Whenever it appears to the commissioner that any person has committed a violation of this chapter which so impairs the financial condition of a domestic insurer as to threaten insolvency or make the further transaction of business by it hazardous to its policyholders, creditors, shareholders or the public, the commissioner may proceed as provided in Sections 83-23-1, 83-23-3, 83-23-5 and 83-23-7 to take possession of the property of such domestic insurer and to conduct the business thereof.
Miss. Code Ann. § 83-6-37
When commissioner may take possession and conduct business of domestic insurer
Applied in 1 court decision — leading case State SEC. Life Ins. Co. v. State (1986)
Most recently applied in State SEC. Life Ins. Co. v. State (November 1986)
Laws, 1974, ch. 366, § 9, eff from and after July 1, 1974.
Current official text: Mississippi Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Mississippi statutes; confirm against the official source for the current text. Not legal advice.