Termination of conservation or rehabilitation. If at any time the court finds, after a hearing in open court, upon petition of the Commissioner or of the insurer or of its own motion, that the objectives of an order to conserve or rehabilitate a domestic insurer or an alien insurer domiciled in this state have been accomplished, and that the insurer can be returned to its own management without further jeopardy to the insurer and its creditors or policyholders or stockholders or to the public, the court may, upon a full report and accounting by the Commissioner relative to the conduct of the insurer’s affairs during the conservation or rehabilitation and of the insurer’s current financial condition, terminate the conservation or rehabilitation and by order return the insurer, its assets and affairs, to the insurer’s management.
Last modified: February 27, 2006