The director or his designee 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 as provided by law shall order dissolution of the corporation upon petition by the director or his designee upon or after the granting of a liquidation order. If the dissolution has not previously been ordered, it must 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.
HISTORY: Former 1976 Code Section 38-5-2090 [1982 Act No. 384, Section 20] recodified as Section 38-27-390 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 617.