This text of Iowa § 507C.50 (Conservation of property of foreign or alien insurers found in this state) 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.
1. If a domiciliary liquidator has not been appointed, the commissioner may apply to the
court by verified petition for an order directing the commissioner to act as conservator to
conserve the property of an alien insurer not domiciled in this state or a foreign insurer on
any of the following grounds:
a. Any of the grounds in section 507C.12.
b. That property has been sequestered by official action in the insurer’s domiciliary state,
or in any other state.
c. Thatenoughofitspropertyhasbeensequesteredinaforeigncountrytogivereasonable
cause to fear that the insurer is or may become insolvent.
d. That both of the following are found:
(1)That its certificate of authority to do business in this state has been revoked or that no
certificate was ever issued.
(2)That there are residents of thi
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1. If a domiciliary liquidator has not been appointed, the commissioner may apply to the
court by verified petition for an order directing the commissioner to act as conservator to
conserve the property of an alien insurer not domiciled in this state or a foreign insurer on
any of the following grounds:
a. Any of the grounds in section 507C.12.
b. That property has been sequestered by official action in the insurer’s domiciliary state,
or in any other state.
c. Thatenoughofitspropertyhasbeensequesteredinaforeigncountrytogivereasonable
cause to fear that the insurer is or may become insolvent.
d. That both of the following are found:
(1) That its certificate of authority to do business in this state has been revoked or that no
certificate was ever issued.
(2) That there are residents of this state with outstanding claims or outstanding policies.
2. When an order is sought under subsection 1, the court shall cause the insurer to be
given notice and time to respond to the petition as is reasonable under the circumstances.
3. The court may issue the order in whatever terms it deems appropriate. The filing or
recording of the order with the clerk of court or the recorder of deeds of the county in which
the principal business of the company is located or the county in which its principal office or
place of business is located is the same notice as a deed, bill of sale, or other evidence of title
duly filed or recorded with that recorder of deeds.
4. The conservator may at any time petition for and the court may grant an order under
§507C.50, INSURERS SUPERVISION, REHABILITATION, AND LIQUIDATION 34
section 507C.51 to liquidate assets of a foreign or alien insurer under conservation, or, for an
order under section 507C.53, to be appointed ancillary receiver.
5. The conservator may at any time petition the court for an order terminating
conservation of an insurer. If the court finds that the conservation is no longer necessary, it
shall order that the insurer be restored to possession of its property and the control of its
business. Thecourtmayalsomakesuchfindingandissuesuchorderatanytimeuponmotion
of any interested party, but if the motion is denied costs shall be assessed against the party.