2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 507C - INSURERS SUPERVISION, REHABILITATION, AND LIQUIDATION
507C.24 - ACTIONS BY AND AGAINST LIQUIDATOR.

        507C.24  ACTIONS BY AND AGAINST LIQUIDATOR.
         1.  After the issuance of an order appointing a liquidator of a
      domestic insurer or of an alien insurer domiciled in this state,
      action at law or equity shall not be brought against the insurer or
      liquidator in this state or elsewhere, nor shall existing actions be
      maintained or further presented after issuance of the order.  The
      courts of this state shall give full faith and credit to injunctions
      against the liquidator or the insurer or the continuation of existing
      actions against the liquidator or the insurer, when the injunctions
      are included in an order to liquidate an insurer issued pursuant to
      corresponding provisions in other states.  Whenever in the
      liquidator's judgment, protection of the estate of the insurer
      necessitates intervention in an action against the insurer that is
      pending outside this state, the liquidator may intervene in the
      action.  The liquidator may defend, at the expense of the estate of
      the insurer, an action in which the liquidator intervenes under this
      section.
         2.  Within two years or such additional time as applicable law may
      permit, the liquidator may, after the issuance of an order for
      liquidation, institute an action or proceeding on behalf of the
      estate of the insurer upon any cause of action against which the
      period of limitation fixed by applicable law has not expired at the
      time of the filing of the petition upon which the order is entered.
      If a period of limitation is fixed by agreement for instituting a
      suit or proceeding upon a claim, or for filing a claim, proof of
      claim, proof of loss, demand, notice, or the like, or if in a
      proceeding, judicial or otherwise, a period of limitation is fixed in
      the proceeding or pursuant to applicable law for taking an action,
      filing a claim or pleading, or doing an act, and if the period had
      not expired at the date of the filing of the petition, the liquidator
      may, for the benefit of the estate, take any action or do any act,
      required of or permitted to the insurer, within a period of one
      hundred eighty days subsequent to the entry of an order for
      liquidation, or within a further period as is shown to the
      satisfaction of the court not to be unfairly prejudicial to the other
      party.
         3.  A statute of limitations or defense of laches shall not run
      with respect to an action against an insurer between the filing of a
      petition for liquidation against an insurer and the denial of the
      petition.  An action against the insurer that might have been
      commenced when the petition was filed may be commenced for at least
      sixty days after the petition is denied.
         4.  A guaranty association or foreign guaranty association shall
      have standing to appear in a court proceeding concerning the
      liquidation of an insurer if the association is or may become liable
      to act as a result of the liquidation.  

         84 Acts, ch 1175, § 24; 92 Acts, ch 1117, § 24