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New Jersey Statutes, Title: 17B, INSURANCE

    Chapter 32:

      Section: 17B:32-49: Petition for dissolution

           19. The commissioner may petition for an order dissolving the corporate existence of a domestic insurer, or the United States branch of an alien insurer domiciled in this State, at the time he applies for a liquidation order. The court shall order dissolution of the corporation upon petition by the commissioner upon or after the granting of a liquidation order. If the dissolution has not previously been ordered, it shall be effected by operation of law upon the discharge of the liquidator if the insurer is insolvent but may be ordered by the court upon the discharge of the liquidator if the insurer is under a liquidation order for some other reason.

L.1992,c.65,s.19.



This section added to the Rutgers Database: 2013-06-10 16:36:30.






Older versions of 17b:32-49 (if available):



Court decisions that cite this statute: CLICK HERE.