83-6-37 - When commissioner may take possession and conduct business of domestic insurer.
§ 83-6-37. When commissioner may take possession and conduct business of domestic insurer.
Whenever it appears to the commissioner that any person has committed a violation of this chapter which so impairs the financial condition of a domestic insurer as to threaten insolvency or make the further transaction of business by it hazardous to its policyholders, creditors, shareholders or the public, the commissioner may proceed as provided in Sections 83-23-1, 83-23-3, 83-23-5 and 83-23-7 to take possession of the property of such domestic insurer and to conduct the business thereof.
Sources: Laws, 1974, ch. 366, § 9, eff from and after July 1, 1974.