§ 58-30-115. Dissolution of insurer.
§58‑30‑115. Dissolution of insurer.
The Commissioner may petitionfor an order dissolving the corporate existence of a domestic insurer or theUnited States branch of an alien insurer domiciled in this State at the time heapplies for a liquidation order. The Court shall order dissolution of thecorporation upon petition by the Commissioner upon or after the granting of aliquidation order. If the dissolution has not previously been ordered, itshall be effected by operation of law upon the discharge of the liquidator ifthe insurer is under a liquidation order for some other reason. (1989,c. 452, s. 1.)