§ 27-14.3-24 - Dissolution of insurer. - Rhode Island Statutes

SECTION 27-14.3-24

   § 27-14.3-24  Dissolution of insurer.– The commissioner may petition for an order dissolving the corporate existenceof a domestic insurer or the United States branch of an alien insurer domiciledin this state at the time he or she applies for a liquidation order. The courtshall order the dissolution of the corporation upon petition by thecommissioner upon or after the granting of a liquidation order. If thedissolution has not previously been ordered, it shall be effected by operationof law upon the discharge of the liquidator if the insurer is insolvent, butmay be ordered by the court upon the discharge of the liquidator if the insureris under a liquidation order for some other reason.