Code of Alabama - Title 27: Insurance - Section 27-29-11 - Delinquency proceedings and rehabilitation
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Section 27-29-11 - Delinquency proceedings and rehabilitation.
Whenever it appears to the commissioner that any person has committed a violation of this chapter which so impairs the financial condition of a domestic insurer as to threaten imminent insolvency or impairment as defined in subdivision (1) of Section 27-32-1 or make the further transaction of business by it hazardous to its policyholders, creditors, shareholders, or the public, then the commissioner may proceed as provided in Sections 27-32-3 through 27-32-7 to take possession of the property of such domestic insurer and to conduct the business thereof.
(Acts 1973, No. 1042, p. 1636, §12.)
Sections: 27-29-1 27-29-2 27-29-3 27-29-4 27-29-5 27-29-6 27-29-7 27-29-8 27-29-9 27-29-10 27-29-11 27-29-12 27-29-13 27-29-14
Last modified: February 19, 2012
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