General Statutes of the Commonwealth of Massachusetts Relating to Insurance and Insurance Companies (Classic Reprint) - Softcover

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Excerpt from General Statutes of the Commonwealth of Massachusetts Relating to Insurance and Insurance Companies

Sect. 14. If he is of opinion upon examination that any domestic insurance company is insolvent, or that its condition is such as to render its further proceedings hazardous to the public or to those holding its policies, he shall apply to a justice of the supreme judicial court to issue an injunction restraining it in whole or in part from further proceeding with its business. Such justice may, in his disere tion, issue the injunction forthwith or upon notice and hearing, and after a full hearing of all parties interested may dissolve or modify the injunction or make it perpetual; may make such orders and de crees as may be needful to suspend, restrain, or prohibit the further continuance of the business of such company and may appoint agents or receivers to take possession of its property and effects, subject to such rules and orders as may be from time to time prescribed by the court or a justice thereof according to the course of proceedings in equity.

Sect. 15. If he is of opinion upon examination that an insurance company has exceeded its powers or failed to comply with any pro visions of law, he may apply to a justice of the supreme judicial court to issue an injunction restraining it in whole or in part from further proceeding with its business and the provisions of the preceding sec tion shall apply to proceedings under this section.

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