Plan of Dissolution or Withdrawal of Statutory Deposit

Section 2410.60  Plan of Dissolution or Withdrawal of Statutory Deposit a)         The Director must first approve the plan of dissolution before further action can be taken by the insurance entity to voluntarily dissolve.  The Director shall consider the following elements: 1)         The disposition of insurance contracts and claimant actions; 2)         The status of any pending litigation; 3)         The payment of corporate obligations; 4)         The intended disposition of assets, including the statutory deposit being held by the Director; 5)         The name and forwarding address for each of the final officers and/or directors; and 6)         The date on which the company terminated its last policy or contract obligation and the method(s) by which they were terminated. b)         Upon the written approval of the Director, the insurance entity shall effectuate the plan of dissolution or withdrawal and meet the final filing requirements of Section 2410.70(a) of this Part before the statutory deposit may be released by the Director pursuant to Section 2410.70(b) of this Part.