§ 27-2-34 — Order of Supervision - Appointment of Supervisor; Acts Which May Be Prohibited During Period of Supervision

Alabama § 27-2-34

• Jurisdiction: Alabama
• Title 27: Insurance
• Ch. 2: Department and Commissioner of Insurance
• Art. 1: General Provisions

Text

During the period of supervision the commissioner may appoint a supervisor and may provide that the insurer may not do the following things during the period of supervision without the prior approval of the commissioner or his duly appointed supervisors:
(1) Dispose of, convey, or encumber any of its assets or its business in force;
(2) Withdraw any of its bank accounts;
(3) Lend any of its funds;
(4) Invest any of its funds;
(5) Transfer any of its property;
(6) Incur any debt, obligation, or liability;
(7) Enter into any new reinsurance contract or treaty;
(8) Issue to the public policies of insurance.

Legislative History

(Acts 1975, No. 217, p. 742, §2; Acts 1977, No. 409, p. 547, §3.)