(a) An order to liquidate the business of a domestic insurer shall direct the Commissioner forthwith to take possession of the property of the insurer, to liquidate its business, to deal with the insurer's property and business in his own name as Commissioner or in the name of the insurer as the court may direct, to give notice to all creditors who may have claims against the insurer to present such claims.
(b) The Commissioner may apply under this chapter for an order dissolving the corporate existence of a domestic insurer—(1) upon his application for an order of liquidation of such insurer, or at any time after such order has been granted; or(2) upon the grounds specified in paragraph (3) of section 1255 of this title regardless of whether an order of liquidation is sought or has been obtained.
(1) upon his application for an order of liquidation of such insurer, or at any time after such order has been granted; or
(2) upon the grounds specified in paragraph (3) of section 1255 of this title regardless of whether an order of liquidation is sought or has been obtained.
(c) Following the appointment of the Commissioner, as receiver, rehabilitator, conservator, or liquidator for an Insurer-member, and upon request of the Commissioner, the Federal Home Loan Bank must, within ten days of the request, provide a process and establish the timing for:(1) The release of any collateral held by the Federal Home Loan Bank that exceeds the amount that is required to support the secured obligations of the Insurer-member and that remains after any repayment of loans, as determined under the applicable agreements between the Federal Home Loan Bank and the Insurer-member;(2) The release of any collateral remaining in the Federal Home Loan Bank’s possession following repayment in full of all outstanding secured obligations of the Insurer-member;(3) The payment of fees owed by the Insurer-member and the operation, maintenance, closure, or disposition of deposits and other accounts of the Insurer-member, as mutually agreed upon by the Commissioner and the Federal Home Loan Bank; and(4) Any redemption or repurchase of Federal Home Loan Bank stock or excess stock of any class that an Insurer-member is required to own.
(1) The release of any collateral held by the Federal Home Loan Bank that exceeds the amount that is required to support the secured obligations of the Insurer-member and that remains after any repayment of loans, as determined under the applicable agreements between the Federal Home Loan Bank and the Insurer-member;
(2) The release of any collateral remaining in the Federal Home Loan Bank’s possession following repayment in full of all outstanding secured obligations of the Insurer-member;
(3) The payment of fees owed by the Insurer-member and the operation, maintenance, closure, or disposition of deposits and other accounts of the Insurer-member, as mutually agreed upon by the Commissioner and the Federal Home Loan Bank; and
(4) Any redemption or repurchase of Federal Home Loan Bank stock or excess stock of any class that an Insurer-member is required to own.
(d) Upon the request of the Commissioner, as receiver, rehabilitator, conservator, or liquidator of an Insurer-member, the Federal Home Loan Bank must provide any available options for the Insurer-member to renew or restructure an advance to defer associated prepayment fees; subject to market conditions, the terms of the advances outstanding to the Insurer-member, the applicable policies of the Federal Home Loan Bank, and compliance with the Federal Home Loan Bank Act and corresponding regulations.
(e) The enumeration of the powers and authority of the Commissioner in this title is not construed as a limitation upon the Commissioner and does not exclude the right to take other actions or engage in other acts not specifically enumerated or otherwise provided for to the extent necessary or appropriate for the accomplishment of or in aid of the liquidation purposes.
(f) Notwithstanding subsections (c), (d) and (e) of this section and any other provision of this title, a Federal Home Loan Bank shall not be enjoined, or prohibited from exercising or enforcing any right or cause of action regarding collateral pledged under a security agreement or under any pledge, collateral or guarantee agreement, or other similar arrangement or credit enhancement relating to a security agreement to which the Federal Home Loan Bank is a party; except that a transfer may be voided under this section if it was made with actual intent to hinder, delay, or defraud either existing or future creditors.