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

Alabama Statutes

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

Alabama·Title 27 Insurance·Ch. 2 Department and Commissioner of Insurance·Art. 1 General Provisions

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.

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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.

Alabama § 27-2-34 (Order of Supervision - Appointment of Supervisor; Acts Which May Be Prohibited During Period of Supervision) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.