Insurers Supervision,Rehabilitation, and Liquidation.
§ 58‑30‑1. Construction and purpose.
(a) This Article doesnot limit powers granted to the Commissioner by any other provision of law. Tothe extent practicable, the Commissioner may supplement the provisions of thisArticle with those of Part 2 of Article 38 of Chapter 1 of the GeneralStatutes.
(b) This Article shallbe liberally construed to effect the purpose stated in subsection (c) of thissection.
(c) The purpose of thisArticle is to protect the interests of policyholders, claimants, creditors, andthe public generally with minimum interference with the normal prerogatives ofthe owners and managers of insurers, through:
(1) Early detection ofany potentially dangerous condition in an insurer, and prompt application ofappropriate corrective measures;
(2) Improved methods forrehabilitating insurers, involving the cooperation and management expertise ofthe insurance industry;
(3) Enhanced efficiencyand economy of liquidation, through clarification of the law, to minimize legaluncertainty and litigation;
(4) Equitableapportionment of any unavoidable loss;
(5) Lessening theproblems of interstate rehabilitation and liquidation by facilitatingcooperation between states in the liquidation process, and by extending thescope of personal jurisdiction over debtors of the insurer outside this State;and
(6) Regulation of theinsurance business by the impact of the law relating to delinquency proceduresand substantive rules on the entire insurance business. (1989,c. 452, s. 1.)
Insurers Supervision,Rehabilitation, and Liquidation.
§ 58‑30‑1. Construction and purpose.
(a) This Article doesnot limit powers granted to the Commissioner by any other provision of law. Tothe extent practicable, the Commissioner may supplement the provisions of thisArticle with those of Part 2 of Article 38 of Chapter 1 of the GeneralStatutes.
(b) This Article shallbe liberally construed to effect the purpose stated in subsection (c) of thissection.
(c) The purpose of thisArticle is to protect the interests of policyholders, claimants, creditors, andthe public generally with minimum interference with the normal prerogatives ofthe owners and managers of insurers, through:
(1) Early detection ofany potentially dangerous condition in an insurer, and prompt application ofappropriate corrective measures;
(2) Improved methods forrehabilitating insurers, involving the cooperation and management expertise ofthe insurance industry;
(3) Enhanced efficiencyand economy of liquidation, through clarification of the law, to minimize legaluncertainty and litigation;
(4) Equitableapportionment of any unavoidable loss;
(5) Lessening theproblems of interstate rehabilitation and liquidation by facilitatingcooperation between states in the liquidation process, and by extending thescope of personal jurisdiction over debtors of the insurer outside this State;and
(6) Regulation of theinsurance business by the impact of the law relating to delinquency proceduresand substantive rules on the entire insurance business. (1989,c. 452, s. 1.)
Insurers Supervision,Rehabilitation, and Liquidation.
§ 58‑30‑1. Construction and purpose.
(a) This Article doesnot limit powers granted to the Commissioner by any other provision of law. Tothe extent practicable, the Commissioner may supplement the provisions of thisArticle with those of Part 2 of Article 38 of Chapter 1 of the GeneralStatutes.
(b) This Article shallbe liberally construed to effect the purpose stated in subsection (c) of thissection.
(c) The purpose of thisArticle is to protect the interests of policyholders, claimants, creditors, andthe public generally with minimum interference with the normal prerogatives ofthe owners and managers of insurers, through:
(1) Early detection ofany potentially dangerous condition in an insurer, and prompt application ofappropriate corrective measures;
(2) Improved methods forrehabilitating insurers, involving the cooperation and management expertise ofthe insurance industry;
(3) Enhanced efficiencyand economy of liquidation, through clarification of the law, to minimize legaluncertainty and litigation;
(4) Equitableapportionment of any unavoidable loss;
(5) Lessening theproblems of interstate rehabilitation and liquidation by facilitatingcooperation between states in the liquidation process, and by extending thescope of personal jurisdiction over debtors of the insurer outside this State;and
(6) Regulation of theinsurance business by the impact of the law relating to delinquency proceduresand substantive rules on the entire insurance business. (1989,c. 452, s. 1.)
