If he considers it necessary, the director or his designee may apply to a judge of the circuit court to issue an injunction restraining a domestic insurer whose certificate of authority has been suspended, in whole or in part, from proceeding further with its business. The judge may immediately issue the injunction and, upon notice and after a full hearing of the matter, may (a) dissolve or modify the injunction or make it permanent, (b) make all orders and judgments necessary in the matter, and (c) appoint agents or a receiver to take possession of the property and effects of the insurer and to settle its affairs, subject to any rules and orders the court prescribes.
HISTORY: Former 1976 Code Section 38-5-160 [1947 (45) 322; 1952 Code Section 37-112; 1962 Code Section 37-112] recodified as Section 38-5-120 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-5-190 [1947 (45) 322; 1952 Code Section 37-115; 1962 Code Section 37-115] recodified as Section 38-5-160 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 533.