§ 9-217. Loans and pledges of assets

Latest version.

   (a) In general. -- To facilitate the rehabilitation, liquidation, conservation, or dissolution of an insurer under this subtitle, the Commissioner, subject to the approval of the court, may:

   (1) borrow money;

   (2) execute, acknowledge, and deliver notes or other evidences of indebtedness for the loan;

   (3) secure the repayment of the loan by the mortgage, pledge, assignment, or transfer in trust of all or part of the property of the insurer; and

   (4) take any other action necessary and proper to consummate the loan and to provide for its repayment.

(b) Obligation of Commissioner. -- The Commissioner is not obligated personally or in an official capacity to repay a loan made under this section.

HISTORY: An. Code 1957, art. 48A, § 155; 1996, ch. 11; 2012, ch. 66, § 1.

                    
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