2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 507C - INSURERS SUPERVISION, REHABILITATION, AND LIQUIDATION
507C.1 - SHORT TITLE -- CONSTRUCTION -- PURPOSE.

        507C.1  SHORT TITLE -- CONSTRUCTION -- PURPOSE.
         1.  This chapter shall be cited as the "Insurers Supervision,
      Rehabilitation, and Liquidation Act".
         2.  This chapter shall not be interpreted to limit the powers
      granted the commissioner by any other law.
         3.  This chapter shall be liberally construed to effect the
      purpose stated in subsection 4.
         4.  The purpose of this chapter is the protection of the interests
      of insureds, claimants, creditors, and the public, with minimum
      interference with the normal prerogatives of the owners and managers
      of insurers, through all of the following:
         a.  Early detection of a potentially dangerous condition in an
      insurer and prompt application of appropriate corrective measures.
         b.  Improved methods for rehabilitating insurers, involving
      the cooperation and management expertise of the insurance industry.
         c.  Enhanced efficiency and economy of liquidation, through
      clarification of the law, to minimize legal uncertainty and
      litigation.
         d.  Equitable apportionment of any unavoidable loss.
         e.  Lessening the problems of interstate rehabilitation and
      liquidation by facilitating cooperation between states in the
      liquidation process, and by extending the scope of personal
      jurisdiction over debtors of the insurer outside this state.
         f.  Regulation of the insurance business by the impact of the
      law relating to delinquency procedures and substantive rules on the
      entire insurance business.
         g.  Providing for a comprehensive scheme for the
      rehabilitation and liquidation of insurance companies and those
      subject to this chapter as part of the regulation of the business of
      insurance, the insurance industry, and insurers in this state.
      Proceedings in cases of insurer insolvency and delinquency are deemed
      an integral aspect of the business of insurance and are of vital
      public interest and concern.  

         84 Acts, ch 1175, § 1; 92 Acts, ch 1117, § 8, 9