Grounds for liquidation

1. Law
2. US Virgin Islands Code
3. Insurance
4. Mergers, Rehabilitation, Liquidation
5. Grounds for liquidation

• The Commissioner may apply to the District Court for an order directing him to liquidate the business of a domestic insurer or of the United States branch of an alien insurer having trusteed assets in this territory, regardless of whether or not there has been a prior order directing him to rehabilitate such insurer, upon any of the grounds specified in section 1253 of this title or upon any one or more of the following grounds: That the insurer—

  • (1) has ceased transacting business for a period of one year;

  • (2) is an insolvent insurer and has commenced voluntary liquidation or dissolution, or attempts to commence or persecute 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; or

  • (3) has not organized or completed its organization and obtained a certificate of authority as an insurer prior to the expiration or revocation of its solicitation permit.

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