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- Alaska Statutes.
- Title 21. Insurance
- Chapter 78. Rehabilitation and Liquidation
- Section 50. Grounds For Liquidation.
previous: Section 40
. Grounds For Rehabilitation.
next: Section 60
. Grounds For Conservation, Foreign Insurers.
AS 21.78.050. Grounds For Liquidation.
The director may apply to the court for an order appointing the director as receiver, if an appointment of the director
as receiver is not then in effect, and directing the director to liquidate the business of a domestic insurer or of the
United States branch of an alien insurer having trusteed assets in this state, regardless of whether or not there has
been a prior order directing the director to rehabilitate the insurer, upon any of the grounds specified in AS 21.78.040 or if the insurer
- (1) has ceased transacting business for a period of one year; or
- (2) is an insolvent insurer and has commenced voluntary liquidation or dissolution, or attempts to commence or prosecute
an action or proceeding to liquidate its business or affairs, or to dissolve its corporate charter, or to procure the
appointment of a receiver, trustee, custodian or sequestrator under any law except this title.
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