Iowa Code 507C.1 – Short title — construction — purpose
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1. This chapter shall be cited as the “Insurers Supervision, Rehabilitation, and Liquidation Act”.
Terms Used In Iowa Code 507C.1
- Commissioner: means the commissioner of insurance and any successor in office. See Iowa Code 507C.2
- 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
- Insurer: means a person who has done, purports to do, is doing or is licensed to do insurance business, and is or has been subject to the authority of, or to liquidation, rehabilitation, reorganization, supervision, or conservation by an insurance commissioner. See Iowa Code 507C.2
- 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.
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- State: means a state, district, or territory of the United States and the Panama Canal Zone. See Iowa Code 507C.2
2. This chapter shall not be interpreted to limit the powers granted the commissioner by any other law.
3. This chapter shall be liberally construed to effect the purpose stated in subsection 4.
4. The purpose of this chapter is the protection of the interests of insureds, claimants, creditors, and the public, with minimum interference with the normal prerogatives of the owners and managers of insurers, through all of the following:
a. Early detection of a potentially dangerous condition in an insurer and prompt application of appropriate corrective measures.
b. Improved methods for rehabilitating insurers, involving the cooperation and management expertise of the insurance industry.
c. Enhanced efficiency and economy of liquidation, through clarification of the law, to minimize legal uncertainty and litigation.
d. Equitable apportionment of any unavoidable loss.
e. Lessening the problems of interstate rehabilitation and liquidation by facilitating cooperation between states in the liquidation process, and by extending the scope of personal jurisdiction over debtors of the insurer outside this state.
f. Regulation of the insurance business by the impact of the law relating to delinquency procedures and substantive rules on the entire insurance business.
g. Providing for a comprehensive scheme for the rehabilitation and liquidation of insurance companies and those subject to this chapter as part of the regulation of the business of insurance, the insurance industry, and insurers in this state. Proceedings in cases of insurer insolvency and delinquency are deemed an integral aspect of the business of insurance and are of vital public interest and concern.