Seizure order, director may petition for, when--effects.
375.1164. 1. The director may file in a court of thisstate a petition alleging, with respect to a domestic insurer:
(1) That there exist any grounds that would justify a courtorder for a formal delinquency proceeding against an insurerunder sections 375.1150 to 375.1246;
(2) That the interest of policyholders, creditors or thepublic will be endangered by delay.
2. Upon the filing under subsection 1 of this section, thecourt may issue forthwith, ex parte and without a hearing, anorder which shall direct the director to secure and takeimmediate possession and control of the property, books,accounts, documents, and other records of an insurer, and of thepremises occupied by it for transaction of its business; anduntil further order of the court enjoin the insurer and itsofficers, managers, agents, and employees from disposition of itsproperty and from the transaction of its business except with thewritten consent of the director.
3. The court shall specify within the order its duration,which shall be such time as the court deems necessary for thedirector to ascertain the condition of the insurer. On motion ofeither party or on its own motion, the court may from time totime hold such hearings after such notice as it deemsappropriate, and may extend, shorten, or modify the terms of theseizure order. The court shall vacate the seizure order if thedirector fails to commence a formal proceeding under the act*after having had a reasonable opportunity to do so. An order ofthe court made pursuant to a formal proceeding under sections375.1150 to 375.1246 shall vacate the seizure order.
4. Entry of a seizure order under this section shall notconstitute an anticipatory breach of contract of the insurer.
5. An insurer subject to an ex parte order under thissection may petition the court at any time after the issuance ofsuch order for a hearing and review of the order. The courtshall hold such a hearing and review not more than fifteen daysafter the request.
6. If, at any time after the issuance of such an order, itappears to the court that any person whose interest is or will besubstantially affected by the order did not appear at the hearingand has not been served, the court may order that notice begiven. An order that notice be given shall not stay the effectof any order previously issued by the court.
Seizure order, director may petition for, when--effects.
375.1164. 1. The director may file in a court of thisstate a petition alleging, with respect to a domestic insurer:
(1) That there exist any grounds that would justify a courtorder for a formal delinquency proceeding against an insurerunder sections 375.1150 to 375.1246;
(2) That the interest of policyholders, creditors or thepublic will be endangered by delay.
2. Upon the filing under subsection 1 of this section, thecourt may issue forthwith, ex parte and without a hearing, anorder which shall direct the director to secure and takeimmediate possession and control of the property, books,accounts, documents, and other records of an insurer, and of thepremises occupied by it for transaction of its business; anduntil further order of the court enjoin the insurer and itsofficers, managers, agents, and employees from disposition of itsproperty and from the transaction of its business except with thewritten consent of the director.
3. The court shall specify within the order its duration,which shall be such time as the court deems necessary for thedirector to ascertain the condition of the insurer. On motion ofeither party or on its own motion, the court may from time totime hold such hearings after such notice as it deemsappropriate, and may extend, shorten, or modify the terms of theseizure order. The court shall vacate the seizure order if thedirector fails to commence a formal proceeding under the act*after having had a reasonable opportunity to do so. An order ofthe court made pursuant to a formal proceeding under sections375.1150 to 375.1246 shall vacate the seizure order.
4. Entry of a seizure order under this section shall notconstitute an anticipatory breach of contract of the insurer.
5. An insurer subject to an ex parte order under thissection may petition the court at any time after the issuance ofsuch order for a hearing and review of the order. The courtshall hold such a hearing and review not more than fifteen daysafter the request.
6. If, at any time after the issuance of such an order, itappears to the court that any person whose interest is or will besubstantially affected by the order did not appear at the hearingand has not been served, the court may order that notice begiven. An order that notice be given shall not stay the effectof any order previously issued by the court.
Seizure order, director may petition for, when--effects.
375.1164. 1. The director may file in a court of thisstate a petition alleging, with respect to a domestic insurer:
(1) That there exist any grounds that would justify a courtorder for a formal delinquency proceeding against an insurerunder sections 375.1150 to 375.1246;
(2) That the interest of policyholders, creditors or thepublic will be endangered by delay.
2. Upon the filing under subsection 1 of this section, thecourt may issue forthwith, ex parte and without a hearing, anorder which shall direct the director to secure and takeimmediate possession and control of the property, books,accounts, documents, and other records of an insurer, and of thepremises occupied by it for transaction of its business; anduntil further order of the court enjoin the insurer and itsofficers, managers, agents, and employees from disposition of itsproperty and from the transaction of its business except with thewritten consent of the director.
3. The court shall specify within the order its duration,which shall be such time as the court deems necessary for thedirector to ascertain the condition of the insurer. On motion ofeither party or on its own motion, the court may from time totime hold such hearings after such notice as it deemsappropriate, and may extend, shorten, or modify the terms of theseizure order. The court shall vacate the seizure order if thedirector fails to commence a formal proceeding under the act*after having had a reasonable opportunity to do so. An order ofthe court made pursuant to a formal proceeding under sections375.1150 to 375.1246 shall vacate the seizure order.
4. Entry of a seizure order under this section shall notconstitute an anticipatory breach of contract of the insurer.
5. An insurer subject to an ex parte order under thissection may petition the court at any time after the issuance ofsuch order for a hearing and review of the order. The courtshall hold such a hearing and review not more than fifteen daysafter the request.
6. If, at any time after the issuance of such an order, itappears to the court that any person whose interest is or will besubstantially affected by the order did not appear at the hearingand has not been served, the court may order that notice begiven. An order that notice be given shall not stay the effectof any order previously issued by the court.
