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, the rehabilitator may petition the court for an order of liquidation. A petition under this subdivision shall have the same effect as a petition under section 60B.20. The court shall permit the directors to defend against the petition and shall order payment from the estate of the insurer of such costs and other expenses of defense as justice requires.
Subd. 2. Order to return to company. The rehabilitator may at any time petition the court for an order terminating rehabilitation of an insurer. If the court finds that rehabilitation has been accomplished and that grounds for rehabilitation under section 60B.15 no longer exist, it shall order that the insurer be restored to possession of its property and the control of its business. The court may also make that finding and issue that order at any time upon its own motion.
1969 c 708 s 19; 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.