§ 27-14.3-8 - Condition on release from delinquency proceedings.
SECTION 27-14.3-8
§ 27-14.3-8 Condition on release fromdelinquency proceedings. – No insurer that is subject to any delinquency proceedings, whether formal orinformal, administrative or judicial, shall:
(1) Be released from the proceeding, unless the proceeding isconverted into a judicial rehabilitation or liquidation proceeding;
(2) Be permitted to solicit or accept new business or requestor accept the restoration of any suspended or revoked license or certificate ofauthority;
(3) Be returned to the control of its shareholders or privatemanagement; or
(4) Have any of its assets returned to the control of itsshareholders or private management until all payments of or on account of theinsurer's contractual obligations by all guaranty associations, along with allexpenses thereof and interest on all the payments and expenses, shall have beenrepaid to the guaranty associations or a plan of repayment by the insurer shallhave been approved by the guaranty association.