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

        507C.13  REHABILITATION ORDERS.
         1.  An order to rehabilitate the business of a domestic insurer or
      an alien insurer domiciled in this state shall appoint the
      commissioner as the rehabilitator.  The order shall direct the
      rehabilitator to take possession of the assets of the insurer, and to
      administer them under the general supervision of the court.  The
      filing or recording of the order with the clerk of the district court
      or recorder of deeds of the county in which the principal business of
      the insurer is conducted, or the county in which its principal office
      or place of business is located, is the same notice as a deed, bill
      of sale, or other evidence of title duly filed or recorded with that
      recorder of deeds.  The order to rehabilitate the insurer shall vest
      title to all assets of the insurer in the rehabilitator.
         2.  An order issued under this section requires accounting to the
      court by the rehabilitator.  Accountings shall be at intervals the
      court specifies in the order.  Each accounting must include a report
      concerning the rehabilitator's opinion as to whether a plan pursuant
      to section 507C.14, subsection 4, will be prepared.  If the
      rehabilitator includes in any accounting that such a plan is likely,
      the accounting shall also include a proposed timetable for the
      preparation and implementation of the plan.
         3.  Entry of an order of rehabilitation is not an anticipatory
      breach of a contract of the insurer.  

         84 Acts, ch 1175, § 13; 92 Acts, ch 1117, § 15
         Referred to in § 507C.15, 507C.37