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<section article="gin" article_name="Insurance" number="9-212" title_number="9" title_name="Impaired Entities" subtitle_number="2" subtitle_name="Liquidation, Rehabilitation, Reorganization, and Conservation">
  <level label="a">
    <level label="1">
      <text>An order to rehabilitate a domestic insurer, or an alien insurer domiciled in the State, shall:</text>
      <level label="i">
        <text>appoint the Commissioner as rehabilitator;</text>
      </level>
      <level label="ii">
        <text>direct the Commissioner:</text>
        <level label="1">
          <text>to take possession of the property of the insurer and conduct the business of the insurer under the general supervision of the court; and</text>
        </level>
        <level label="2">
          <text>to take action as the court directs to remove the causes and conditions that have made rehabilitation necessary;</text>
        </level>
      </level>
      <level label="iii">
        <text>vest title to all property of the insurer in the rehabilitator; and</text>
      </level>
      <level label="iv">
        <text>require the rehabilitator to make accountings to the court that:</text>
        <level label="1">
          <text>are at intervals as the court specifies in its order, but not less frequently than two times each year; and</text>
        </level>
        <level label="2">
          <text>include the opinion of the rehabilitator about the likelihood of success of the rehabilitation.</text>
        </level>
      </level>
    </level>
    <level label="2">
      <text>Issuance of an order of rehabilitation:</text>
      <level label="i">
        <text>does not constitute an anticipatory breach of any contract of the insurer; and</text>
      </level>
      <level label="ii">
        <text>is not grounds for retroactive revocation or retroactive cancellation of a contract of the insurer, unless the rehabilitator revokes or cancels the contract.</text>
      </level>
    </level>
  </level>
  <level label="b">
    <level label="1">
      <text>Subject to paragraph (2) of this subsection, the Commissioner, or an interested person on due notice to the Commissioner, may apply to the court at any time for an order that:</text>
      <level label="i">
        <text>terminates a rehabilitation proceeding; and</text>
      </level>
      <level label="ii">
        <text>allows the insurer to resume possession of its property and the conduct of its business.</text>
      </level>
    </level>
    <level label="2">
      <text>An order under this subsection may not be issued unless, after a hearing, the court determines that:</text>
      <level label="i">
        <text>the purposes of the rehabilitation proceeding have been fully accomplished; and</text>
      </level>
      <level label="ii">
        <text>§ 9-223 of this subtitle has been satisfied.</text>
      </level>
    </level>
  </level>
  <level label="c">
    <level label="1">
      <text>An order to liquidate the business of a domestic insurer shall direct the Commissioner promptly:</text>
      <level label="i">
        <text>to take possession of the property of the insurer;</text>
      </level>
      <level label="ii">
        <text>to liquidate the business of the insurer;</text>
      </level>
      <level label="iii">
        <text>to deal with the property and business of the insurer in the name of the Commissioner or in the name of the insurer, as the court directs; and</text>
      </level>
      <level label="iv">
        <text>to notify all creditors that may have claims against the insurer to present their claims.</text>
      </level>
    </level>
    <level label="2">
      <text>The Commissioner may apply for, and the court may issue, an order to dissolve the corporate existence of a domestic insurer:</text>
      <level label="i">
        <text>on application of the Commissioner for an order to liquidate the domestic insurer; or</text>
      </level>
      <level label="ii">
        <text>at any time after the court has granted the order of liquidation.</text>
      </level>
    </level>
    <level label="3">
      <text>An order to liquidate the business of the United States branch of an alien insurer that has trusteed assets in the State shall:</text>
      <level label="i">
        <text>be on the same terms as those required for a domestic insurer under paragraph (1) of this subsection; but</text>
      </level>
      <level label="ii">
        <text>include only the assets of the business of the United States branch of the alien insurer.</text>
      </level>
    </level>
  </level>
  <level label="d">
    <text>An order to conserve the assets of a foreign insurer or alien insurer shall require the Commissioner promptly to take possession of and conserve the property of the insurer in the State, subject to further direction by the court.</text>
  </level>
  <level label="e">
    <text>An order to liquidate the assets in the State of a foreign insurer shall require the Commissioner promptly to take possession of and liquidate the property of the insurer in the State, subject to further direction by the court and with due regard to the rights and powers of the domiciliary receiver as provided in this subtitle.</text>
  </level>
</section>
