Tenn. Code Ann. § 56-9-306

Grounds for order of liquidation

Known as the Insurers Rehabilitation and Liquidation Act

The act spans §§ 56–56 (71 sections).

Applied in 1 court decision — leading case State Ex Rel. Sizemore v. United Physicians Insurance Risk Retention Group (2001)

Most recently applied in State Ex Rel. Sizemore v. United Physicians Insurance Risk Retention Group (April 2001)

Acts 1991, ch. 142, § 4.

The commissioner may petition the chancery court of Davidson County for an order directing the commissioner to liquidate a domestic insurer or an alien insurer domiciled in this state on the basis:

(1) Of any ground for an order of rehabilitation as specified in § 56-9-301, whether or not there has been a prior order directing the rehabilitation of the insurer;

(2) That the insurer is insolvent; or

(3) 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: Tennessee Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Tennessee statutes; confirm against the official source for the current text. Not legal advice.