A. An order to liquidate the business of a domestic insurer shall direct the receiver to take immediate possession of the property of the insurer, to liquidate its business, to deal with the insurer’s property and business in the receiver’s own name as receiver or in the name of the insurer, as the court may direct, and to give notice to all creditors who have claims against the insurer to present such claims.

Terms Used In Arizona Laws 20-621

  • 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
  • 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. The receiver may apply for and secure an order dissolving the corporate existence of a domestic insurer upon his application for an order of liquidation of the insurer or at any time after such order has been granted.

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