507C.8A - CONDITION ON RELEASE FROM DELINQUENCY PROCEEDINGS.
507C.8A CONDITION ON RELEASE FROM DELINQUENCY PROCEEDINGS. An insurer subject to a delinquency proceeding shall not be released from the delinquency proceeding unless the proceeding is converted into a rehabilitation or liquidation proceeding; shall not be permitted to solicit or accept new business, or request or accept the restoration of any suspended or revoked license or certificate of authority; and shall not be returned to the control of the insurer's shareholders or private management, or have any of the insurer's assets returned to the control of its shareholders or private management, until all payments of or on account of the insurer's contractual obligations by all guaranty associations, along with all expenses of such obligations and interest on all such payments and expenses, have been repaid to the guaranty association or a plan of repayment by the insurer is approved by the guaranty association.
Section History: Recent Form 92 Acts, ch 1117, § 13