17:30C-7. Nature of rehabilitation order--termination of rehabilitation--domestic insurers
129 words·~1 min read·
/nj/title-17/chapter-30c/17-30c-7A 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 commissioner forthwith to take possession of the property of the insurer and to conduct the business thereof, 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 commissioner deems that further efforts to rehabilitate the insurer would be useless, he may apply to the court for an order of liquidation.
c. The commissioner, or any interested person upon due notice to the commissioner, at any time may apply for an order terminating the rehabilitation proceeding and permitting the insurer to resume possession of its property and the conduct of its business.
L.1975, c. 113, s. 7, eff. June 3, 1975.