2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 507C - INSURERS SUPERVISION, REHABILITATION, AND LIQUIDATION
507C.50 - CONSERVATION OF PROPERTY OF FOREIGN OR ALIEN INSURERS FOUND IN THIS STATE.

        507C.50  CONSERVATION OF PROPERTY OF FOREIGN OR ALIEN
      INSURERS FOUND IN THIS STATE.
         1.  If a domiciliary liquidator has not been appointed, the
      commissioner may apply to the court by verified petition for an order
      directing the commissioner to act as conservator to conserve the
      property of an alien insurer not domiciled in this state or a foreign
      insurer on any of the following grounds:
         a.  Any of the grounds in section 507C.12.
         b.  That property has been sequestered by official action in
      the insurer's domiciliary state, or in any other state.
         c.  That enough of its property has been sequestered in a
      foreign country to give reasonable cause to fear that the insurer is
      or may become insolvent.
         d.  That both of the following are found:
         (1)  That its certificate of authority to do business in this
      state has been revoked or that no certificate was ever issued.
         (2)  That there are residents of this state with outstanding
      claims or outstanding policies.
         2.  When an order is sought under subsection 1, the court shall
      cause the insurer to be given notice and time to respond to the
      petition as is reasonable under the circumstances.
         3.  The court may issue the order in whatever terms it deems
      appropriate.  The filing or recording of the order with the clerk of
      court or the recorder of deeds of the county in which the principal
      business of the company is located 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.
         4.  The conservator may at any time petition for and the court may
      grant an order under section 507C.51 to liquidate assets of a foreign
      or alien insurer under conservation, or, for an order under section
      507C.53, to be appointed ancillary receiver.
         5.  The conservator may at any time petition the court for an
      order terminating conservation of an insurer.  If the court finds
      that the conservation is no longer necessary, it shall order that the
      insurer be restored to possession of its property and the control of
      its business.  The court may also make such finding and issue such
      order at any time upon motion of any interested party, but if the
      motion is denied costs shall be assessed against the party.  

         84 Acts, ch 1175, § 50; 85 Acts, ch 67, §49
         Referred to in § 507C.51, 507C.52