Insurance Law 7419 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 7418 Service of order to show cause up ARTICLE 74 Rehabilitation, Liquidation, Conservation and Dissolution of Insurers next SECTION 7420 Annual report Viewing most recent revision (from 2025-10-03) View historical revision as of: -- Choose a Date -- 2025-10-03 2014-09-22 Share Facebook Email SECTION 7419 Injunctions Insurance (ISC) CHAPTER 28, ARTICLE 74 § 7419. Injunctions. (a) Upon application by the superintendent for an order to show cause under this article or at any time thereafter, the court in which such order is made, or any justice thereof may without notice issue an injunction restraining the insurer, its officers, directors, shareholders, members, trustees, agents, servants, employees, policyholders, attorneys, managers, and all other persons from the transaction of its business or the waste or disposition of its property until further order of the court. (b) Such court or justice may at any time during a proceeding under this article issue such other injunctions or orders as it deems necessary to prevent interference with the superintendent or the proceeding, or waste of the assets of the insurer, or the commencement or prosecution of any actions, the obtaining of preferences, judgments, attachments or other liens, or the making of any levy against the insurer, its assets or any part thereof. (c) Notwithstanding subsections (a) and (b) of this section and any other provision of this article, a federal home loan bank shall not be stayed, enjoined, or prohibited from exercising any right or enforcing any obligation under a federal home loan bank security agreement relating to collateral pledged by an insurer-member to such federal home loan bank.