17:30C-7 - Nature of rehabilitation order--termination of rehabilitation--domestic insurers - New Jersey Statutes

17:30C-7.  Nature of rehabilitation order--termination of rehabilitation--domestic insurers
    a.  An order to rehabilitate a domestic insurer shall direct the commissioner forthwith to take possession of the property of the insurer and to  conduct the business thereof, and to take such steps toward removal of the causes and conditions which have made rehabilitation necessary, as the court may direct.

    b.  If at any time the commissioner deems that further efforts to rehabilitate the insurer would be useless, he may apply to the court for an order of liquidation.

    c.  The commissioner, or any interested person upon due notice to the commissioner, at any time may apply for an order terminating the rehabilitation  proceeding and permitting the insurer to resume possession of its property and  the conduct of its business.

     L.1975, c. 113, s. 7, eff. June 3, 1975.