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 ownership claims and proprietary claims under section 60B.44, subdivisions 10 and 11, need not be filed at all, and proof of claims for unearned premiums or subscription rates and claims for cash surrender values or other investment values in life insurance and annuities need not be filed unless the liquidator expressly so requires.
Subd. 2. Excused late filings. For a good cause shown, the liquidator shall recommend and the court shall permit a claimant making a late filing to share in dividends, whether past or future, as if the claimant were not late, to the extent that any such payment will not prejudice the orderly administration of the liquidation. Good cause includes but is not limited to the following:
(a) that existence of a claim was not known to the claimant and that the claimant filed within 30 days after learning of it;
(b) that a claim for unearned premiums or for cash surrender values or other investment values in life insurance or annuities which was not required to be filed was omitted from the liquidator's recommendations to the court under section 60B.45, and that it was filed within 30 days after the claimant learned of the omission;
(c) that a transfer to a creditor was avoided under sections 60B.30 to 60B.32 or was voluntarily surrendered under section 60B.33, and that the filing satisfies the conditions of section 60B.33;
(d) that valuation under section 60B.43 of security held by a secured creditor shows a deficiency, which is filed within 30 days after the valuation;
(e) that a claim was contingent and became absolute, and was filed within 30 days after it became absolute; and
(f) that the claim is for workers' compensation benefits and the time limitations and other requirements of chapter 176 have been met.
Subd. 3. Unexcused late filings. The liquidator may consider any claim filed late which is not covered by subdivision 2, and permit it to receive dividends, other than the first dividend, which are subsequently declared on any claims of the same or lower priority if the payment does not prejudice the orderly administration of the liquidation. The late filing claimant shall receive, at each distribution, the same percentage of the amount allowed on the claim as is then being paid to other claimants of the same priority plus the same percentage of the amount allowed on the claim as is then being paid to claimants of any lower priority. This shall continue until the claim has been paid in full.
1969 c 708 s 37; 1986 c 444; 1991 c 325 art 6 s 1
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.