Enables the state insurance department as liquidator or its appointed deputy to wind up the insurance company's affairs by selling its assets and settling claims upon those assets. After receiving the liquidation order, the liquidator notifies insurance departments in other states and state guaranty funds of the liquidation proceedings. Such insurance company liquidations are not subject to the Federal Bankruptcy Code but to each state's liquidation statutes.

"Liquidation" In Context

"Mineral Resources Minister Susan Shabangu is concerned about the prolonged liquidation of the Grootvlei mine on the East Rand, which she said had been dragging on, to the detriment of the workers and the mine itself. She said yesterday that a meeting had ..."