507C.22 Notice to creditors and others.
1. Unless the court otherwise directs, the liquidator shall give notice of the liquidation order as soon as possible by doing all of the following:
a. By first class mail and either by telegram or telephone to the insurance commissioner of each jurisdiction in which the insurer is doing business.
b. By first class mail to a guaranty association or foreign guaranty association which is or may become obligated as a result of the liquidation.
c. By first class mail to all insurance agents of the insurer.
d. By first class mail to all persons known or reasonably expected to have claims against the insurer, including policyholders, by mailing a notice to their last known address as indicated by the records of the insurer.
e. By publication in a newspaper of general circulation in the county in which the insurer has its principal place of business and in other locations as the liquidator deems appropriate.
2. Notice to potential claimants under subsection 1 shall require claimants to file with the liquidator their claims together with proper proofs of the claim under section 507C.36 on or before a date the liquidator shall specify in the notice. The liquidator need not require persons claiming cash surrender values or other investment values in life insurance and annuities to file a claim. Claimants shall keep the liquidator informed of changes of address.
3. a. Notice to agents of the insurer and potential claimants who are policyholders under subsection 1, where applicable, shall include notice that coverage by state guaranty associations may be available for all or part of policy benefits in accordance with applicable state guaranty laws.
b. The liquidator shall promptly provide to the guaranty associations such information concerning the identities and addresses of the policyholders and their policy coverages as may be within the liquidator’s possession or control, and otherwise cooperate with guaranty associations to assist them in providing to the policyholders timely notice of the guaranty associations’ coverage of policy benefits including, as applicable, coverage of claims and continuation or termination of coverage.
4. If notice is given pursuant to this section, the distribution of assets of the insurer under this chapter shall be conclusive with respect to claimants, whether or not a claimant actually received notice.
84 Acts, ch 1175, §22; 92 Acts, ch 1117, §22
Referred to in §507C.23, 507C.35, 507C.38
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.