Whenever it appears to the commissioner that any person has committed a violation of this chapter which so impairs the financial condition of a domestic insurer as to threaten imminent insolvency or impairment as defined in subdivision (1) of Section 27-32-1 or make the further transaction of business by it hazardous to its policyholders, creditors, shareholders, or the public, then the commissioner may proceed as provided in Sections 27-32-3 through 27-32-7 to take possession of the property of such domestic insurer and to conduct the business thereof.
Structure Code of Alabama
Chapter 29 - Insurance Holding Company Systems.
Section 27-29-1 - Definitions.
Section 27-29-2 - Subsidiaries and Affiliates of Domestic Insurers.
Section 27-29-3 - Acquisition of Control Of, or Merger With, Domestic Insurers.
Section 27-29-4 - Registration of Insurers.
Section 27-29-6 - Registered Insurers - Examination of Records, etc., of Insurer or Affiliates.
Section 27-29-6.1 - Registered Insurers - Supervisory Colleges.
Section 27-29-6.2 - Group-Wide Supervisor for Internationally Active Insurance Group.
Section 27-29-8 - Rules, Regulations, and Orders.
Section 27-29-10 - Violations and Penalties; Criminal Proceedings.
Section 27-29-11 - Delinquency Proceedings and Rehabilitation.
Section 27-29-11.1 - Recovery Rights of Receivers.
Section 27-29-13 - Judicial Review of Actions by Commissioner; Petition for Mandamus Against Same.