Rhode Island General Laws 27-14.3-24. Dissolution of insurer
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The commissioner may petition for an order dissolving the corporate existence of a domestic insurer or the United States branch of an alien insurer domiciled in this state at the time he or she applies for a liquidation order. The court shall order the dissolution of the corporation upon petition by the commissioner upon or after the granting of a liquidation order. If the dissolution has not previously been ordered, it shall be effected by operation of law upon the discharge of the liquidator if the insurer is insolvent, but may be ordered by the court upon the discharge of the liquidator if the insurer is under a liquidation order for some other reason.
History of Section.
P.L. 1993, ch. 248, § 1.
Terms Used In Rhode Island General Laws 27-14.3-24
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- United States: include the several states and the territories of the United States. See Rhode Island General Laws 43-3-8