Rehabilitation, Liquidation and Conservation of Insurers

ORS 734.140
Injunctions


(1)

Upon application by the Director of the Department of Consumer and Business Services for an order to show cause under ORS 734.130 (Commencement of delinquency proceeding), or at any time thereafter, the court may, without notice, issue an injunction restraining the insurer, its officers, directors, stockholders, members, subscribers, agents, employees and all other persons from the transaction of its business or the waste or disposition of its property until the further order of the court.

(2)

The court may, at any time during a proceeding under this chapter, issue such other injunctions or orders to prevent any of the following activities:

(a)

The transaction of further business.

(b)

The transfer of property.

(c)

Interference with the receiver or with a delinquency proceeding.

(d)

Waste of the assets of an insurer.

(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 any sale or deed for nonpayment of taxes or assessments that would lessen the value of the assets of the insurer.

(j)

The withholding from the receiver of books, accounts, documents or other records relating to the business of the insurer.

(k)

Any other threatened or contemplated action that might lessen the value of the assets of the insurer or prejudice the rights of policyholders, creditors or shareholders, or the administration of any delinquency proceeding.

(3)

Notwithstanding any other provision of law, no bond shall be required of the director as a prerequisite for the issuance of any injunction or restraining order pursuant to this section. [1967 c.359 §268; 1993 c.447 §92]
Chapter 734

Atty. Gen. Opinions

State is not liable for losses incurred by Oregon Medical Insurance Pool and pools' policy holders bear ultimate risk of pools' insolvency, in that there would be no source of funds to pay benefits under their policies, (1989) Vol 46, p 155


Source

Last accessed
Jun. 26, 2021