2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 507C - INSURERS SUPERVISION, REHABILITATION, AND LIQUIDATION
507C.20 - DISSOLUTION OR SALE OF INSURER.

        507C.20  DISSOLUTION OR SALE OF INSURER.
         The commissioner may petition for an order dissolving the
      corporate existence of a domestic insurer or the United States branch
      of an alien insurer domiciled in this state at the time the
      commissioner applies for a liquidation order.  The court shall order
      dissolution of the corporation upon petition by the commissioner upon
      or after the granting of a liquidation order.  If the dissolution has
      not previously been ordered, it shall be effected by operation of law
      upon the discharge of the liquidator if the insurer is insolvent.
      However, dissolution may be ordered by the court upon the discharge
      of the liquidator if the insurer is under a liquidation order for
      some other reason.  Notwithstanding the above, upon application by
      the commissioner and following notice as prescribed by the court and
      a hearing, the court may sell the corporation as an entity, together
      with any of its licenses to do business, despite the entry of an
      order of liquidation.  The sale may be made on terms and conditions
      the court deems appropriate.  However, the order approving the sale
      shall provide that the proceeds of the sale shall become part of the
      assets of the liquidation estate, to be distributed in the manner set
      forth in section 507C.42, and that the corporate entity and its
      licenses shall thereafter be free and clear from the claims or
      interests of all claimants, creditors, policyholders, and
      stockholders of the corporation under liquidation.  

         84 Acts, ch 1175, § 20; 87 Acts, ch 168, §1; 88 Acts, ch 1112, §
      502
         Referred to in § 507C.21