N.J. Stat. Ann. § 17B:32-46

Basis for order of liquidation

Known as the New Jersey Life and Health Insurance Guaranty Association Act

The act spans §§ 17B:17-1 to 17B:37-9 (1,003 sections).

Applied in 1 court decision — leading case In re Penn Treaty Network America Insurance (2015)

Most recently applied in In re Penn Treaty Network America Insurance (July 2015)

L.1992,c.65,s.16.

16. The commissioner may petition the Superior Court for an order directing him to liquidate a domestic insurer or an alien insurer domiciled in this State on the basis:

a. Of any ground for an order of rehabilitation as specified in section 11 of this act, whether or not there has been a prior order directing the rehabilitation of the insurer;

b. That the insurer is insolvent; or

c. That the insurer is in such condition that the further transaction of business would be hazardous, financially or otherwise, to its policyholders, its creditors or the public.

Current official text: New Jersey Legislature. Digitized from the New Jersey Legislature bulk statutes download. Reproduced from public-domain New Jersey statutes; confirm against the official source for the current text. Not legal advice.