TITLE 33 INSURANCE

Section 37. Insurers Rehabilitation and Liquidation, 33-37-1 through 33-37-58.

ARTICLE 3 PROCEDURE FOR REHABILITATION

33-37-16. Grounds for order of liquidation.

The Commissioner may petition the superior court for an order directing him to liquidate a domestic insurer or an alien insurer domiciled in this state on the basis:

1. Of any ground for an order of rehabilitation as specified in Code Section 33-37-11, whether or not there has been a prior order directing the rehabilitation of the insurer;
2. That the insurer is insolvent; or
3. That the insurer is in such condition that the further transaction of business would be hazardous, financially or otherwise, to its policyholders, its creditors, or the public.

(Code 1981, §33-37-16, enacted by Ga. L. 1991, p. 1424, § 7.)