This chapter shall be known and may be cited as the “Insurers Rehabilitation and Liquidation Act.” This chapter shall not be interpreted to limit the powers granted the Commissioner by other provisions of law. This chapter shall be liberally construed to effect the purpose stated in subsection (d) of this Code section. The purpose of […]
The proceedings authorized by this chapter may be applied to: All insurers who are doing or have done an insurance business in this state and against whom claims may arise from such business; All insurers who purport to do an insurance business in this state; All insurers who have insureds resident in this state; All […]
As used in this chapter, the term: “’Ancillary state” means any state other than a domiciliary state. “Creditor” means a person having any claim, whether matured or unmatured, liquidated or unliquidated, secured or unsecured, absolute, fixed, or contingent. “Delinquency proceeding” means any proceeding instituted against an insurer for the purpose of liquidating, rehabilitating, reorganizing, or […]
No delinquency proceeding shall be commenced under this chapter by anyone other than the Commissioner, and no court shall have jurisdiction to entertain, hear, or determine any proceeding commenced by any other person. No court of this state shall have jurisdiction to entertain, hear, or determine any complaint praying for the dissolution, liquidation, rehabilitation, sequestration, […]
Any receiver appointed in a proceeding under this chapter may at any time apply for, and any court of general jurisdiction may grant, such restraining orders, preliminary and permanent injunctions, and other orders as may be deemed necessary and proper to prevent: The transaction of further business; The transfer of property; Interference with the receiver […]
Any officer, manager, director, trustee, owner, employee, or agent of any insurer or any other persons with authority over or in charge of any segment of the insurer’s affairs shall cooperate with the Commissioner in any proceeding under this chapter or any investigation preliminary to the proceeding. The term “person” as used in this Code […]
No insurer that is subject to any delinquency proceedings, whether formal or informal, administrative or judicial, shall: Be released from such proceeding, unless such proceeding is converted into a judicial rehabilitation or liquidation proceeding; Be permitted to solicit or accept new business or request or accept the restoration of any suspended or revoked license or […]
For the purposes of this Code section, the persons entitled to protection under this Code section are: All receivers responsible for the conduct of a delinquency proceeding under this chapter, including present and former receivers; and Their employees, meaning all present and former special deputies and assistant special deputies appointed by the Commissioner and all […]
