20-620. Order of rehabilitation; termination
148 words·~1 min read·
/az/title-20/20-620A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. An order to rehabilitate a domestic insurer shall direct the receiver to take immediate possession of the property of the insurer, to conduct its business 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 receiver deems that further efforts to rehabilitate the insurer would be useless, he may apply to the court for an order of liquidation.
C. The receiver, or any interested person upon due notice to the receiver, 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 granted except when, after a full hearing, the court has determined that the purposes of the proceeding have been fully accomplished.