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2006 Minnesota Statutes
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Chapter 60B
Section 60B.52
Topics
Recent History
- 2005 Subd. 2 Amended 2005 c 4 s 9
This is an historical version of this statute chapter. Also view the most recent published version.
60B.52 CONSERVATION OF PROPERTY OF FOREIGN OR ALIEN INSURERS FOUND
IN THIS STATE.
Subdivision 1. Grounds for petition. If a domiciliary liquidator has not been appointed, the
commissioner may apply to the District Court for Ramsey County by verified petition for an order
directing the commissioner to conserve the property of an alien insurer not domiciled in this state
or a foreign insurer on any one or more of the following grounds:
(a) any of the grounds in section 60B.15;
(b) any of the grounds in section 60B.20;
(c) that any of its property has been sequestered by official action in its domiciliary state,
or in any other state;
(d) that enough of its property has been sequestered in a foreign country to give reasonable
cause to fear that the insurer is or may become insolvent;
(e) that its certificate of authority to do business in this state has been revoked or that none was
ever issued, and there are residents of this state with outstanding claims or outstanding policies.
Subd. 2. Terms of order. The court may issue the order in whatever terms it deems
appropriate. 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. 3. Transformation to liquidation or ancillary receivership. The conservator may
at any time petition for and the court may grant an order under section 60B.53 to liquidate the
assets of a foreign or alien insurer under conservation or, if appropriate, for an order under section
60B.55 to be appointed ancillary receiver.
Subd. 4. Order to return to company. The conservator may at any time petition the court
for an order terminating conservation of an insurer. If the court finds that the conservation is no
longer necessary, it shall order that the insurer be restored to possession of its property and the
control of its business. The court may also make such finding and issue such order at any time
upon its own motion.
History: 1969 c 708 s 52; 1976 c 181 s 2; 1986 c 444; 2005 c 4 s 9
IN THIS STATE.
Subdivision 1. Grounds for petition. If a domiciliary liquidator has not been appointed, the
commissioner may apply to the District Court for Ramsey County by verified petition for an order
directing the commissioner to conserve the property of an alien insurer not domiciled in this state
or a foreign insurer on any one or more of the following grounds:
(a) any of the grounds in section 60B.15;
(b) any of the grounds in section 60B.20;
(c) that any of its property has been sequestered by official action in its domiciliary state,
or in any other state;
(d) that enough of its property has been sequestered in a foreign country to give reasonable
cause to fear that the insurer is or may become insolvent;
(e) that its certificate of authority to do business in this state has been revoked or that none was
ever issued, and there are residents of this state with outstanding claims or outstanding policies.
Subd. 2. Terms of order. The court may issue the order in whatever terms it deems
appropriate. 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. 3. Transformation to liquidation or ancillary receivership. The conservator may
at any time petition for and the court may grant an order under section 60B.53 to liquidate the
assets of a foreign or alien insurer under conservation or, if appropriate, for an order under section
60B.55 to be appointed ancillary receiver.
Subd. 4. Order to return to company. The conservator may at any time petition the court
for an order terminating conservation of an insurer. If the court finds that the conservation is no
longer necessary, it shall order that the insurer be restored to possession of its property and the
control of its business. The court may also make such finding and issue such order at any time
upon its own motion.
History: 1969 c 708 s 52; 1976 c 181 s 2; 1986 c 444; 2005 c 4 s 9
Official Publication of the State of Minnesota
Revisor of Statutes