Title Minnesota Statutes, Minnesota Statutes

60B.19 TERMINATION OF REHABILITATION. § Subdivision 1.Transformation to liquidation. Whenever the rehabilitator believes that further attempts to rehabilitate an insurer would substantially increase the risk of loss to creditors, policyholders, or the public, or would be futile, …

60B.191 CLAIMS REGARDING REHABILITATION AND LIQUIDATION OF HEALTH MAINTENANCE ORGANIZATIONS. § Subdivision 1.Priority of claims. The rehabilitator or liquidator of a health maintenance organization shall, in lieu of the classification otherwise provided in this chapter, classify …

60B.193 LIABILITY OF ENROLLEES. Upon any Minnesota state district court's order of rehabilitation or liquidation of a health maintenance organization under this chapter, all providers of health care goods or services to enrollees of the health maintenance organization, regardless…

60B.20 GROUNDS FOR LIQUIDATION. The commissioner may apply by verified petition to the District Court for Ramsey County or for the county in which the principal office of the insurer is located for an order to liquidate a domestic insurer or an alien insurer domiciled in this sta…

60B.21 LIQUIDATION ORDERS. § Subdivision 1.Order to liquidate. An order to liquidate the business of a domestic insurer shall appoint the commissioner and successors in office liquidator and shall direct the liquidator forthwith to take possession of the assets of the insurer and…

60B.22 CONTINUANCE OF COVERAGE. § Subdivision 1.Length of continued coverage. All insurance policies or similar contracts of coverage issued by the insurer shall continue in force: (a) for a period of 30 days from the date of entry of the liquidation order; (b) until the normal e…

60B.23 DISSOLUTION OF INSURER. The commissioner may petition for an order dissolving the corporate existence of a domestic insurer or the United States branch of an alien insurer domiciled in this state at the time the commissioner applies for a liquidation order. If the court is…

60B.25 POWERS OF LIQUIDATOR. The liquidator shall report to the court monthly, or at other intervals specified by the court, on the progress of the liquidation in whatever detail the court orders. The liquidator shall coordinate activities with those of each guaranty association …

60B.26 NOTICE TO CREDITORS AND OTHERS. § Subdivision 1.Notice required. (a) The liquidator shall give notice of the liquidation order as soon as possible by first class mail and either by telegram or telephone to the commissioner of commerce of each jurisdiction in which the insu…

60B.28 ACTIONS BY AND AGAINST LIQUIDATOR. § Subdivision 1.Termination of actions against insurer by order appointing liquidator. Upon issuance of any order appointing the commissioner liquidator of a domestic insurer or of an alien insurer domiciled in this state, all actions and…

60B.29 COLLECTION AND LIST OF ASSETS. § Subdivision 1.List of assets required. As soon as practicable after the liquidation order, the liquidator shall prepare in duplicate a list of the insurer's assets. The list shall be amended or supplemented as the court requires. One copy s…

60B.30 FRAUDULENT TRANSFERS PRIOR TO PETITION. § Subdivision 1.Definition and effect. Every transfer made or suffered and every obligation incurred by an insurer within one year prior to the filing of a successful petition for rehabilitation or liquidation under sections 60B.01 t…

60B.31 FRAUDULENT TRANSFERS AFTER PETITION. § Subdivision 1.Effect of petition; real property. After a petition for rehabilitation or liquidation, a transfer of any of the real property of the insurer made to a person acting in good faith shall be valid against the receiver if ma…

60B.32 VOIDABLE PREFERENCES AND LIENS. § Subdivision 1.Preferences. (a) A preference is a transfer of any of the property of an insurer to or for the benefit of a creditor, for or on account of an antecedent debt, made or suffered by the insurer within one year before the filing …

60B.33 CLAIMS OF HOLDERS OF VOID OR VOIDABLE RIGHTS. § Subdivision 1.Disallowance for failure to surrender property. No claims of a creditor who has received or acquired a preference, lien, conveyance, transfer, assignment, or encumbrance, voidable under sections 60B.01 to 60B.61…

60B.335 FEDERAL HOME LOAN BANK RIGHTS; COLLATERAL PLEDGED BY INSURER-MEMBERS. § Subdivision 1.Definitions. (a) For purposes of this section, the following terms have the meanings given. (b) "Federal home loan bank" means a federal home loan bank established under the federal Home…

60B.34 SETOFFS AND COUNTERCLAIMS. § Subdivision 1.Setoffs allowed in general. Mutual debts or mutual credits between the insurer and another person in connection with any action or proceeding under sections 60B.01 to 60B.61 shall be set off and the balance only shall be allowed o…

60B.35 ASSESSMENTS. § Subdivision 1.Report to court. As soon as practicable but not more than two years from the date of an order of liquidation under section 60B.21 of an insurer issuing assessable policies, the liquidator shall make a report to the court setting forth: (a) the …

60B.365 REINSURER'S LIABILITY. § Subdivision 1.Generally. The amount recoverable by the liquidator from reinsurers must not be reduced as a result of the delinquency proceedings, regardless of any provision in the reinsurance contract or other agreement, except as provided in sub…

60B.37 FILING OF CLAIMS. § Subdivision 1.Deadline for filing. Proof of all claims must be filed with the court in the form required by section 60B.38 on or before the last day for filing specified in the notice required under section 60B.26, except that proof of preferred ownersh…

60B.38 PROOF OF CLAIM. § Subdivision 1.Contents of proof of claim. (a) Proof of claim shall consist of a verified statement that includes all of the following that are applicable: (1) The particulars of the claim, including the consideration given for it. (2) The identity and amo…

60B.39 SPECIAL CLAIMS. § Subdivision 1.Claims contingent on judgments. The claim of a third party which is contingent only on that person first obtaining a judgment against the insured shall be considered and may be allowed as if there were no such contingency. § Subd. 2.Claims u…

60B.40 SPECIAL PROVISIONS FOR THIRD-PARTY CLAIMS. § Subdivision 1.Third-party's claim. Whenever any third party asserts a cause of action against an insured of an insurer in liquidation, the third party may file a claim with the liquidator. The filing of the claim shall release t…

60B.41 DISPUTED CLAIMS. § Subdivision 1.Notice of rejection and request for hearing. When a claim is denied in whole or in part by the liquidator, written notice of the determination shall be given to the claimant and the claimant's attorney by first class mail at the address sho…

60B.42 CLAIMS OF SURETY. Whenever a creditor whose claim against an insurer is secured in whole or in part by the undertaking of another person fails to prove and file that claim, the other person may do so in the creditor's name, and shall be subrogated to the rights of the cred…

60B.43 SECURED CREDITORS' CLAIMS. § Subdivision 1.Determining value of security. The value of any security held by a secured creditor shall be determined in one of the following ways, as the court directs: (a) by converting the same into money according to the terms of the agreem…

60B.435 QUALIFIED FINANCIAL CONTRACTS. § Subdivision 1.Exercise of contractual rights. Notwithstanding any other provision of this chapter, including any other provision of this chapter permitting the modification of contracts, or other law of a state, no person shall be stayed o…

60B.44 ORDER OF DISTRIBUTION. § Subdivision 1.Deductible provision. The distribution of claims from the insurer's estate shall be in the order stated in this section with a descending degree of preference for each subdivision. Every claim in each class shall be paid in full or ad…

60B.45 LIQUIDATOR'S RECOMMENDATIONS TO THE COURT. § Subdivision 1.Recommended claims. The liquidator shall review all claims duly filed in the liquidation and shall make such further investigation as the liquidator deems necessary. The liquidator may compound, compromise, or in a…

60B.46 DISTRIBUTION OF ASSETS. § Subdivision 1.Payments to creditors. Under the direction of the court, the liquidator shall pay dividends in a manner that will assure the proper recognition of priorities and reasonable balance between the expeditious completion of the liquidatio…

60B.47 UNCLAIMED AND WITHHELD FUNDS. § Subdivision 1.Unclaimed funds. All unclaimed funds subject to distribution remaining in the liquidator's hands when the liquidator is ready to apply to the court for discharge, including the amount distributable to any creditor, shareholder,…

60B.48 TERMINATION OF PROCEEDINGS. § Subdivision 1.Liquidator's application. When all assets justifying the expense of collection and distribution have been collected and distributed under sections 60B.01 to 60B.61, the liquidator shall apply to the court for discharge. The court…

60B.49 REOPENING LIQUIDATION. After the liquidation proceeding has been terminated and the liquidator discharged, the commissioner or other interested party may at any time petition the court to reopen the proceedings for good cause, including the discovery of additional assets. …

60B.50 DISPOSITION OF RECORDS DURING AND AFTER TERMINATION OF LIQUIDATION. Whenever it appears to the commissioner that the records of an insurer in process of liquidation or completely liquidated are no longer useful, the commissioner may recommend to the court what records shou…

60B.51 EXTERNAL AUDIT OF RECEIVER'S BOOKS. The court in which the proceeding is pending may, as it deems desirable, cause audits to be made of the books of the commissioner relating to any receivership established under sections 60B.01 to 60B.61, and a report of each audit shall …

60B.52 CONSERVATION OF PROPERTY OF FOREIGN OR ALIEN INSURERS FOUND IN THIS STATE. § Subdivision 1.Grounds for petition. If a domiciliary liquidator has not been appointed, the commissioner may apply to the District Court for Ramsey County by verified petition for an order directi…

60B.53 LIQUIDATION OF PROPERTY OF FOREIGN OR ALIEN INSURERS FOUND IN THIS STATE. § Subdivision 1.Grounds for petition. If no domiciliary receiver has been appointed, the commissioner may apply to the District Court for Ramsey County by verified petition for an order directing the…

60B.54 FOREIGN DOMICILIARY RECEIVERS IN OTHER STATES. § Subdivision 1.Property rights and title; reciprocal state. The domiciliary liquidator of an insurer domiciled in a reciprocal state shall be vested by operation of law with the title to all of the property, contracts, and ri…

60B.55 ANCILLARY FORMAL PROCEEDINGS. § Subdivision 1.Appointment of ancillary receiver in this state. If a domiciliary liquidator has been appointed for an insurer not domiciled in this state, the commissioner shall file a petition with the District Court for Ramsey County reques…

60B.56 ANCILLARY SUMMARY PROCEEDINGS. The commissioner has the sole discretionary authority to institute proceedings under sections 60B.11 to 60B.13 at the request of the commissioner or other appropriate official of the domiciliary state of any foreign or alien insurer having pr…

60B.57 CLAIMS OF NONRESIDENTS AGAINST INSURERS DOMICILED IN THIS STATE. § Subdivision 1.Filing claims. In a liquidation proceeding begun in this state against an insurer domiciled in this state, claimants residing in foreign countries or in states not reciprocal states must file …

60B.58 CLAIMS OF RESIDENTS AGAINST INSURERS DOMICILED IN RECIPROCAL STATES. § Subdivision 1.Filing claims. In a liquidation proceeding in a reciprocal state against an insurer domiciled in that state, claimants against the insurer who reside within this state may file claims eith…

60B.59 ATTACHMENT, GARNISHMENT AND LEVY OF EXECUTION. During the pendency in this or any other state of a liquidation proceeding, whether or not called by that name, no action or proceeding in the nature of an attachment, garnishment, or levy of execution shall be commenced or ma…

60B.60 INTERSTATE PRIORITIES. § Subdivision 1.Priorities. In a liquidation proceeding in this state involving one or more reciprocal states, the order of distribution of the domiciliary state shall control as to all claims of residents of this and reciprocal states. All claims of…

60B.61 SUBORDINATION OF CLAIMS FOR NONCOOPERATION. If an ancillary receiver in another state or foreign country, whether or not called by that name, fails to transfer to the domiciliary liquidator in this state any assets within the receiver's control other than special deposits,…

60C.01 CITATION. This chapter may be cited as the "Minnesota Insurance Guaranty Association Act." History: 1971 c 145 s 1