§ 27-1-13 - Citation for forfeiture of charter for unsafe practices.
SECTION 27-1-13
§ 27-1-13 Citation for forfeiture ofcharter for unsafe practices. – The superior court, upon complaint in writing from the insurance commissionerunder oath setting forth that, in the commissioner's opinion, any insurancecompany has forfeited its charter at law, or is managing its concerns in amanner that the public or those having funds in its custody are in danger ofbeing defrauded, or the continued operation of its business would be hazardousto the public or its policyholders, or has become insolvent, shall issue acitation to the company, directed to and to be served on the president,secretary, or treasurer of the company by leaving an attested copy at theoffice or usual place of business of the company, commanding the president,secretary, or treasurer personally to appear before the court on a day and in aplace to be mentioned in the citation, then and there under oath to show cause,if they have any, why the company should not be enjoined from furtherexercising the powers and franchises conferred by its charter and why thecharter should not be forfeited.