(a) An order to rehabilitate a domestic insurer shall direct the Commissioner forthwith to take possession of the property of the insurer and to conduct the business thereof and to take such steps toward removal of the causes and conditions which have made rehabilitation necessary as the court may direct.
(b) If at any time the Commissioner deems that further efforts to rehabilitate the insurer would be useless, the Commissioner may apply to the court for an order of liquidation.
(c) The Commissioner or any interested person upon due notice to the Commissioner at any time 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, but, no such order shall be made or entered except when, after a hearing, the Court has determined that the purposes of the proceeding have been fully accomplished.
Structure Delaware Code
Chapter 59. REHABILITATION AND LIQUIDATION
Subchapter I. General Provisions
§ 5901. Definitions [For application of this section, see 79 Del. Laws, c. 207, § 3].
§ 5903. Commencement of delinquency proceedings.
§ 5904. Injunctions [For application of this section, see 79 Del. Laws, c. 207, § 3].
§ 5904A. Proceedings against bank insurance division.
§ 5905. Grounds for rehabilitation; domestic insurers.
§ 5906. Grounds for liquidation.
§ 5907. Grounds for conservation; foreign insurers.
§ 5908. Grounds for conservation — Alien insurers.
§ 5909. Grounds for ancillary liquidation; foreign insurers.
§ 5910. Order of rehabilitation; termination.
§ 5911. Order of liquidation; domestic insurers; insolvent insurer's assets.
§ 5912. Order of conservation or ancillary liquidation of foreign or alien insurers.
§ 5913. Conduct of delinquent proceedings against domestic and alien insurers.
§ 5914. Conduct of delinquency proceedings against foreign insurers.
§ 5915. Claims of nonresidents against domestic insurers.
§ 5916. Claims against foreign insurers.
§ 5917. Form of claim; notice; hearing.
§ 5918. Priority of certain claims.
§ 5919. Attachment and garnishment of assets.
§ 5920. Uniform Insurers Liquidation Act.
§ 5921. Deposit of moneys collected.
§ 5923. Borrowing on pledge of assets.
§ 5924. Date rights fixed on liquidation.
§ 5925. Voidable transfers [For application of this section, see 79 Del. Laws, c. 207, § 3].
§ 5926. Priority of claims for compensation.
§ 5928. Allowance of certain claims.
§ 5929. Order of insolvency; time to file claims.
§ 5930. Report and petition for assessment.
§ 5931. Order and levy of assessments.
§ 5932. Assessment prima facie correct; notice; payment; proceedings to collect.