Grounds for liquidation.
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: 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; That the insurer is insolvent; or 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.
Annotations
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 1981 Ed., § 35-2815. This section is referenced in § 31-1314, § 31-1349, and § 31-3420. Rehabilitation, liquidation, or conservation of health maintenance organizations, see § 31-3420.
Sourced from the DC Council Open Law Library (public domain).
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