17:30C-8 - Grounds for liquidation - New Jersey Statutes

17:30C-8.  Grounds for liquidation
    The commissioner may apply to the court for an order directing him to liquidate the business of a domestic insurer or of the United States branch of an alien insurer having trusteed assets in this State, regardless of whether or  not there has been prior order directing him to rehabilitate such insurer, upon  any of the grounds specified in section 6, or upon any one or more of the  following grounds:  That the insurer

    a.  Has ceased transacting business for a period of 1 year;  or

     b.  Is an insolvent insurer and has commenced voluntary liquidation or dissolution, or attempts to commence or prosecute any action or proceeding to liquidate its business or affairs, or to dissolve its corporate charter, or to procure the appointment of a receiver, trustee, custodian, or sequestrator under any laws except this act;  or

    c.  Has not organized or completed its organization and obtained a certificate of authority as an insurer.

     L.1975, c. 113, s. 8, eff. June 3, 1975.