1. Upon application by the superintendent for such an order to show cause, or at any time thereafter, the court may without notice issue an injunction restraining the insurer, its officers, directors, stockholders, members, subscribers, agents 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.
[PL 1969, c. 132, §1 (NEW); PL 1973, c. 585, §12 (AMD).]
2. The court may at any time during a proceeding under this chapter issue such other injunctions or orders as may be deemed 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, or the obtaining of preferences, judgments, attachments or other liens, or the making of any levy against the insurer or against its assets or any part thereof.
[PL 1969, c. 132, §1 (NEW); PL 1973, c. 585, §12 (AMD).]
3. Notwithstanding any other provision of law, no bond shall be required of the superintendent as a prerequisite for the issuance of any injunction or restraining order pursuant to this section.
[PL 1969, c. 132, §1 (NEW); PL 1973, c. 585, §12 (AMD).]
4. Notwithstanding subsections 1, 2 or 3 or any provision of this chapter to the contrary, a person may not for more than 10 days be restrained, enjoined or prohibited from exercising or enforcing any right or cause of action under any pledge, security, credit, collateral, loan, advance, reimbursement, guarantee agreement or arrangement or any similar agreement, arrangement or other credit enhancement to which a federal home loan bank is a party.
[PL 2025, c. 17, §3 (NEW).]
5. A federal home loan bank exercising its rights regarding collateral pledged by an insurer member of the federal home loan bank shall, within 7 days of receiving a redemption request made by the insurer member, repurchase the insurer member's outstanding capital stock in excess of the amount the insurer member must hold as a minimum investment. The federal home loan bank shall repurchase the excess outstanding capital stock only to the extent that the federal home loan bank determines in good faith that the repurchase is:
A. Permissible under federal law, federal regulation and the federal home loan bank's capital plan; and [PL 2025, c. 17, §4 (NEW).]
B. Consistent with the capital stock practices currently applicable to the federal home loan bank's entire membership. [PL 2025, c. 17, §4 (NEW).]
[PL 2025, c. 17, §4 (NEW).]
6. No later than 10 days after the date of appointment of a receiver in a proceeding under this chapter involving an insurer member of a federal home loan bank, the federal home loan bank shall provide to the superintendent a process and a timeline for the following:
A. The release of any collateral held by the federal home loan bank that exceeds the amount that is required to support the secured obligations of the insurer member and is remaining after any repayment of loans as determined under any applicable agreement between the federal home loan bank and the insurer member; [PL 2025, c. 17, §5 (NEW).]
B. The release of any collateral of the insurer member remaining in the federal home loan bank's possession following repayment in full of all outstanding secured obligations of the insurer member; [PL 2025, c. 17, §5 (NEW).]
C. The payment of fees owed by the insurer member and the operation, maintenance, closure or disposition of deposits and other accounts of the insurer member, as mutually agreed upon by the superintendent and the federal home loan bank; and [PL 2025, c. 17, §5 (NEW).]
D. Any redemption or repurchase of federal home loan bank stock or excess stock of any class that the insurer member is required to own under any agreement between the federal home loan bank and the insurer member. [PL 2025, c. 17, §5 (NEW).]
[PL 2025, c. 17, §5 (NEW).]
7. Upon the request of the superintendent in a proceeding under this chapter involving an insurer member of a federal home loan bank, the federal home loan bank shall provide to the superintendent any available option for the insurer member to renew or restructure a loan. In determining any available option, the federal home loan bank may consider market conditions, the terms of any loans outstanding to the insurer member, the applicable policies of the federal home loan bank and the federal laws and regulations applicable to the federal home loan bank.
[PL 2025, c. 17, §6 (NEW).]
