Connecticut General Statutes 38a-919 – Grounds for liquidation
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The commissioner may petition the Superior Court for an order directing him to liquidate a domestic insurer or an alien insurer domiciled in this state on the basis:
Terms Used In Connecticut General Statutes 38a-919
- Alien insurer: means any insurer that has been chartered by or organized or constituted within or under the laws of any jurisdiction or country without the United States. See Connecticut General Statutes 38a-1
- Commissioner: means the Insurance Commissioner. See Connecticut General Statutes 38a-1
- Domestic insurer: means any insurer that has been chartered by, incorporated, organized or constituted within or under the laws of this state. See Connecticut General Statutes 38a-1
- insolvent: means , for any insurer, that it is unable to pay its obligations when they are due, or when its admitted assets do not exceed its liabilities plus the greater of: (A) Capital and surplus required by law for its organization and continued operation. See Connecticut General Statutes 38a-1
- State: means any state, district, or territory of the United States. See Connecticut General Statutes 38a-1
(a) Of any ground for an order of rehabilitation as specified in section 38a-914, whether or not there has been a prior order directing the rehabilitation of the insurer;
(b) That the insurer is insolvent; or
(c) That the insurer is in such condition that the further transaction of business would be hazardous, financially or otherwise, to its policyholders, its creditors or the public.