645.44 – Dissolution of insurer.
645.44 Dissolution of insurer. The commissioner may petition for an order dissolving the corporate existence of a domestic insurer or the U.S. branch of an alien insurer domiciled in this state at the time of the application for a liquidation order. If the court issues a liquidation order, it also shall order dissolution if the […]
645.45 – Federal receivership.
645.45 Federal receivership. (1) Petition for federal receiver. Whenever in the commissioner’s opinion, liquidation of a domestic insurer or an alien insurer domiciled in this state would be facilitated by a federal receivership, and when any ground exists upon which the commissioner might petition the court for an order of rehabilitation or liquidation under s. […]
645.46 – Powers of liquidator.
645.46 Powers of liquidator. The liquidator shall report to the court monthly, or at other intervals specified by the court, on the progress of the liquidation in whatever detail the court orders. Subject to the court’s control, the liquidator may: (1) Appoint a special deputy to act for the liquidator under this chapter, and determine […]
645.34 – Actions by and against rehabilitator.
645.34 Actions by and against rehabilitator. (1) Stays in pending litigation. On request of the rehabilitator, any court in this state before which any action or proceeding by or against an insurer is pending when a rehabilitation order against the insurer is entered shall stay the action or proceeding for such time as is necessary […]
645.35 – Termination of rehabilitation.
645.35 Termination of rehabilitation. (1) Transformation to liquidation. Whenever the rehabilitator believes that further attempts to rehabilitate an insurer would substantially increase the risk of loss to creditors, policyholders, or the public, or would be futile, the rehabilitator may petition the court for an order of liquidation. A petition under this subsection shall have the […]
645.41 – Grounds for liquidation.
645.41 Grounds for liquidation. The commissioner may apply by verified petition to the circuit court for Dane County or for the county in which the principal office of the insurer is located for an order directing him or her to liquidate a domestic insurer or an alien insurer domiciled in this state on any one […]
645.42 – Liquidation orders.
645.42 Liquidation orders. (1) Order to liquidate. An order to liquidate the business of a domestic insurer shall appoint the commissioner and his or her successors in office liquidator and shall direct the liquidator to take possession of the assets of the insurer and to administer them under the orders of the court. The liquidator […]
645.43 – Continuance of coverage.
645.43 Continuance of coverage. (1) All insurance policies issued by the insurer shall continue in force: (a) For a period of 15 days from the date of entry of the liquidation order; (b) Until the normal expiration of the policy coverage; (c) Until the insured has replaced the insurance coverage with equivalent insurance in another […]
645.23 – Commissioner’s seizure order.
645.23 Commissioner’s seizure order. (1) Issuance. If it appears to the commissioner that the interests of creditors, policyholders or the public will be endangered by the delay incident to asking for a court seizure order, then on any ground that would justify a court seizure order under s. 645.22, without notice and without applying to […]
645.24 – Conduct of hearings in summary proceedings.
645.24 Conduct of hearings in summary proceedings. (1) Confidentiality of commissioner’s hearings. The commissioner shall hold all hearings in summary proceedings privately unless the insurer requests a public hearing, in which case the hearing shall be public. (2) Confidentiality of court hearings. The court may hold all hearings in summary proceedings and judicial reviews thereof […]