(a) An order to rehabilitate a domestic insurer shall direct the commissioner immediately to: (i) Take possession of the insurer's property and conduct its business; and (ii) Take any steps the court directs toward removal of the causes and conditions making rehabilitation necessary. (b) If at any time the commissioner deems that further efforts to rehabilitate the insurer would be useless, he may apply to the court for an order of liquidation. (c) The commissioner or any interested person, upon notice to the commissioner, may apply to the court for an order terminating the rehabilitation proceedings and permitting the insurer to resume possession of its property and the conduct of its business. No termination order shall be made or entered unless, after a hearing, the court determines that the purposes of the proceeding have been fully accomplished.
‹ Prev All Wyoming sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.