Certification Regarding Debarment, Suspension, Ineligibility and Voluntary Exclusion Lower Tier Covered Transactions â¬ This certification is required by the regulations implementing Executive Order 12549, Debarment and Suspension, 13 CFR Part 145. The regulations were published as Part VII of the May 26, 1988 Federal Register (pages 19160-19211).
Legal Definition of insolvent. 1  1 : having ceased paying or unable to pay debts as they fall due in the usual course of business â compare bankrupt. 2  2 : having liabilities in excess of a reasonable market value of assets held. 3  3 : insufficient to pay all debts an insolvent estate.
When an insurance regulator determines that an insurance company based in the state is insolvent, the state's insurance commissioner petitions the court for an order placing the company into liquidation.he financial news coming out of the insurance industry lately has been anything but good. American International Group (AIG), the nation's largest insurer, teetered on the verge of collapse until the federal government rushed in with an $85 billion bailout package.