48.31B.055 - Violations of chapter -- Impairment of financial condition -- Commissioner may take possession.

Violations of chapter — Impairment of financial condition — Commissioner may take possession.

Whenever it appears to the commissioner that a person has committed a violation of this chapter that 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 RCW 48.31.030 and 48.31.040 to take possession of the property of the domestic insurer and to conduct the business of the insurer.

[1993 c 462 § 12.]