North Carolina General Statutes 58-30-100. Grounds for liquidation
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The Commissioner may petition the Court for an order directing him to liquidate a domestic insurer or an alien insurer domiciled in this State on the basis:
(1) Of any ground for an order of rehabilitation as specified in N.C. Gen. Stat. § 58-30-75, whether or not there has been a prior order directing the rehabilitation of the insurer;
Terms Used In North Carolina General Statutes 58-30-100
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
(2) That the insurer is insolvent; or
(3) 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. (1989, c. 452, s. 1.)