Subdivision 1. Issuance. If it appears to the commissioner that an emergency exists whereby the interests of the creditors, policyholders, or the public will be endangered by the delay incident to applying for a court seizure order, then on any ground that would justify a court seizure order under section 60B.12, without notice and without applying to the court, the commissioner may issue a seizure order which must contain a verified statement of the grounds of action. As directed by the seizure order, the commissioner or any representatives of the commissioner shall forthwith take possession and control of all or any part of the property, books, accounts, documents, and other records of the insurer, and of the premises occupied by the insurer for the transaction of its business. The commissioner shall retain possession and control until the order is vacated by the commissioner, is set aside by order of court, is replaced by an order of the court pursuant to a proceeding commenced under subdivision 2, a formal proceeding under sections 60B.01 to 60B.61, or until the expiration of ten days without a filing by the commissioner of a petition for a court order as required by subdivision 2.
Subd. 2. Judicial review. Within ten days after the issuance of a seizure order under subdivision 1, the commissioner shall file with a district court a petition under section 60B.12, subdivision 1, for a court order of seizure, with written or oral notice of such petition to the insurer to the extent feasible; otherwise, the commissioner shall state to the court in writing the efforts made to give notice or the reasons why notice is not feasible. Thereafter, the matter shall proceed as provided in section 60B.12, except that the commissioner's seizure order shall remain in effect as provided in subdivision 1.
Subd. 3. Duty to assist commissioner. Every law enforcement officer shall assist the commissioner in making and enforcing any such seizure, and every sheriff and police department shall furnish such deputies, patrol officers, or officers as are necessary to assist the commissioner.
Subd. 4. Anticipatory breach. Entry of a seizure order under this section shall not constitute an anticipatory breach of any contract of the insurer.
1969 c 708 s 13; 1986 c 444
Structure Minnesota Statutes
Chapters 59A - 79A — Insurance
Chapter 60B — Rehabilitation And Liquidation
Section 60B.01 — Title, Construction, And Purpose.
Section 60B.02 — Persons Covered.
Section 60B.04 — Jurisdiction And Venue.
Section 60B.05 — Injunctions And Orders.
Section 60B.06 — Costs And Expenses Of Litigation.
Section 60B.07 — Cooperation Of Officers And Employees.
Section 60B.09 — Commissioner's Reports.
Section 60B.10 — Continuation Of Delinquency Proceedings.
Section 60B.11 — Commissioner's Summary Orders.
Section 60B.12 — Court's Seizure Order.
Section 60B.13 — Commissioner's Seizure Order.
Section 60B.14 — Conduct Of Hearings In Summary Proceedings.
Section 60B.15 — Grounds For Rehabilitation.
Section 60B.16 — Rehabilitation Orders.
Section 60B.17 — Powers And Duties Of Rehabilitator.
Section 60B.171 — Use, Sale, Or Transfer Of Assets During Rehabilitation.
Section 60B.18 — Actions By And Against Rehabilitator.
Section 60B.181 — Notice Regarding Rehabilitation Or Liquidation Proceeding.
Section 60B.19 — Termination Of Rehabilitation.
Section 60B.193 — Liability Of Enrollees.
Section 60B.20 — Grounds For Liquidation.
Section 60B.21 — Liquidation Orders.
Section 60B.22 — Continuance Of Coverage.
Section 60B.23 — Dissolution Of Insurer.
Section 60B.25 — Powers Of Liquidator.
Section 60B.26 — Notice To Creditors And Others.
Section 60B.28 — Actions By And Against Liquidator.
Section 60B.29 — Collection And List Of Assets.
Section 60B.30 — Fraudulent Transfers Prior To Petition.
Section 60B.31 — Fraudulent Transfers After Petition.
Section 60B.32 — Voidable Preferences And Liens.
Section 60B.33 — Claims Of Holders Of Void Or Voidable Rights.
Section 60B.335 — Federal Home Loan Bank Rights; Collateral Pledged By Insurer-members.
Section 60B.34 — Setoffs And Counterclaims.
Section 60B.365 — Reinsurer's Liability.
Section 60B.37 — Filing Of Claims.
Section 60B.38 — Proof Of Claim.
Section 60B.39 — Special Claims.
Section 60B.40 — Special Provisions For Third-party Claims.
Section 60B.41 — Disputed Claims.
Section 60B.42 — Claims Of Surety.
Section 60B.43 — Secured Creditors' Claims.
Section 60B.435 — Qualified Financial Contracts.
Section 60B.44 — Order Of Distribution.
Section 60B.45 — Liquidator's Recommendations To The Court.
Section 60B.46 — Distribution Of Assets.
Section 60B.47 — Unclaimed And Withheld Funds.
Section 60B.48 — Termination Of Proceedings.
Section 60B.49 — Reopening Liquidation.
Section 60B.50 — Disposition Of Records During And After Termination Of Liquidation.
Section 60B.51 — External Audit Of Receiver's Books.
Section 60B.52 — Conservation Of Property Of Foreign Or Alien Insurers Found In This State.
Section 60B.53 — Liquidation Of Property Of Foreign Or Alien Insurers Found In This State.
Section 60B.54 — Foreign Domiciliary Receivers In Other States.
Section 60B.55 — Ancillary Formal Proceedings.
Section 60B.56 — Ancillary Summary Proceedings.
Section 60B.57 — Claims Of Nonresidents Against Insurers Domiciled In This State.
Section 60B.58 — Claims Of Residents Against Insurers Domiciled In Reciprocal States.
Section 60B.59 — Attachment, Garnishment And Levy Of Execution.
Section 60B.60 — Interstate Priorities.
Section 60B.61 — Subordination Of Claims For Noncooperation.