event of the rehabilitation, liquidation, conservation, or

administrative supervision of the nonprofit optometric service corporation.



History of Section.

(P.L. 1993, ch. 180, § 21.)

Related Laws