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.
Wisconsin Legal Code