2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 507C - INSURERS SUPERVISION, REHABILITATION, AND LIQUIDATION
507C.22 - NOTICE TO CREDITORS AND OTHERS.

        507C.22  NOTICE TO CREDITORS AND OTHERS.
         1.  Unless the court otherwise directs, the liquidator shall give
      notice of the liquidation order as soon as possible by doing all of
      the following:
         a.  By first class mail and either by telegram or telephone to
      the insurance commissioner of each jurisdiction in which the insurer
      is doing business.
         b.  By first class mail to a guaranty association or foreign
      guaranty association which is or may become obligated as a result of
      the liquidation.
         c.  By first class mail to all insurance agents of the
      insurer.
         d.  By first class mail to all persons known or reasonably
      expected to have claims against the insurer, including policyholders,
      by mailing a notice to their last known address as indicated by the
      records of the insurer.
         e.  By publication in a newspaper of general circulation in
      the county in which the insurer has its principal place of business
      and in other locations as the liquidator deems appropriate.
         2.  Notice to potential claimants under subsection 1 shall require
      claimants to file with the liquidator their claims together with
      proper proofs of the claim under section 507C.36 on or before a date
      the liquidator shall specify in the notice.  The liquidator need not
      require persons claiming cash surrender values or other investment
      values in life insurance and annuities to file a claim.  Claimants
      shall keep the liquidator informed of changes of address.
         3. a.  Notice to agents of the insurer and potential claimants
      who are policyholders under subsection 1, where applicable, shall
      include notice that coverage by state guaranty associations may be
      available for all or part of policy benefits in accordance with
      applicable state guaranty laws.
         b.  The liquidator shall promptly provide to the guaranty
      associations such information concerning the identities and addresses
      of the policyholders and their policy coverages as may be within the
      liquidator's possession or control, and otherwise cooperate with
      guaranty associations to assist them in providing to the
      policyholders timely notice of the guaranty associations' coverage of
      policy benefits including, as applicable, coverage of claims and
      continuation or termination of coverage.
         4.  If notice is given pursuant to this section, the distribution
      of assets of the insurer under this chapter shall be conclusive with
      respect to claimants, whether or not a claimant actually received
      notice.  

         84 Acts, ch 1175, § 22; 92 Acts, ch 1117, § 22
         Referred to in § 507C.23, 507C.35, 507C.38