Iowa Code 507C.22 – Notice to creditors and others
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Iowa Code 507C.22
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
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 § 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
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 § 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