§ 7056 - Grounds for liquidation
§ 7056. Grounds for liquidation
The commissioner may petition the superior court of Washington County for an order directing the commissioner to liquidate a domestic insurer or an alien insurer domiciled in this state on the basis of one or more of the following grounds:
(1) one or more grounds for an order of rehabilitation under section 7051 of this title exist, whether or not there has been a prior order directing the rehabilitation of the insurer; or
(2) the insurer is in such condition that the further transaction of business would be hazardous, financially or otherwise, to its policyholders, its creditors or the public. (Added 1991, No. 45, § 2, eff. May 29, 1991.)