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 to administer them under the orders of
the court. The liquidator shall be vested by operation of law with the title to all of the property,
contracts, and rights of action and all of the books and records of the insurer ordered liquidated,
wherever located, as of the date of the filing of the petition for liquidation. The commissioner may
recover and reduce the same to possession except that ancillary receivers in reciprocal states shall
have, as to assets located in their respective states, the rights and powers which are prescribed in
60B.55, subdivision 3
, for ancillary receivers appointed in this state as to assets located in
this state. The recording of the order with any county recorder in this state imparts the same notice
as a deed, bill of sale, or other evidence of title duly recorded with that county recorder.
Subd. 2. Fixing of rights.
Upon issuance of the order, the rights and liabilities of any such
insurer and of its creditors, policyholders, shareholders, members, and all other persons interested
in its estate are fixed as of the date of filing of the petition for liquidation, except as provided in
, clause (22), and
Subd. 3. Alien insurer.
An order to liquidate the business of an alien insurer domiciled in
this state shall be in the same terms and have the same legal effect as an order to liquidate a
domestic insurer, except that the assets and the business in the United States shall be the only
assets and business included under the order.
Subd. 4. Declaration of insolvency.
At the time of petitioning for an order of liquidation, or
at any time thereafter, the commissioner may petition the court to declare the insurer insolvent,
and after such notice and hearing as it deems proper, the court may make the declaration.
History: 1969 c 708 s 21; 1976 c 181 s 2; 1986 c 444; 1999 c 177 s 18; 2005 c 4 s 7