(a) An order to rehabilitate a domestic insurer or the United States branch of an alien insurer having trusteed assets in this state shall direct the commissioner forthwith to take possession of the assets 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, he or she 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 granted except when, after a full hearing, the court has determined that the purposes of the proceeding have been fully accomplished.
Structure West Virginia Code
Article 10. Rehabilitation and Liquidation
§33-10-2. Jurisdiction, Venue and Appeal of Delinquency Proceedings; Exclusive Remedy
§33-10-3. Court's Seizure Order
§33-10-4. Injunctions and Other Orders
§33-10-4a. Commencement of Formal Delinquency Proceeding
§33-10-4b. Return of Summons and Summary Hearing
§33-10-4c. Proceedings for Expedited Trial, Continuances, Discovery, Evidence
§33-10-4d. Decision and Appeals
§33-10-5. Grounds for Rehabilitation of Domestic Insurers
§33-10-6. Grounds for Liquidation
§33-10-7. Grounds for Conserving Assets of Foreign Insurers
§33-10-8. Grounds for Conserving Assets of Alien Insurers
§33-10-9. Grounds for Ancillary Liquidation of Foreign Insurers
§33-10-10. Order of Rehabilitation
§33-10-11. Order of Liquidation of Domestic Insurer
§33-10-12. Order of Liquidation of Alien Insurers
§33-10-13. Order of Conservation or Ancillary Liquidation of Foreign or Alien Insurers
§33-10-14. Conduct of Delinquency Proceedings Against Domestic or Alien Insurers
§33-10-15. Conduct of Delinquency Proceedings Against Foreign Insurers
§33-10-16. Claims of Nonresidents Against Domestic Insurers
§33-10-17. Claims Against Foreign Insurers
§33-10-19. Priority of Certain Claims
§33-10-19a. Priority of Distribution
§33-10-20. Attachment, Garnishment or Execution
§33-10-21. Uniform Insurers Liquidation Act
§33-10-22. Deposit of Moneys Collected
§33-10-23. Exemption of Commissioner From Fees
§33-10-24. Borrowing on Pledge of Assets
§33-10-25. Date Rights Fixed on Liquidation
§33-10-26. Voidable Preferences and Liens
§33-10-26a. Fraudulent Transfers Prior to Petition
§33-10-26b. Recoupment From Affiliates
§33-10-26c. Fraudulent Transfer After Petition
§33-10-26d. Claims of Holders of Void or Voidable Rights
§33-10-29. Allowance of Certain Claims
§33-10-30. Time Within Which Claims to Be Filed
§33-10-31. Report for Assessment Against Members or Subscribers of Mutual or Reciprocal Insurers
§33-10-33. Order to Pay Assessment
§33-10-34. Publication and Service of Assessment Order
§33-10-35. Judgment Upon the Assessment
§33-10-36. Early Access to Distribution
§33-10-37. Distribution of Assets
§33-10-38. Unclaimed and Withheld Funds; Termination of Proceedings
§33-10-39. Immunity in Receivership Proceedings and Representation of the Special Deputy Supervisor