LEGAL AUTHORITY*

 

"Pursuant to (insert statutory reference here), the Commissioner is authorized to apply to this court for an order directing him/her to rehabilitate or liquidate an insurer that is in such condition that further transaction of business would be hazardous to its policyholders, stockholders, creditors or to the general public."

 

*Typical language found in a receivership petition or application.

 

 

 

 

 

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