When an insurer has surrendered its charter or when its charter has been revoked or canceled for any reason, it is still subject to suit under the laws of this State until all outstanding claims and demands against it have been settled. The director or his designee is designated the agent upon whom service of process may be had.
HISTORY: Former 1976 Code Section 38-55-140 [1947 (45) 322; 1952 Code Section 37-1203; 1962 Code Section 37-1214; 1964 (53) 2293] recodified as Section 38-57-140 by 1987 Act No. 155, Section 1; Former 1976 Code Section 38-9-290 [1947 (45) 322; 1952 Code Section 37-165; 1962 Code Section 37-165] recodified as Section 38-55-140 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 708.