Iowa § 508D.6 Powers and duties of the facility

Iowa Statutes

§ 508D.6 — Powers and duties of the facility

Iowa § 508D.6

Title XIIICOMMERCE

Ch. 508DMULTISTATE LIFE AND HEALTH INSURANCE RESOLUTION FACILITY

This text of Iowa § 508D.6 (Powers and duties of the facility) 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 § 508D.6 (2026).

Text

1.The facility shall perform those duties of the member guaranty associations which are delegated to the facility as permitted under the enabling legislation of each member guaranty association and which are consistent with the plan of operation.

2.Except as otherwise provided in this chapter, the facility is granted specific authority to exercise the powers of a domestic life or health insurer.

3.Thefacilityisnotauthorizedtosolicit, advertise, market, sell, underwrite, issue, insure, administer,orreinsurenewinsurancebusinessorinsurancebusinessofinsurancecompanies which are not impaired or insolvent according to the laws of their state of domicile.

4.The board of directors of the facility may enter into agreements with any interstate compact organization established for the purpose of

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1. The facility shall perform those duties of the member guaranty associations which are
delegated to the facility as permitted under the enabling legislation of each member guaranty
association and which are consistent with the plan of operation.
2. Except as otherwise provided in this chapter, the facility is granted specific authority
to exercise the powers of a domestic life or health insurer.
3. Thefacilityisnotauthorizedtosolicit, advertise, market, sell, underwrite, issue, insure,
administer,orreinsurenewinsurancebusinessorinsurancebusinessofinsurancecompanies
which are not impaired or insolvent according to the laws of their state of domicile.
4. The board of directors of the facility may enter into agreements with any interstate
compact organization established for the purpose of administering impaired or insolvent
insurance companies in this or any other state.
5. An activity involving the authority of the facility derived from chapter 507C or other
law related to insurer supervision, rehabilitation, and liquidation shall be performed in
compliance with the requirements of such law.
6. The facility established under this chapter is not subject to any insurance licensing
requirements and an employee of the facility is not subject to any insurance licensing
requirements for activities performed within the employee’s scope of duties. All regulatory
oversight of the facility shall be conducted by the oversight organization.