WILLIAM DONALD SCHAEFER, Governor Ch. 764

(II)  THE APPOINTED CONSERVATOR, REHABILITATOR,
OR RECEIVER:

1.  SHALL COOPERATE FULLY IN ANY
NEGOTIATION UNDERTAKEN BY THE COMMISSIONER OR A GUARANTY
ASSOCIATION UNDER THIS PARAGRAPH; AND

2.  MAY OBJECT TO THE TERMS OF ANY SALE OF
THE INSURER'S ASSETS OR BOOK OF BUSINESS RESULTING FROM
NEGOTIATIONS UNDERTAKEN BY THE COMMISSIONER OR A GUARANTY
ASSOCIATION UNDER THIS PARAGRAPH.

(III)  ANY SALE OF ALL OR PART OF AN INSURER'S
ASSETS RESULTING FROM NEGOTIATIONS UNDERTAKEN BY THE COMMISSIONER
OR A GUARANTY FUND UNDER THIS PARAGRAPH SHALL BE SUBJECT TO THE
APPROVAL OF THE COURT.

(6) (1) IF THE COMMISSIONER DETERMINES THAT AN

APPOINTED CONSERVATOR, REHABILITATOR, OR RECEIVER IS NOT

ADEQUATELY DISCHARGING ITS DUTIES AND RESPONSIBILITIES, THE
COMMISSIONER MAY FILE WITH THE COURT AN APPLICATION SEEKING:

1.  THE DISCHARGE BY THE COURT OF THE
APPOINTED CONSERVATOR, REHABILITATOR, OR RECEIVER; AND

2.  THE APPOINTMENT BY THE COURT OF:

A. THE COMMISSIONER AS A CONSERVATOR,
REHABILITATOR, OR RECEIVER; OR

B. A SUBSTITUTE APPOINTED CONSERVATOR,
REHABILITATOR, OR RECEIVER, OTHER THAN THE DISCHARGED
CONSERVATOR, REHABILITATOR, OR RECEIVER.

(II) AFTER MAKING AN APPLICATION UNDER
SUBPARAGRAPH (I) OF THIS PARAGRAPH, IF THE COMMISSIONER
ESTABLISHES BY A PREPONDERANCE OF THE EVIDENCE THAT GROUNDS FOR
DISCHARGE HAVE BEEN SATISFIED, THE COURT SHALL:

1.  GRANT THE COMMISSIONER'S REQUEST FOR
THE DISCHARGE OF THE APPOINTED CONSERVATOR, REHABILITATOR, OR
RECEIVER; AND

2.  APPOINT:

A. THE COMMISSIONER AS A CONSERVATOR,
REHABILITATOR, OR RECEIVER; OR

B. A SUBSTITUTE APPOINTED CONSERVATOR,
REHABILITATOR, OR RECEIVER, OTHER THAN THE DISCHARGED
CONSERVATOR, REHABILITATOR, OR RECEIVER.

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