17:30C-9. Order of liquidation--domestic insurers

146 words·~1 min read·/nj/title-17/chapter-30c/17-30c-9

A 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 commissioner forthwith to take possession of the property of the insurer, to liquidate its business, to deal with the insurer's property and business in his own name as commissioner or in the name of the insurer as the court may direct and to give notice to all creditors who may have claims against the insurer to present such claims.

b. The commissioner may apply under this act for an order dissolving the corporate existence of a domestic insurer:

(1)Upon his application for an order of liquidation of such insurer, or at any time after such order has been granted; or

(2)Upon the grounds specified in section 8 c., regardless of whether an order of liquidation is sought or has been obtained.

L.1975, c. 113, s. 9, eff. June 3, 1975.