§792.__Dissolution

A special purpose reinsurance vehicle operating under this subchapter may be dissolved at any time by a vote of its directors under section 790 and after the action has been approved by the superintendent.__Voluntary dissolution may not be effected or allowed until and unless all of the obligations of the reinsurance vehicle pursuant to the insurance securitization have been fully and finally satisfied pursuant to their terms.__ In the case of voluntary dissolution, the disposition of the affairs of the reinsurance vehicle, including the settlement of all outstanding obligations, must be made by the officers or directors of the reinsurance vehicle and when the liquidation has been completed and a final statement in acceptable form has been filed with and approved by the superintendent the provisions for voluntary dissolution under section 3484 must be followed to dissolve the reinsurance vehicle.

§793.__Conservation, rehabilitation or liquidation

1.__Authorized insurer.__A special purpose reinsurance vehicle is considered an authorized insurer for purposes of section 4351, subsection 1 and the provisions of chapter 57 apply to a reinsurance vehicle except to the extent modified by this section.

2.__Grounds for action.__Notwithstanding the provisions of sections 4356 and 4357, the Superior Court may issue an order authorizing the superintendent to conserve, rehabilitate or liquidate a special purpose reinsurance vehicle domiciled in this State only if the superintendent proves by clear and convincing evidence or the reinsurance vehicle stipulates after notice and opportunity for hearing that:

A.__There has been embezzlement, wrongful sequestration, dissipation or diversion of the assets of the reinsurance vehicle intended to be used to pay amounts owed to the ceding insurer or the holders of special purpose reinsurance vehicle securities; or