20-621. Order of liquidation of domestic insurers
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/az/title-20/20-621A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. An order to liquidate the business of a domestic insurer shall direct the receiver to take immediate possession of the property of the insurer, to liquidate its business, to deal with the insurer's property and business in the receiver's own name as receiver or in the name of the insurer, as the court may direct, and to give notice to all creditors who have claims against the insurer to present such claims.
B. The receiver may apply for and secure an order dissolving the corporate existence of a domestic insurer upon his application for an order of liquidation of the insurer or at any time after such order has been granted.