Michigan Laws 500.8105 – Receiver; application for relief
Current as of: 2023 | Check for updates
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(1) A receiver appointed in a proceeding under this chapter may at any time apply for, and the circuit court for Ingham county may grant, a restraining order, preliminary injunction, permanent injunction, and any other order as may be considered necessary and proper to prevent any of the following:
(a) The transaction of further business by the insurer.
Terms Used In Michigan Laws 500.8105
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
- Insurer: means an individual, corporation, association, partnership, reciprocal exchange, inter-insurer, Lloyds organization, fraternal benefit society, or other legal entity, engaged or attempting to engage in the business of making insurance or surety contracts. See Michigan Laws 500.106
- Receiver: means receiver, liquidator, rehabilitator, or conservator as the context requires. See Michigan Laws 500.8103
- State: means a state, district, or territory of the United States. See Michigan Laws 500.8103
- Transfer: shall include the sale and every other and different mode, direct or indirect, of disposing of or of parting with property or with an interest in property or with the possession of property or of fixing a lien upon property or upon an interest in property, absolutely or conditionally, voluntarily, by or without judicial proceedings. See Michigan Laws 500.8103
(b) The transfer of property.
(c) Interference with the receiver or with a proceeding under this chapter.
(d) Waste of the insurer’s assets.
(e) Dissipation and transfer of bank accounts.
(f) The institution or further prosecution of any actions or proceedings.
(g) The obtaining of preferences, judgments, attachments, garnishments, or liens against the insurer, its assets, or its policyholders.
(h) The levying of execution against the insurer, its assets, or its policyholders.
(i) The making of a sale or deed for nonpayment of taxes or assessments that would lessen the value of the insurer’s assets.
(j) The withholding from the receiver of books, accounts, documents, or other records relating to the insurer’s business.
(k) 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 a proceeding under this chapter.
(2) The receiver may apply to a court outside of the state for the relief described in subsection (1).