Ins. Code, § 1016 · Article 14. Proceedings in Cases of Insolvency and Delinquency
Ins. Code, § 1016
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
(a) If at any time after the issuance of an order under Section 1011, or if at the time of instituting any proceeding under this article, including under Section 1011, it shall appear to the commissioner that it would be futile to proceed as conservator with the conduct of the business of that person, he or she may apply to the court for an order to liquidate and wind up the business of the person. Upon a full hearing of that application, the court may make an order directing the winding up and liquidation of the business of that person by the commissioner, as liquidator, for the purpose of carrying out the order to liquidate and wind up the business of that person.
(b) Notwithstanding subdivision (a), the court may issue an order to liquidate and wind up the business of a person as to whom a verified application is filed pursuant to subdivision (j) of Section 1011 based solely on the verified application and hearing as provided for in subdivision (a) of Section 1011.1, without further hearing, or may issue an order to liquidate and wind up the business of the person upon application by the commissioner after the issuance of an order under Section 1011. The court’s order may direct the winding up and liquidation of the business of the person by the commissioner, as liquidator, for the purpose of carrying out the order to liquidate and wind up the business of the person.
Notes and commentary — not statutory text
History
Amended by Stats. 2013, Ch. 321, Sec. 10. (AB 1391) Effective January 1, 2014.
Source of truth
- Edition
- As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
- Official file
- https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=INS§ionNum=1016.
- Text hash
- sha256 e10b0d24e4b5a3348dc584e430de25c3675af34662e435864d5b22eecb1fe744
- Composed by
- compose_ca.py 2026-10-22: the Legislative Counsel's CAML content files read by a tokenizer (caml_readers.reader_a); an independent xml.etree reading (caml_readers.reader_b) agrees on every section
This section cites
Provisions in this library that the text above cites, as it prints each citation. A range cited as “ss. 61.13-61.16” links its first and last provisions.
Cited by 8 provisions
Provisions in this library whose text cites Ins. Code, § 1016. Each shows the citation as that text prints it.
Insurance Code
- Ins. Code, § 1017Printed as Section 1016
- Ins. Code, § 1020Printed as Section 1011 or 1016
- Ins. Code, § 1031Printed as Section 1016
- Ins. Code, § 1033Printed as Section 1011 or 1016
- Ins. Code, § 1034Printed as Section 1016
- Ins. Code, § 1035.5Printed as Section 1016
- Ins. Code, § 1062Printed as Section 1011 or 1016 of this article
- Ins. Code, § 1063Printed as Section 1016
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.