Iowa § 507C.15 Actions by and against rehabilitator

Iowa Statutes

§ 507C.15 — Actions by and against rehabilitator

Iowa § 507C.15

Title XIIICOMMERCE

Ch. 507CINSURERS SUPERVISION, REHABILITATION, AND LIQUIDATION

This text of Iowa § 507C.15 (Actions by and against rehabilitator) is published on Counsel Stack Legal Research, covering Iowa primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Iowa Code § 507C.15 (2026).

Text

1.A court in this state, before which an action or proceeding in which the insurer is a party or is obligated to defend a party is pending when a rehabilitation order against the insurer is entered, shall stay the action or proceeding for ninety days and any additional time as necessary for the rehabilitator to obtain proper representation and prepare for further proceedings. Therehabilitatorshalltakeactionrespectingthependinglitigationasnecessary in the interests of justice and for the protection of creditors, policyholders, and the public. The rehabilitator shall immediately consider all litigation pending outside this state and shall petition the courts having jurisdiction over that litigation for stays whenever necessary to protect the estate of the insurer.

2.A statute of limitation

Free access — add to your briefcase to read the full text and ask questions with AI

1. A court in this state, before which an action or proceeding in which the insurer is a
party or is obligated to defend a party is pending when a rehabilitation order against the
insurer is entered, shall stay the action or proceeding for ninety days and any additional time
as necessary for the rehabilitator to obtain proper representation and prepare for further
proceedings. Therehabilitatorshalltakeactionrespectingthependinglitigationasnecessary
in the interests of justice and for the protection of creditors, policyholders, and the public.
The rehabilitator shall immediately consider all litigation pending outside this state and shall
petition the courts having jurisdiction over that litigation for stays whenever necessary to
protect the estate of the insurer.
2. A statute of limitations or defense of laches shall not run in an action by or against an
insurer between the filing of a petition for appointment of a rehabilitator for that insurer and
the order granting or denying that petition. An action by or against the insurer that might
have been commenced when the petition was filed may be commenced for at least sixty days
aftertheorderofrehabilitationisenteredorthepetitionisdenied. Therehabilitator, uponthe
issuance of an order for rehabilitation pursuant to section 507C.13, may institute an action
or proceeding on behalf of the insurer based upon a cause of action for which the period of
limitation has not expired at the time of the filing of the petition for an order to rehabilitate.
13 INSURERS SUPERVISION, REHABILITATION, AND LIQUIDATION, §507C.17A
The action or proceeding by the rehabilitator may be instituted within one year or a longer
period if provided by applicable law, of the issuance of the order for rehabilitation.
3. Aguarantyassociationorforeignguarantyassociationcoveringlifeorhealthinsurance
or annuities shall have standing to appear in a court proceeding concerning the rehabilitation
of a life or health insurer if the association is or may become liable to act as a result of the
rehabilitation.