§ 27-32-11 — Orders - Rehabilitation of Domestic Insurers

Alabama § 27-32-11

• Jurisdiction: Alabama
• Title 27: Insurance
• Ch. 32: Rehabilitation, Reorganization, Conservation, and Liquidation of Insurers

Text

(a) An order to rehabilitate a domestic insurer shall direct the commissioner forthwith to take possession of the property of the insurer and to conduct the business thereof and to take such steps toward removal of the causes and conditions which have made rehabilitation necessary as the court may direct.
(b) If at any time the commissioner deems that further efforts to rehabilitate the insurer would be useless, he may apply to the court for an order of liquidation.
(c) The commissioner or any interested person, upon due notice to the commissioner, at any time may apply to the court for an order terminating the rehabilitation proceedings and permitting the insurer to resume possession of its property and the conduct of its business, but no such order shall be made or entered except when, after a hearing, the court has determined that the purposes of the proceeding have been fully accomplished.

Legislative History

(Acts 1971, No. 407, p. 707, §630.)