INSURERS REHABILITATION AND LIQUIDATION
402-C:10 Delinquency Proceedings.
I. Every proceeding commenced before June 23, 1969, is deemed to have commenced under this chapter for the purpose of conducting the proceeding thereafter, except that in the discretion of the commissioner the proceeding may be continued, in whole or in part, as it would have been continued had this chapter not been enacted.
II. Until all payments of or on account of the insurer's contracted delegations by all guaranty associations, along with all expenses thereof and interest on all such payments and expenses, shall have been repaid to the guaranty associations or a plan of repayment by the insurer shall have been approved by the guaranty association, no insurer that is subject to any delinquency proceeding shall:
(a) Be released from such proceeding, unless such proceeding is converted into a judicial rehabilitation or liquidation proceeding;
(b) Be permitted to solicit or accept new business or accept the restoration of any suspended or revoked license or certificate of authority;
(c) Be returned to the control of its shareholders or private management; or
(d) Have any of its assets returned to the control of its shareholders or private management.
Source. 1969, 272:1. 1991, 96:2, eff. Jan. 1, 1992.