§ 27-14.3-21 - Grounds for liquidation.
SECTION 27-14.3-21
§ 27-14.3-21 Grounds for liquidation.– The commissioner may petition the superior court for the county of Providencefor an order directing him or her to liquidate a domestic insurer or an alieninsurer domiciled in this state on the basis:
(1) Of any ground for an order of rehabilitation as specifiedin § 27-14.3-16, whether or not there has been a prior order directing therehabilitation of the insurer;
(2) That the insurer is insolvent; or
(3) That the insurer is in a condition that would make thefurther transaction of business hazardous, financially or otherwise, to itspolicyholders, its creditors, or the public.