17:30C-4 - Commencement of delinquency proceeding - New Jersey Statutes

17:30C-4.  Commencement of delinquency proceeding
    a.  The commissioner shall commence any such proceeding by an application to  the court or to any judge thereof, for an order directing the insurer to show  cause why the commissioner should not have the relief prayed for.

    b.  The application shall be by verified petition, setting forth the ground  or grounds for the proceeding and the relief demanded.

    c.  If the court is satisfied from reading the commissioner's petition that  the facts therein alleged, if established, would constitute grounds for a  delinquency proceeding under this act, it shall issue an order to show cause as  referred to in a. above.

    d.  On the return of the order to show cause, the court shall either deny the application or grant the application together with such other relief as the  nature of the case and the interests of the policyholders, creditors, stockholders, members, subscribers or the public may require.

     L.1975, c. 113, s. 4, eff. June 3, 1975.