A. An order to rehabilitate a domestic insurer shall direct the receiver to take immediate possession of the property of the insurer, to conduct its business and to take such steps toward removal of the causes and conditions which have made rehabilitation necessary as the court may direct.

Terms Used In Arizona Laws 20-620

  • Court: means , unless the context otherwise requires, the judge of the superior court assigned to the delinquency proceeding. See Arizona Laws 20-611
  • Insurer: means any person, firm, corporation, association or aggregation of persons doing an insurance business and subject to the insurance supervisory authority of, or to liquidation, rehabilitation, reorganization or conservation by the director or the equivalent insurance supervisory official of another state. See Arizona Laws 20-611
  • Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
  • Property: includes both real and personal property. See Arizona Laws 1-215
  • Receiver: means the director as receiver, liquidator, rehabilitator or conservator as the context may require. See Arizona Laws 20-611

B. If at any time the receiver deems that further efforts to rehabilitate the insurer would be useless, he may apply to the court for an order of liquidation.

C. The receiver, or any interested person upon due notice to the receiver, at any time may apply to the court for an order terminating the rehabilitation proceedings and permitting the insurer to resume possession of its property and the conduct of its business, but no such order shall be granted except when, after a full hearing, the court has determined that the purposes of the proceeding have been fully accomplished.

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