The commissioner may petition the district court for an order directing the commissioner to liquidate a domestic insurer or an alien insurer domiciled in this state on any of the following grounds:
 1. Any ground for an order of rehabilitation specified in section 507C.12 whether or not there has been a prior order directing the rehabilitation of the insurer.

Terms Used In Iowa Code 507C.17

  • 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
  • insolvent: means any of the following:
     (1) For an insurer issuing only assessable fire insurance policies, either of the following:
     (a) The inability to pay any obligation within thirty days after it becomes payable. See Iowa Code 507C.2
  • 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
  • State: means a state, district, or territory of the United States and the Panama Canal Zone. See Iowa Code 507C.2
  • Transaction: means a sale, trade, exchange, transfer, payment, or conversion of a digital asset or any other property or any other action or set of actions occurring between two or more persons relating to the conduct of business, commercial, or governmental affairs. See Iowa Code 554E.1
 2. That the insurer is insolvent.
 3. That the insurer is in a condition that the further transaction of business would be hazardous, financially or otherwise, to its policyholders, its creditors, or the public.
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