Iowa § 507C.53 Ancillary formal proceedings

Iowa Statutes

§ 507C.53 — Ancillary formal proceedings

Iowa § 507C.53

Title XIIICOMMERCE

Ch. 507CINSURERS SUPERVISION, REHABILITATION, AND LIQUIDATION

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Bluebook

Iowa Code § 507C.53 (2026).

Text

1.If a domiciliary liquidator has been appointed for an insurer not domiciled in this state, the commissioner may file a petition with the court requesting appointment as ancillary receiver in this state if both of the following exist:

a.If the domiciliary liquidator finds that there are sufficient assets of the insurer located in this state to justify the appointment of an ancillary receiver.

b.If the protection of creditors or policyholders in this state so requires.

2.The court may issue an order appointing an ancillary receiver in whatever terms it deems appropriate. The filing or recording of the order with the recorder of deeds in this state is the same notice as a deed, bill of sale, or other evidence of title duly filed or recorded with that recorder of deeds.

3.When a domicil

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1. If a domiciliary liquidator has been appointed for an insurer not domiciled in this state,
the commissioner may file a petition with the court requesting appointment as ancillary
receiver in this state if both of the following exist:
a. If the domiciliary liquidator finds that there are sufficient assets of the insurer located
in this state to justify the appointment of an ancillary receiver.
b. If the protection of creditors or policyholders in this state so requires.
2. The court may issue an order appointing an ancillary receiver in whatever terms it
deems appropriate. The filing or recording of the order with the recorder of deeds in this
state is the same notice as a deed, bill of sale, or other evidence of title duly filed or recorded
with that recorder of deeds.
3. When a domiciliary liquidator has been appointed in a reciprocal state, then the
ancillary receiver appointed in this state may aid and assist the domiciliary liquidator in
recovering assets of the insurer located in this state. As soon as practicable, the ancillary
receiver shall liquidate from their respective securities those special deposit claims and
secured claims which are proved and allowed in the ancillary proceedings in this state. The
ancillary receiver shall pay the necessary expenses of the proceedings and shall promptly
transfer all remaining assets, books, accounts and records to the domiciliary liquidator.
Subject to this section, the ancillary receiver and any deputies have the same powers and
are subject to the same duties with respect to the administration of assets as a liquidator of
an insurer domiciled in this state.
4. As to assets and books, accounts, and other records in their respective states, when
a domiciliary liquidator has been appointed in this state, ancillary receivers appointed in
reciprocal states shall have corresponding rights, duties and powers to those provided in
subsection 3 for ancillary receivers appointed in this state.