Alabama § 27-32-8 Grounds - Conservation of Assets - Foreign Insurers

Alabama Statutes

§ 27-32-8 — Grounds - Conservation of Assets - Foreign Insurers

Alabama·Title 27 Insurance·Ch. 32 Rehabilitation, Reorganization, Conservation, and Liquidation of Insurers

The commissioner may apply to the court for an order appointing him as receiver, or ancillary receiver, and directing him to conserve the assets within this state of a foreign insurer upon any of the following grounds:

(1)Upon any of the grounds specified in Sections 27-32-6 or 27-32-7; or

(2)Upon the ground that its property has been sequestrated in its domiciliary sovereignty or in any other sovereignty.

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The commissioner may apply to the court for an order appointing him as receiver, or ancillary receiver, and directing him to conserve the assets within this state of a foreign insurer upon any of the following grounds:
(1) Upon any of the grounds specified in Sections 27-32-6 or 27-32-7; or
(2) Upon the ground that its property has been sequestrated in its domiciliary sovereignty or in any other sovereignty.

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