§ 31-1315. Grounds for liquidation.

Current through October 23, 2012

The Commissioner may petition the Superior Court of the District of Columbia for an order directing him or her to liquidate a domestic insurer or an alien insurer domiciled in the District on the basis:

(1) Of any ground for an order of rehabilitation as specified in § 31-1310, whether or not there has been a prior order directing the rehabilitation of the insurer;

(2) That the insurer is insolvent; or

(3) That the insurer is in such a condition that the further transaction of business would be hazardous, financially or otherwise, to its policyholders, its creditors, or the public.

                
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(Oct. 15, 1993, D.C. Law 10-35, § 16, 40 DCR 5773; May 21, 1997, D.C. Law 11-268, § 10(z)(2), 44 DCR 1730.)

HISTORICAL AND STATUTORY NOTES

Prior Codifications

1981 Ed., § 35-2815.

Legislative History of Laws

For legislative history of D.C. Law 10-35, see Historical and Statutory Notes following § 31-1301.

For legislative history of D.C. Law 11-268, see Historical and Statutory Notes following § 31-1301.