Alabama § 27-32-9 Grounds - Conservation of Assets - Alien Insurers

Alabama Statutes

§ 27-32-9 — Grounds - Conservation of Assets - Alien 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 any alien insurer upon any of the following grounds:

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

(2)Upon the ground that the insurer has failed to comply, within the time designated by the commissioner, with an order made by him to make good an impairment of its trusteed funds; or

(3)Upon the ground that the property of the insurer has been sequestrated in its domiciliary sovereignty or elsewhere.

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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 any alien insurer upon any of the following grounds:
(1) Upon any of the grounds specified in Sections 27-32-6 or 27-32-7;
(2) Upon the ground that the insurer has failed to comply, within the time designated by the commissioner, with an order made by him to make good an impairment of its trusteed funds; or
(3) Upon the ground that the property of the insurer has been sequestrated in its domiciliary sovereignty or elsewhere.

Alabama § 27-32-9 (Grounds - Conservation of Assets - Alien Insurers) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.