375.1175. Grounds for liquidation. - Missouri Statutes

Grounds for liquidation.

375.1175. The director may petition the court for an orderdirecting him to liquidate a domestic insurer or an alien insurerdomiciled in this state on the basis:

(1) Of any ground for an order of rehabilitation asspecified in section 375.1165, whether or not there has been aprior order directing the rehabilitation of the insurer;

(2) That the insurer is insolvent;

(3) That the insurer is in such condition that the furthertransaction of business would be hazardous, financially orotherwise, to its policyholders, its creditors or the public;

(4) That the insurer is found to be in such condition afterexamination that it could not meet the requirements forincorporation and authorization specified in the law under whichit was incorporated or is doing business; or

(5) That the insurer has ceased to transact the business ofinsurance for a period of one year.

(L. 1991 H.B. 385, et al. § 65, A.L. 1992 H.B. 1574)