56-11-112 - Assumption of control by commissioner Insolvency. - Tennessee Statutes

56-11-112. Assumption of control by commissioner Insolvency.

Whenever it appears to the commissioner that any person has committed a violation of this chapter that so impairs the financial condition of a domestic insurer or of a health maintenance organization as to threaten insolvency or make the further transaction of business by it hazardous to its policyholders, enrollees, providers, creditors, shareholders or the public, the commissioner may proceed as provided in chapter 9 of this title to take possession of the property of the domestic insurer or health maintenance organization and to conduct its business.

[Acts 1986, ch. 572, § 12; 2000, ch. 708, § 3j; T.C.A. § 56-11-212.]