2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 507C - INSURERS SUPERVISION, REHABILITATION, AND LIQUIDATION
507C.53 - ANCILLARY FORMAL PROCEEDINGS.

        507C.53  ANCILLARY FORMAL PROCEEDINGS.
         1.  If a domiciliary liquidator has been appointed for an insurer
      not domiciled in this state, the commissioner may file a petition
      with the court requesting appointment as ancillary receiver in this
      state if both of the following exist:
         a.  If the domiciliary liquidator finds that there are
      sufficient assets of the insurer located in this state to justify the
      appointment of an ancillary receiver.
         b.  If the protection of creditors or policyholders in this
      state so requires.
         2.  The court may issue an order appointing an ancillary receiver
      in whatever terms it deems appropriate.  The filing or recording of
      the order with the recorder of deeds in this state is the same notice
      as a deed, bill of sale, or other evidence of title duly filed or
      recorded with that recorder of deeds.
         3.  When a domiciliary liquidator has been appointed in a
      reciprocal state, then the ancillary receiver appointed in this state
      may aid and assist the domiciliary liquidator in recovering assets of
      the insurer located in this state.  As soon as practicable, the
      ancillary receiver shall liquidate from their respective securities
      those special deposit claims and secured claims which are proved and
      allowed in the ancillary proceedings in this state.  The ancillary
      receiver shall pay the necessary expenses of the proceedings and
      shall promptly transfer all remaining assets, books, accounts and
      records to the domiciliary liquidator.  Subject to this section, the
      ancillary receiver and any deputies have the same powers and are
      subject to the same duties with respect to the administration of
      assets as a liquidator of an insurer domiciled in this state.
         4.  As to assets and books, accounts, and other records in their
      respective states, when a domiciliary liquidator has been appointed
      in this state, ancillary receivers appointed in reciprocal states
      shall have corresponding rights, duties and powers to those provided
      in subsection 3 for ancillary receivers appointed in this state.  

         84 Acts, ch 1175, § 53
         Referred to in § 507C.2, 507C.50, 507C.51, 507C.52