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
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.