2006 Utah Code - 31A-27-306 — Termination of rehabilitation.

     31A-27-306.   Termination of rehabilitation.
     (1) Whenever the rehabilitator believes that further attempts to rehabilitate an insurer would substantially increase the risk of loss to creditors, policyholders, or the public, or would be futile, the rehabilitator may petition the court that ordered the rehabilitation for an order of liquidation. A petition under this subsection has the same effect as a petition under Section 31A-27-307. The court shall permit the directors of the insurer to defend against the petition.
     (2) The rehabilitator or the directors of the insurer may, at any time, petition the court for an order terminating rehabilitation. If the court finds that rehabilitation has been accomplished and the grounds for rehabilitation under Section 31A-27-301 no longer exist, it shall order that the insurer be restored to possession of its property and the control of its business and may order payment from the estate of the insurer of any costs and other expenses as justice requires. The court may also make that finding and issue that order at any time upon its own motion.

Enacted by Chapter 242, 1985 General Session