507C.15 Actions by and against rehabilitator.
1. A court in this state, before which an action or proceeding in which the insurer is a party or is obligated to defend a party is pending when a rehabilitation order against the insurer is entered, shall stay the action or proceeding for ninety days and any additional time as necessary for the rehabilitator to obtain proper representation and prepare for further proceedings. The rehabilitator shall take action respecting the pending litigation as necessary in the interests of justice and for the protection of creditors, policyholders, and the public. The rehabilitator shall immediately consider all litigation pending outside this state and shall petition the courts having jurisdiction over that litigation for stays whenever necessary to protect the estate of the insurer.
2. A statute of limitations or defense of laches shall not run in an action by or against an insurer between the filing of a petition for appointment of a rehabilitator for that insurer and the order granting or denying that petition. An action by or against the insurer that might have been commenced when the petition was filed may be commenced for at least sixty days after the order of rehabilitation is entered or the petition is denied. The rehabilitator, upon the issuance of an order for rehabilitation pursuant to section 507C.13, may institute an action or proceeding on behalf of the insurer based upon a cause of action for which the period of limitation has not expired at the time of the filing of the petition for an order to rehabilitate. The action or proceeding by the rehabilitator may be instituted within one year or a longer period if provided by applicable law, of the issuance of the order for rehabilitation.
3. A guaranty association or foreign guaranty association covering life or health insurance or annuities shall have standing to appear in a court proceeding concerning the rehabilitation of a life or health insurer if the association is or may become liable to act as a result of the rehabilitation.
84 Acts, ch 1175, §15; 92 Acts, ch 1117, §17
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.