|
§1203(a)
|
(a) Any domestic insurance company which, after 1 year from the date of its incorporation, has not organized and obtained a certificate of authority or license to do an insurance business, shall, unless granted an extension, forfeit its corporate charter, and the superintendent may thereupon commence a proceeding, pursuant to the provisions of article 74 of this chapter, to liquidate and dissolve such corporation. The superintendent may for good cause shown grant a written extension of such 1- year period upon a writ10 request filed with him within such period or during the pendency any examination or investigation pursuant to paragraph §1102(e)(1) of this chapter, whichever is longer.
|