Tennessee Code 56-9-309 – Liquidation of insurer – Dissolution of corporate existence
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Terms Used In Tennessee Code 56-9-309
- Commissioner: means the commissioner of commerce and insurance. See Tennessee Code 56-9-103
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- insolvent: means :
(A) For an insurer issuing only assessable fire insurance policies: (i) The inability to pay any obligation within thirty (30) days after it becomes payable. See Tennessee Code 56-9-103 - Insurer: means any person who has done, purports to do, is doing or is licensed to do an insurance business, and is or has been subject to the authority of, or to liquidation, rehabilitation, reorganization, supervision, or conservation by, any insurance commissioner. See Tennessee Code 56-9-103
- State: means any state, district or territory of the United States and the Panama Canal Zone. See Tennessee Code 56-9-103
- United States: includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
The commissioner may petition for an order dissolving the corporate existence of a domestic insurer or the United States branch of an alien insurer domiciled in this state at the time the commissioner applies for a liquidation order. The court shall order dissolution of the corporation upon petition by the commissioner upon or after the granting of a liquidation order. If the dissolution has not previously been ordered, it shall be effected by operation of law upon the discharge of the liquidator if the insurer is insolvent but may be ordered by the court upon the discharge of the liquidator if the insurer is under a liquidation order for some other reason.