TITLE 27
Insurance
CHAPTER 27-14.3
Insurers' Rehabilitation and Liquidation Act
SECTION 27-14.3-24
§ 27-14.3-24 Dissolution of insurer.
The commissioner may petition for an order dissolving the corporate existence
of a domestic insurer or the United States branch of an alien insurer domiciled
in this state at the time he or she applies for a liquidation order. The court
shall order the dissolution of the corporation upon petition by the
commissioner upon or after the granting of a liquidation order. If the
dissolution has not previously been ordered, it shall be effected by operation
of law upon the discharge of the liquidator if the insurer is insolvent, but
may be ordered by the court upon the discharge of the liquidator if the insurer
is under a liquidation order for some other reason.
History of Section.
(P.L. 1993, ch. 248, § 1.)