§ 508D.9 — Miscellaneous provisions

Iowa § 508D.9

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 508D: MULTISTATE LIFE AND HEALTH INSURANCE RESOLUTION FACILITY

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1. Records shall be kept of all negotiations and meetings in which the facility or the
facility’s representatives are involved to discuss the activities of the facility in carrying out
the powers and duties set out under section 508D.6. Records of negotiations or meetings
shall be made public pursuant to chapter 22 only upon the termination of a liquidation,
rehabilitation, or conservation proceeding involving the impaired or insolvent insurance
company whose business was assumed by or assigned to the facility, upon the termination
of the impairment or insolvency of the insurance company, or upon the order of a court of
competent jurisdiction. This subsection does not limit the duty of the association to render a
report of its activities under subsection 2.
2. The facility is subject to examination and regulation by the oversight organization. The
boardofdirectorsshallsubmittotheoversightorganizationbyJune1ofeachyearafinancial
report for the preceding calendar year and a report of its activities during the preceding
calendar year. The financial report shall be in a form approved by the oversight organization.
3. Thefacilityisexemptfrompaymentofallfeesandtaxesleviedbythisstateoranyofits
subdivisions on insurance companies, except taxes levied on the real property of the facility.
4. Amemberguarantyassociationanditsagentsandemployees, thefacilityanditsagents
and employees, members of the board of directors, and the oversight organization and its
representatives are not liable for any acts or omissions while acting within the scope of their
employment and in the performance of their powers and duties under this chapter, except
§508D.9, MULTISTATE LIFE AND HEALTH INSURANCE RESOLUTION FACILITY 4
for acts or omissions not in good faith which involve intentional misconduct or which involve
a knowing violation of law.