This bill amends the "Insurers’ Rehabilitation and Liquidation Act" by inserting new provisions and modifying existing ones to enhance the management of insurers' assets during rehabilitation or liquidation. It allows a receiver to apply for court orders to protect assets, specifying that injunctions against exercising rights under financial agreements with a federal home loan bank cannot exceed ten days. The bill also outlines the obligations of a federal home loan bank when dealing with collateral and stock owned by an insurer-member under receivership. Additionally, it amends Section 27-14.3-30 to address fraudulent transfers made within one year before filing for rehabilitation or liquidation, defining the conditions under which such transfers are considered fraudulent and can be avoided by the receiver, except when the transferee has acted in good faith.

The bill includes significant insertions, such as a new subsection (e) that provides an exception for transfers involving federal home loan banks from being avoided unless made with intent to defraud. It also introduces a new section, 27-14.3-32, concerning voidable preferences and liens, and exempts certain federal home loan bank preferences from avoidance. The bill addresses the recovery of indemnifying property, the discharge of surety liability, the set-off rights of new credit creditors, and the examination of attorney payments. It imposes personal liability on individuals who knowingly participate in giving a preference under insolvency conditions and ensures the bill's provisions take effect immediately upon passage.