645.035 Bankruptcy petition is prohibited.
(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).
History: 1989 a. 23.