645.67 – Secured creditors’ claims.
645.67 Secured creditors’ claims. (1) The value of any security held by a secured creditor shall be determined in one of the following ways, as the court directs: (a) By converting the same into money according to the terms of the agreement pursuant to which the security was delivered to such creditor; (b) By agreement, […]
645.675 – Qualified financial contracts.
645.675 Qualified financial contracts. (1) In this section: (a) “Actual direct compensatory damages” includes normal and reasonable costs of cover or other reasonable measures of damages used in the derivatives, securities, or other markets for the contract and agreement claims. “Actual direct compensatory damages” does not include punitive or exemplary damages, damages for lost profit […]
645.68 – Order of distribution.
645.68 Order of distribution. The order of distribution of claims from the insurer’s estate shall be as stated in this section. The first $50 of the amount allowed on each claim in the classes under subs. (3) to (6), except for claims of the federal government under subs. (3) and (3c), shall be deducted from […]
645.63 – Special claims.
645.63 Special claims. (1) Claims contingent on judgments. The claim of a 3rd party which is contingent only on the party’s first obtaining a judgment against the insured shall be considered and allowed as if there were no such contingency. (2) Claims under terminated policies. Any claim that would have become absolute if there had […]
645.64 – Special provisions for 3rd-party claims.
645.64 Special provisions for 3rd-party claims. (1) Third party’s claim. Whenever any 3rd party asserts a cause of action against an insured of an insurer in liquidation, the 3rd party may file a claim with the liquidator. The filing of the claim shall release the insured’s liability to the 3rd party on that cause of […]
645.60 – Applicability of claims settlement provisions to loss claims.
645.60 Applicability of claims settlement provisions to loss claims. Sections 645.46 (18), 645.61 (2) and (3), 645.63 (1), (3), (4) and (6), 645.64 (3), 645.65, 645.71, 645.86 and 645.87 (2) do not apply to those loss claims that are subject to ch. 646 or to corresponding laws of other states that conform to s. 646.60 […]
645.61 – Filing of claims.
645.61 Filing of claims. (1) Deadline for filing. Proof of all claims must be filed with the liquidator in the form required by s. 645.62 on or before the last day for filing specified in the notice required under s. 645.47, except that proof of claims under s. 645.68 (9) to (11) need not be […]
645.62 – Proof of claim.
645.62 Proof of claim. (1) Contents of proof of claim. (a) Unless otherwise prescribed by the liquidator, a proof of claim shall consist of a verified statement that includes all of the following that are applicable: 1. The particulars of the claim, including the consideration given for it. 2. The identity and amount of the […]
645.55 – Claims of holders of void or voidable rights.
645.55 Claims of holders of void or voidable rights. (1) Disallowance for failure to surrender property. No claims of a creditor who has received or acquired a preference, lien, conveyance, transfer, assignment or encumbrance, voidable under this chapter, may be allowed unless the creditor surrenders the preference, lien, conveyance, transfer, assignment or encumbrance. If the […]
645.56 – Setoffs and counterclaims.
645.56 Setoffs and counterclaims. (1) Setoffs allowed in general. Mutual debts or mutual credits between the insurer and another person in connection with any action or proceeding under this chapter shall be set off and the balance only shall be allowed or paid, except as provided in sub. (2). (2) Exceptions. No setoff or counterclaim […]