Ala. Code § 27-32-7 (1975) Grounds - Liquidation of Domestic Or Alien Insurers

• Library: Alabama Statutes
• Edition: 2023
• Currency: Current with legislation from the 2023 Regular and Special Sessions.
• Year: 2023
• Citation: Ala. Code § 27-32-7 (1975)

The commissioner may apply to the court for an order appointing him as receiver, if his appointment as receiver shall not be then ...

(1) Has ceased transacting business for a period of one year; or

(2) Is an insolvent insurer and has commenced voluntary liquidation or dissolution, or attempts to commence or prosecute any action or proceeding to liquidate its business or affairs, or to dissolve its corporate charter, or to procure the appointment of a receiver, trustee, custodian, or sequestrator under any law except this title.