The director may apply to the court for an order appointing him as receiver, if his appointment as receiver is not then in effect, and directing him to liquidate the business of a domestic insurer or of the United States branch of an alien insurer having trusteed assets in this state, regardless of whether or not there has been a prior order directing him to rehabilitate such insurer, upon any of the grounds specified in section 20-615, or if such insurer:

Terms Used In Arizona Laws 20-616

  • Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • 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
  • Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
  • Receiver: means the director as receiver, liquidator, rehabilitator or conservator as the context may require. See Arizona Laws 20-611
  • State: means any state of the United States, the District of Columbia and the territories and possessions of the United States. See Arizona Laws 20-611
  • Trustee: A person or institution holding and administering property in trust.
  • United States: includes the District of Columbia and the territories. See Arizona Laws 1-215

1. Has ceased transacting business for a period of one year.

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.

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