Iowa Code 507C.7 – Bonds
Current as of: 2023 | Check for updates
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Terms Used In Iowa Code 507C.7
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Commissioner: means the commissioner of insurance and any successor in office. 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
In a proceeding under this chapter, the commissioner and the commissioner’s deputies shall be responsible on their official bonds for the faithful performance of their duties. If the court deems it desirable for the protection of the assets, it may require an additional bond from the commissioner or the commissioner’s deputies. The bonds shall be paid for out of the assets of the insurer as a cost of administration.