§ 507C.55 — Claims of nonresidents against insurers domiciled in this state

Iowa § 507C.55

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

Text

1. In a liquidation proceeding begun in this state against an insurer domiciled in this state,
claimants residing in foreign countries or in nonreciprocal states shall file claims in this state,
and claimants residing in reciprocal states shall file claims either with the ancillary receivers
in their respective states or with the domiciliary liquidator. Claims shall be filed on or before
the last date fixed for the filing of claims in the domiciliary liquidation proceeding.
2. Claims belonging to claimants residing in reciprocal states shall be proved either in the
liquidation proceeding in this state as provided in this chapter or in ancillary proceedings
in the reciprocal states, if a claim filing procedure is established in the ancillary proceeding.
§507C.55, INSURERS SUPERVISION, REHABILITATION, AND LIQUIDATION 36
If notice of the claims and opportunity to appear and be heard is afforded the domiciliary
liquidator of this state as provided in section 507C.56, subsection 2, with respect to ancillary
proceedings, the final allowance of claims by the courts in ancillary proceedings in reciprocal
states shall be conclusive as to amount and as to priority against special deposits or other
security located in such ancillary states, but shall not be conclusive with respect to priorities
against general assets under section 507C.42.