Insurance Law 7429 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 7428 Disposition of assets and compromise of claims up ARTICLE 74 Rehabilitation, Liquidation, Conservation and Dissolution of Insurers next SECTION 7430 Levy of assessments; determination of liability of members Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 7429 Borrowing on the pledge of assets Insurance (ISC) CHAPTER 28, ARTICLE 74 § 7429. Borrowing on the pledge of assets. To facilitate the rehabilitation, liquidation, conservation or dissolution of an insurer pursuant to this article the superintendent may, subject to the approval of the court, borrow money and issue evidences of indebtedness therefor and secure repayment by a security interest in any or all property, real, personal or mixed of such insurer. Subject to court approval, the superintendent may take all other action necessary and proper to consummate such loans and provide for their repayment. The superintendent shall be under no obligation personally or in his capacity as superintendent to repay any loan made pursuant to this section.