Section 375.1155

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 375

Effective - 28 Aug 2010   

  375.1155.  Receiver may petition for injunctions, restraining orders — purposes — delinquency proceeding does not stay other rights and enforcement. — 1.  Any receiver appointed in a proceeding under sections 375.1150 to 375.1246 may at any time apply for, and any court of general jurisdiction may grant, such restraining orders, preliminary and permanent injunctions, and other orders as may be deemed necessary and proper to prevent:

  (1)  The transaction of further business;

  (2)  The transfer of property;

  (3)  Interference with the receiver or with a proceeding under sections 375.1150 to 375.1246;

  (4)  Waste of the insurer's assets;

  (5)  Dissipation and transfer of bank accounts;

  (6)  The institution or further prosecution of any actions or proceedings;

  (7)  The obtaining of preferences, judgments, attachments, garnishments or liens against the insurer, its assets or its policyholders;

  (8)  The levying of execution against the insurer, its assets or its policyholders;

  (9)  The making of any sale or deed for nonpayment of taxes or assessments that would lessen the value of the assets of the insurer;

  (10)  The withholding from the receiver of books, accounts, documents, or other records relating to the business of the insurer; or

  (11)  Any other threatened or contemplated action that might lessen the value of the insurer's assets or prejudice the rights of policyholders, creditors or shareholders, or the administration of any proceeding under this act.

  2.  The receiver may apply to any court outside of the state for the relief described in subsection 1 of this section.

  3.  Notwithstanding any other provision of this section to the contrary, the commencement of a delinquency proceeding under sections 375.1150 to 375.1246 does not operate as a stay or prohibition of any right to cause of netting, liquidation, setoff, termination, acceleration or close out of obligations, or enforcement of any security agreement or arrangement or other credit enhancement or guarantee or reimbursement obligation under or in connection with any netting agreement or qualified financial contract as provided for in section 375.1191.

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(L. 1991 H.B. 385, et al. § 53, A.L. 1992 H.B. 1574, A.L. 2010 S.B. 583)