Iowa § 507C.52 Domiciliary liquidators in other states

Iowa Statutes

§ 507C.52 — Domiciliary liquidators in other states

Iowa § 507C.52

Title XIIICOMMERCE

Ch. 507CINSURERS SUPERVISION, REHABILITATION, AND LIQUIDATION

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Bluebook

Iowa Code § 507C.52 (2026).

Text

1.Except as to special deposits and security on secured claims under section 507C.53, subsection 3, the domiciliary liquidator of an insurer domiciled in a reciprocal state shall be vested with the title to the assets, property, contracts, rights of action, agents’ balances, books, accounts, and other records of the insurer located in this state. The date of vesting is the date of the filing of the petition, if that date is specified by the domiciliary law for the vesting of property in the domiciliary state. Otherwise, the date of vesting is the date of entry of the order directing possession to be taken. The domiciliary liquidator may immediately recover balances due from agents and obtain possession of the books, accounts, and other records of the insurer located in this state. The dom

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1. Except as to special deposits and security on secured claims under section 507C.53,
subsection 3, the domiciliary liquidator of an insurer domiciled in a reciprocal state shall
be vested with the title to the assets, property, contracts, rights of action, agents’ balances,
books, accounts, and other records of the insurer located in this state. The date of vesting
is the date of the filing of the petition, if that date is specified by the domiciliary law for the
vesting of property in the domiciliary state. Otherwise, the date of vesting is the date of entry
of the order directing possession to be taken. The domiciliary liquidator may immediately
recover balances due from agents and obtain possession of the books, accounts, and other
records of the insurer located in this state. The domiciliary liquidator may also have the right
to recover all other assets of the insurer located in this state, subject to section 507C.53.
2. Ifadomiciliaryliquidatorisappointedforaninsurernotdomiciledinareciprocalstate,
thecommissionerofthisstateshallbevestedwiththetitletotheproperty,contractsandrights
35 INSURERS SUPERVISION, REHABILITATION, AND LIQUIDATION, §507C.55
of action, books, accounts and other records of the insurer located in this state, at the same
time that the domiciliary liquidator is vested with title in the domicile. The commissioner
of this state may petition for a conservation or liquidation order under section 507C.50 or
507C.51, or for an ancillary receivership under section 507C.53, or after approval by the court
may transfer title to the domiciliary liquidator, as the interests of justice and the equitable
distribution of the assets require.
3. Claimants residing in this state may file claims with the liquidator or ancillary receiver
in this state or with the domiciliary liquidator, if the domiciliary law permits. The claims shall
be filed on or before the last date fixed for the filing of claims in the domiciliary liquidation
proceedings.