Iowa Code 507C.55 – Claims of nonresidents against insurers domiciled in this state
Current as of: 2023 | Check for updates
|
Other versions
1. In a liquidation proceeding begun in this state against an insurer domiciled in this state, claimants residing in foreign countries or in nonreciprocal states shall file claims in this state, and claimants residing in reciprocal states shall file claims either with the ancillary receivers in their respective states or with the domiciliary liquidator. Claims shall be filed on or before the last date fixed for the filing of claims in the domiciliary liquidation proceeding.
Terms Used In Iowa Code 507C.55
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
- security: includes a mortgage loan, mortgage-related securities, and an interest in any mortgage loan or mortgage-related security. 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
2. Claims belonging to claimants residing in reciprocal states shall be proved either in the liquidation proceeding in this state as provided in this chapter or in ancillary proceedings in the reciprocal states, if a claim filing procedure is established in the ancillary proceeding. If notice of the claims and opportunity to appear and be heard is afforded the domiciliary liquidator of this state as provided in section 507C.56, subsection 2, with respect to ancillary proceedings, the final allowance of claims by the courts in ancillary proceedings in reciprocal states shall be conclusive as to amount and as to priority against special deposits or other security located in such ancillary states, but shall not be conclusive with respect to priorities against general assets under section 507C.42.