Iowa § 507C.20A Redomestication of foreign insurer

Iowa Statutes

§ 507C.20A — Redomestication of foreign insurer

Iowa § 507C.20A

Title XIIICOMMERCE

Ch. 507CINSURERS SUPERVISION, REHABILITATION, AND LIQUIDATION

This text of Iowa § 507C.20A (Redomestication of foreign insurer) 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.20A (2026).

Text

The commissioner may petition the court for an ancillary receivership or for an order
redomesticating a foreign insurer which is the subject of a liquidation or other delinquency
order in a reciprocal state. Only the corporate charter and rights to the licenses under such
charter shall be redomesticated to Iowa. All claims against the foreign insurer shall remain
a part of and be administered through the reciprocal state liquidation or other delinquency
proceeding. Following notice as prescribed by the court and a hearing, the court may sell the
corporation as an entity, together with any of its licenses, free and clear from the claims or
interests of all claimants, creditors, policyholders, and stockholders of the corporation under
liquidation or other delinquency proceedings, wherever lo

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The commissioner may petition the court for an ancillary receivership or for an order
redomesticating a foreign insurer which is the subject of a liquidation or other delinquency
order in a reciprocal state. Only the corporate charter and rights to the licenses under such
charter shall be redomesticated to Iowa. All claims against the foreign insurer shall remain
a part of and be administered through the reciprocal state liquidation or other delinquency
proceeding. Following notice as prescribed by the court and a hearing, the court may sell the
corporation as an entity, together with any of its licenses, free and clear from the claims or
interests of all claimants, creditors, policyholders, and stockholders of the corporation under
liquidation or other delinquency proceedings, wherever located. The sale may be made on
terms and conditions the court deems appropriate. The proceeds of the sale, less court costs,
attorney fees, broker’s fees, and the commissioner’s expenses in effectuating the sale, shall
become part of the assets of the liquidation or other estate in the reciprocal state.