Public-domain · open source

Wis. Stat. § 645.035

Bankruptcy petition is prohibited

Known as the Insurers Rehabilitation and Liquidation Act

The act spans §§ 645.01 to 645.90 (67 sections).

Applied in 1 court decision — leading case In re the Rehabilitation of Segregated Account of Ambac Assurance Corp. (2012)

Most recently applied in In re the Rehabilitation of Segregated Account of Ambac Assurance Corp. (March 2012)

1989 a. 23.

(1) In this section, “bankruptcy proceeding” means any proceeding under 11 USC 101 to 1330.

(2) No insurer may commence a bankruptcy proceeding in which the insurer is a debtor.

(3) No person, including an insurer, may commence a bankruptcy proceeding against an insurer.

(4) No board of directors, director or officer of an insurer may authorize the commencement of a bankruptcy proceeding in which the insurer is a debtor or the commencement of a bankruptcy proceeding against an insurer. Any act, resolution, filing or other matter that purports to authorize the commencement of a bankruptcy proceeding in which the insurer is a debtor or against an insurer is void and without effect.

(5) This section applies to all insurers, including but not limited to an insurer doing business as a health maintenance organization, as defined in s. 609.01 (2).

Official source: Wisconsin State Legislature. Reproduced from public-domain Wisconsin statutes; confirm against the official source for the current text. Not legal advice.