Section 27-29-11 Delinquency proceedings and rehabilitation. - Alabama Statutes

State Codes and Statutes

Statutes > Alabama > Title27 > Chapter29 > 27-29-11

Section 27-29-11

Delinquency proceedings and rehabilitation.

Whenever it appears to the commissioner that any person has committed a violation of this chapter which so impairs the financial condition of a domestic insurer as to threaten imminent insolvency or impairment as defined in subdivision (1) of Section 27-32-1 or make the further transaction of business by it hazardous to its policyholders, creditors, shareholders, or the public, then the commissioner may proceed as provided in Sections 27-32-3 through 27-32-7 to take possession of the property of such domestic insurer and to conduct the business thereof.

(Acts 1973, No. 1042, p. 1636, §12.)

State Codes and Statutes

Statutes > Alabama > Title27 > Chapter29 > 27-29-11

Section 27-29-11

Delinquency proceedings and rehabilitation.

Whenever it appears to the commissioner that any person has committed a violation of this chapter which so impairs the financial condition of a domestic insurer as to threaten imminent insolvency or impairment as defined in subdivision (1) of Section 27-32-1 or make the further transaction of business by it hazardous to its policyholders, creditors, shareholders, or the public, then the commissioner may proceed as provided in Sections 27-32-3 through 27-32-7 to take possession of the property of such domestic insurer and to conduct the business thereof.

(Acts 1973, No. 1042, p. 1636, §12.)

State Codes and Statutes

Back To Homepage

State Codes and Statutes

Statutes > Alabama > Title27 > Chapter29 > 27-29-11

Section 27-29-11

Delinquency proceedings and rehabilitation.

Whenever it appears to the commissioner that any person has committed a violation of this chapter which so impairs the financial condition of a domestic insurer as to threaten imminent insolvency or impairment as defined in subdivision (1) of Section 27-32-1 or make the further transaction of business by it hazardous to its policyholders, creditors, shareholders, or the public, then the commissioner may proceed as provided in Sections 27-32-3 through 27-32-7 to take possession of the property of such domestic insurer and to conduct the business thereof.

(Acts 1973, No. 1042, p. 1636, §12.)