Iowa § 507C.51 Liquidation of property of foreign or alien insurers found in this state

Iowa Statutes

§ 507C.51 — Liquidation of property of foreign or alien insurers found in this state

Iowa § 507C.51

Title XIIICOMMERCE

Ch. 507CINSURERS SUPERVISION, REHABILITATION, AND LIQUIDATION

This text of Iowa § 507C.51 (Liquidation 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.

Bluebook

Iowa Code § 507C.51 (2026).

Text

1.If a domiciliary receiver has not been appointed, the commissioner may apply to the courtbyverifiedpetitionforanorderdirectingthecommissionertoliquidatetheassetsfound in this state of a foreign insurer or an alien insurer not domiciled in this state on any of the following grounds:

a.Any of the grounds in section 507C.12 or 507C.17.

b.Any of the grounds specified in section 507C.50, subsection 1, paragraphs “b” through “d”.

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.Ifitappearstothecourtthatthebestinterestsofcreditors,policyholders,andthepublic require, the court may issue an order to liquidate in whatever terms it deems appropriate. The filing or r

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1. If a domiciliary receiver has not been appointed, the commissioner may apply to the
courtbyverifiedpetitionforanorderdirectingthecommissionertoliquidatetheassetsfound
in this state of a foreign insurer or an alien insurer not domiciled in this state on any of the
following grounds:
a. Any of the grounds in section 507C.12 or 507C.17.
b. Any of the grounds specified in section 507C.50, subsection 1, paragraphs “b” through
“d”.
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. Ifitappearstothecourtthatthebestinterestsofcreditors,policyholders,andthepublic
require, the court may issue an order to liquidate in whatever terms it deems appropriate.
The filing or recording of the order with the clerk of the 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 same notice as a deed, bill of sale, or other
evidence of title duly filed or recorded with that recorder of deeds.
4. If a domiciliary liquidator is appointed in a reciprocal state while a liquidation is
proceeding under this section, the liquidator under this section shall act as ancillary receiver
under section 507C.53. If a domiciliary liquidator is appointed in a nonreciprocal state while
a liquidation is proceeding under this section, the liquidator under this section may petition
the court for permission to act as ancillary receiver under section 507C.53.
5. On the same grounds as are specified in subsection 1, the commissioner may petition
an appropriate federal district court to be appointed receiver to liquidate that portion of the
insurer’sassetsandbusinessoverwhichthecourtwillexercisejurisdiction, oranylesserpart
that the commissioner deems desirable for the protection of the policyholders and creditors
in this state.
6. Whenthecommissionerhasliquidatedtheassetsofaforeignoralieninsurerunderthis
section, the court may order the commissioner to pay claims of residents of this state against
the insurer under rules as to the liquidation of insurers under this chapter as are otherwise
compatible with this section.