2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 507C - INSURERS SUPERVISION, REHABILITATION, AND LIQUIDATION
507C.51 - LIQUIDATION OF PROPERTY OF FOREIGN OR ALIEN INSURERS FOUND IN THIS STATE.

        507C.51  LIQUIDATION OF PROPERTY OF FOREIGN OR ALIEN
      INSURERS FOUND IN THIS STATE.
         1.  If a domiciliary receiver has not been appointed, the
      commissioner may apply to the court by verified petition for an order
      directing the commissioner to liquidate the assets found in this
      state of a foreign insurer or an alien insurer not domiciled in this
      state on any of the following grounds:
         a.  Any of the grounds in section 507C.12 or 507C.17.
         b.  Any of the grounds specified in section 507C.50,
      subsection 1, paragraphs "b" through "d".
         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.  If it appears to the court that the best interests of
      creditors, policyholders, and the public require, the court may issue
      an order to liquidate in whatever terms it deems appropriate.  The
      filing or recording of the order with the clerk of the 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 same notice as a deed, bill of sale,
      or other evidence of title duly filed or recorded with that recorder
      of deeds.
         4.  If a domiciliary liquidator is appointed in a reciprocal state
      while a liquidation is proceeding under this section, the liquidator
      under this section shall act as ancillary receiver under section
      507C.53.  If a domiciliary liquidator is appointed in a nonreciprocal
      state while a liquidation is proceeding under this section, the
      liquidator under this section may petition the court for permission
      to act as ancillary receiver under section 507C.53.
         5.  On the same grounds as are specified in subsection 1, the
      commissioner may petition an appropriate federal district court to be
      appointed receiver to liquidate that portion of the insurer's assets
      and business over which the court will exercise jurisdiction, or any
      lesser part that the commissioner deems desirable for the protection
      of the policyholders and creditors in this state.
         6.  When the commissioner has liquidated the assets of a foreign
      or alien insurer under this section, the court may order the
      commissioner to pay claims of residents of this state against the
      insurer under rules as to the liquidation of insurers under this
      chapter as are otherwise compatible with this section.  

         84 Acts, ch 1175, § 51
         Referred to in § 507C.50, 507C.52