This bill amends the "Insurers’ Rehabilitation and Liquidation Act" by introducing new provisions and modifying existing ones concerning the rehabilitation or liquidation of insurers. It limits the duration of restraints on exercising rights or enforcing claims involving a federal home loan bank to no more than ten days and requires the bank to repurchase excess stock from an insurer-member within seven days of a redemption request. The bill also mandates that a federal home loan bank provide a receiver with a process for releasing excess collateral and offer options for renewing or restructuring loans. It defines key terms, addresses fraudulent transfers, and specifies conditions under which transactions with reinsurers are considered fraudulent.

The bill protects certain transactions from being voided by a receiver, particularly those related to agreements with a federal home loan bank, unless made with the intent to defraud. It outlines conditions for voidable preferences and clarifies the timing and perfection of transfers, the treatment of liens, and the jurisdiction of the superior court. Additionally, the bill addresses the recovery of indemnifying property, the discharge of surety liability, the set-off rights of creditors, and the examination of payments to attorneys. It imposes personal liability on individuals who knowingly participate in giving a preference under the belief of the insurer's insolvency. The act will take effect immediately upon passage.