2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 507C - INSURERS SUPERVISION, REHABILITATION, AND LIQUIDATION
507C.35 - FILING OF CLAIMS.

        507C.35  FILING OF CLAIMS.
         1.  Proof of all claims shall be filed with the liquidator in the
      form required by section 507C.36 on or before the last day for filing
      specified in the notice required under section 507C.22.  However,
      proof of claims for cash surrender values or other investment values
      in life insurance and annuities need not be filed unless the
      liquidator expressly so requires.
         2.  The liquidator may permit a claimant making a late filing to
      share in distributions, whether past or future, as if the claimant
      were not late, to the extent that the payment will not prejudice the
      orderly administration of the liquidation under any of the following
      circumstances:
         a.  The existence of the claim was not known to the claimant
      and that the claimant filed the claim as promptly thereafter as
      reasonably possible after learning of it.
         b.  A transfer to a creditor was avoided under sections
      507C.26 through 507C.28, or was voluntarily surrendered under section
      507C.29, and that the filing satisfies the conditions of section
      507C.29.
         c.  The valuation under section 507C.41 of security held by a
      secured creditor shows a deficiency, which is filed within thirty
      days after the valuation.
         3.  The liquidator shall permit late filing claims to share in
      distributions, whether past or future, as if they were not late, if
      the claims are claims of a guaranty association or foreign guaranty
      association for reimbursement of covered claims paid or expenses
      incurred, or both, subsequent to the last day for filing where the
      payments were made and expenses incurred as provided by law.
         4.  The liquidator may consider any claim filed late which is not
      covered by subsection 2, and permit it to receive distributions which
      are subsequently declared on any claims of the same or lower priority
      if the payment does not prejudice the orderly administration of the
      liquidation.  The late-filing claimant shall receive at each
      distribution the same percentage of the amount allowed on the claim
      as is then being paid to claimants of any lower priority.  This shall
      continue until the claim has been paid in full.  

         84 Acts, ch 1175, § 35
         Referred to in § 507C.29, 507C.37, 507C.56