507C.10 Seizure order.
1. With respect to a domestic insurer the commissioner may file in the district court a petition alleging all of the following:
a. That there exist grounds that would justify a court order for a formal delinquency proceeding against an insurer under this chapter.
b. That the interests of policyholders, creditors, or the public will be endangered by delay.
c. The contents of an order deemed necessary by the commissioner.
2. Upon a filing under subsection 1, the court may issue, ex parte and without a hearing, the requested order which shall direct the commissioner to take possession and control of all or a part of the property, books, accounts, documents, and other records of an insurer, and of the premises occupied by it for transaction of its business, and until further order of the court enjoin the insurer and its officers, managers, agents, and employees from disposing of the insurer’s property and from transacting of the insurer’s business, except with the written consent of the commissioner.
3. The court shall specify in the order the duration of the order. The duration shall be the time the court deems necessary for the commissioner to ascertain the condition of the insurer. Upon motion or on its own, the court may from time to time hold hearings as it deems desirable after notice as it deems appropriate, and may extend, shorten, or modify the terms of the seizure order. The court shall vacate the seizure order if the commissioner fails to commence a formal proceeding under this chapter after having had a reasonable opportunity to do so. An order of the court pursuant to a formal proceeding under this chapter shall automatically vacate the seizure order.
4. Entry of a seizure order under this section is not an anticipatory breach of a contract of the insurer.
5. An insurer subject to an ex parte order under this section may petition the court after the issuance of the order for a hearing and review of the order. The court shall hold the hearing and review not more than fifteen days after the request. A hearing under this subsection may be held privately in chambers. Upon request of the insurer the hearing shall be held privately in chambers.
6. If at any time after the issuance of an order under this section it appears to the court that a person whose interest is or will be substantially affected by the order did not appear at the hearing and has not been served, the court may order that notice be given. An order that notice be given shall not stay the effect of any order previously issued by the court.
84 Acts, ch 1175, §10
Referred to in §507C.2, 507C.11, 507C.54
Structure Iowa Code
Chapter 507C - INSURERS SUPERVISION, REHABILITATION, AND LIQUIDATION
Section 507C.1 - Short title — construction — purpose.
Section 507C.3 - Applicability.
Section 507C.4 - Jurisdiction and venue.
Section 507C.5 - Injunctions and orders.
Section 507C.6 - Cooperation of officers, owners, and employees — penalty.
Section 507C.8 - Continuation of delinquency proceedings.
Section 507C.8A - Condition on release from delinquency proceedings.
Section 507C.9 - Summary orders and supervision proceedings — penalty.
Section 507C.10 - Seizure order.
Section 507C.11 - Confidentiality of hearings.
Section 507C.12 - Grounds for rehabilitation.
Section 507C.13 - Rehabilitation orders.
Section 507C.14 - Powers and duties of rehabilitator.
Section 507C.15 - Actions by and against rehabilitator.
Section 507C.16 - Termination of rehabilitation.
Section 507C.17 - Grounds for liquidation.
Section 507C.17A - Rehabilitation or liquidation of certain covered domestic insurers.
Section 507C.18 - Liquidation orders.
Section 507C.19 - Continuance of coverage.
Section 507C.20 - Dissolution or sale of insurer.
Section 507C.20A - Redomestication of foreign insurer.
Section 507C.21 - Powers of liquidator.
Section 507C.22 - Notice to creditors and others.
Section 507C.23 - Duties of agents.
Section 507C.24 - Actions by and against liquidator.
Section 507C.25 - Collection and list of assets.
Section 507C.26 - Fraudulent transfers prior to petition.
Section 507C.27 - Fraudulent transfer after petition.
Section 507C.28 - Voidable preferences and liens.
Section 507C.28A - Qualified financial contracts.
Section 507C.29 - Claims of holders of void or voidable rights.
Section 507C.31 - Assessments.
Section 507C.32 - Reinsurer’s liability.
Section 507C.33 - Recovery of premiums owed.
Section 507C.34 - Domiciliary liquidator’s proposal to distribute assets.
Section 507C.35 - Filing of claims.
Section 507C.36 - Proof of claim.
Section 507C.37 - Special claims.
Section 507C.38 - Special provisions for third-party claims.
Section 507C.39 - Disputed claims.
Section 507C.40 - Claims of other person.
Section 507C.41 - Secured creditor’s claims.
Section 507C.42 - Priority of distribution.
Section 507C.43 - Liquidator’s recommendations to court.
Section 507C.44 - Distribution of assets.
Section 507C.45 - Unclaimed and withheld funds.
Section 507C.46 - Termination of proceedings.
Section 507C.47 - Reopening liquidation.
Section 507C.48 - Disposition of records during and after termination of liquidation.
Section 507C.49 - External audit of receiver’s books.
Section 507C.50 - Conservation of property of foreign or alien insurers found in this state.
Section 507C.51 - Liquidation of property of foreign or alien insurers found in this state.
Section 507C.52 - Domiciliary liquidators in other states.
Section 507C.53 - Ancillary formal proceedings.
Section 507C.54 - Ancillary summary proceedings.
Section 507C.55 - Claims of nonresidents against insurers domiciled in this state.
Section 507C.56 - Claims of residents against insurers domiciled in reciprocal states.
Section 507C.57 - Attachment, garnishment, and levy of execution.
Section 507C.58 - Interstate priorities.
Section 507C.59 - Subordination of claims for noncooperation.