507C.13 Rehabilitation orders. 1. An order to rehabilitate the business of a domestic insurer or an alien insurer domiciled in this state shall appoint the commissioner as the rehabilitator. The order shall direct therehabilitator to take possession of the assets of the insurer, and to administer them under thegeneral supervision of the court. The filing or recording of the order with the clerk of thedistrict court or recorder of deeds of the county in which the principal business of the insureris conducted, or the county in which its principal office or place of business is located, is thesame notice as a deed, bill of sale, or other evidence of title duly filed or recorded with thatrecorder of deeds. The order to rehabilitate the insurer shall vest title to all assets of theinsurer in the rehabilitator. 2. An order issued under this section requires accounting to the court by the rehabilitator. Accountings shall be at intervals the court specifies in the order. Each accounting mustinclude a report concerning the rehabilitator’s opinion as to whether a plan pursuantto section 507C.14, subsection 4, will be prepared. ntervals the court specifies in the order. Each accounting mustinclude a report concerning the rehabilitator’s opinion as to whether a plan pursuantto section 507C.14, subsection 4, will be prepared. If the rehabilitator includes in any accounting that such a plan is likely, the accounting shall also include a proposed timetablefor the preparation and implementation of the plan. 3. Entry of an order of rehabilitation is not an anticipatory breach of a contract of the insurer. 84 Acts, ch 1175, §13; 92 Acts, ch 1117, §15Referred to in §507C.15, 507C.37 Sat Dec 23 00:39:35 2023 Iowa Code 2024, Section 507C.13 (17, 0)
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