Ohio § 3903.05

§ 3903.05.

(A) Upon complaint or motion of any receiver, conservator, rehabilitator, or liquidator

appointed in a proceeding under sections 3903.01 to 3903.59 of the Revised Code , any court of general jurisdiction may issue a temporary restraining order, a preliminary

injunction, a permanent injunction, or such other orders that the court considers

necessary and proper to prevent any one or more of the following: (1) The transaction of further business; (2) The transfer of property; (3) Interference with the receiver, conservator, rehabilitator, or liquidator or with

a proceeding under sections 3903.01 to 3903.59 of the Revised Code ; (4) Waste of the insurer's assets; (5) Dissipation and transfer of bank accounts; (6) The commencement or further prosecution of any actions or proceedings; (7) The obtaining of preferences, judgments, attachments, garnishments, or liens against

the insurer, its assets, or its policyholders; (8) The levying of execution against the insurer, its assets, or its policyholders; (9) The making of any sale or deed for nonpayment of taxes or assessments that would

lessen the value of the assets of the insurer; (10) The withholding from the receiver, conservator, rehabilitator, or liquidator of books,

accounts, documents, or other records relating to the business of the insurer; (11) Any other threatened or contemplated action that might lessen the value of the insurer's

assets or prejudice the rights of policyholders, creditors, or shareholders, or the

administration of any proceeding under sections 3903.01 to 3903.59 of the Revised Code . (B) The receiver, conservator, rehabilitator, or liquidator may apply to any court outside

of this state for any relief described in division (A) of this section. (C)(1) A federal home loan bank shall not be stayed or otherwise prohibited by a court from

exercising its rights regarding collateral pledged by an insurer-member for more than

ten days following the date a temporary restraining order, preliminary injunction,

or permanent injunction is issued by the court pursuant to division (A) of this section. (2) A federal home loan bank exercising its rights regarding collateral pledged by an

insurer-member shall, within seven days of receiving a redemption request made by

the insurer-member, repurchase any of 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 it determines in good faith that the repurchase is both of

the following: (a) Permissible under federal laws and regulations and the federal home loan bank's capital

plan; (b) Consistent with the capital stock practices currently applicable to the federal home

loan bank's entire membership. (D)(1) Not later than ten days after the date of appointment of a receiver, conservator,

rehabilitator, or liquidator in a proceeding under sections 3903.01 to 3903.59 of the Revised Code involving an insurer-member of a federal home loan bank, the federal home loan bank

shall provide to the receiver, conservator, rehabilitator, or liquidator a process

and timeline for all of 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

that is remaining after any repayment of loans, as determined under the applicable

agreements between the federal home loan bank and the insurer-member; (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; (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 receiver, conservator, rehabilitator, or liquidator and the federal home

loan bank; (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 agreements between the federal

home loan bank and the insurer-member. (2) Upon the request of a receiver, conservator, rehabilitator, or liquidator appointed

in a proceeding under sections 3903.01 to 3903.59 of the Revised Code involving a federal home loan bank insurer-member, the federal home loan bank shall

provide to the receiver, conservator, rehabilitator, or liquidator any available options

for the insurer-member to renew or restructure a loan.  In determining which options are available, 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 federal home loan banks. (E) As used in this section, “ insurer-member ” means a member of the federal home loan bank in question that is an insurer.