§ 507C.36 — Proof of claim

Iowa § 507C.36

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 507C: INSURERS SUPERVISION, REHABILITATION, AND LIQUIDATION

Text

507C.22. However, proof of claims for cash surrender values or other investment values in
life insurance and annuities need not be filed unless the liquidator expressly so requires.
2. The liquidator may permit a claimant making a late filing to share in distributions,
whether past or future, as if the claimant were not late, to the extent that the payment
will not prejudice the orderly administration of the liquidation under any of the following
circumstances:
a. The existence of the claim was not known to the claimant and that the claimant filed
the claim as promptly thereafter as reasonably possible after learning of it.
b. A transfer to a creditor was avoided under sections 507C.26 through 507C.28, or was
voluntarily surrendered under section 507C.29, and that the filing satisfies the conditions of
section 507C.29.
c. The valuation under section 507C.41 of security held by a secured creditor shows a
deficiency, which is filed within thirty days after the valuation.
3. The liquidator shall permit late filing claims to share in distributions, whether past or
future, as if they were not late, if the claims are claims of a guaranty association or foreign
guarantyassociationforreimbursementofcoveredclaimspaidorexpensesincurred,orboth,
subsequent to the last day for filing where the payments were made and expenses incurred
as provided by law.
4. The liquidator may consider any claim filed late which is not covered by subsection 2,
and permit it to receive distributions which are subsequently declared on any claims of the
same or lower priority if the payment does not prejudice the orderly administration of the
liquidation. The late-filing claimant shall receive at each distribution the same percentage of
the amount allowed on the claim as is then being paid to claimants of any lower priority. This
shall continue until the claim has been paid in full.