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Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-68-107. Liquidation of domestic business

Current as of March 28, 2024 | Updated by Findlaw Staff

The Insurance Commissioner may apply to the court for an order appointing him or her as receiver, if his or her appointment as receiver shall not be then in effect, and directing him or her to liquidate the business of a domestic insurer or of the United States branch of an alien insurer having trusteed assets in this state, regardless of whether or not there has been a prior order directing him or her to rehabilitate such insurer, upon any of the grounds specified in § 23-68-106, or if the insurer:

(1) Has ceased transacting business for a period of one (1) year; or

(2) Is an insolvent insurer and has commenced voluntary liquidation or dissolution or attempts to commence or prosecute any action or proceeding to liquidate its business or affairs or to dissolve its corporate charter or to procure the appointment of a receiver, trustee, custodian, or sequestrator under any law except the Arkansas Insurance Code.

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Cite this article: FindLaw.com - Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-68-107. Liquidation of domestic business - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-23-public-utilities-and-regulated-industries/ar-code-sect-23-68-107/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

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