Section 27-2-34 Order of supervision - Appointment of supervisor; acts which may be prohibited during period of supervision. - Alabama Statutes

Section 27-2-34

Order of supervision - Appointment of supervisor; acts which may be prohibited during period of supervision.

During the period of supervision the commissioner may appoint a supervisor and may provide that the insurer may not do the following things during the period of supervision without the prior approval of the commissioner or his duly appointed supervisors:

(1) Dispose of, convey, or encumber any of its assets or its business in force;

(2) Withdraw any of its bank accounts;

(3) Lend any of its funds;

(4) Invest any of its funds;

(5) Transfer any of its property;

(6) Incur any debt, obligation, or liability;

(7) Enter into any new reinsurance contract or treaty;

(8) Issue to the public policies of insurance.

(Acts 1975, No. 217, p. 742, §2; Acts 1977, No. 409, p. 547, §3.)