507C.20A Redomestication of foreign insurer. The commissioner may petition the court for an ancillary receivership or for an order redomesticating a foreign insurer which is the subject of a liquidation or other delinquencyorder in a reciprocal state. Only the corporate charter and rights to the licenses under suchcharter shall be redomesticated to Iowa. All claims against the foreign insurer shall remaina part of and be administered through the reciprocal state liquidation or other delinquencyproceeding. Following notice as prescribed by the court and a hearing, the court may sell thecorporation as an entity, together with any of its licenses, free and clear from the claims orinterests of all claimants, creditors, policyholders, and stockholders of the corporation underliquidation or other delinquency proceedings, wherever located. The sale may be made onterms and conditions the court deems appropriate. The proceeds of the sale, less court costs,attorney fees, broker’s fees, and the commissioner’s expenses in effectuating the sale, shallbecome part of the assets of the liquidation or other estate in the reciprocal state. le, less court costs,attorney fees, broker’s fees, and the commissioner’s expenses in effectuating the sale, shallbecome part of the assets of the liquidation or other estate in the reciprocal state. 91 Acts, ch 213, §2 Sat Dec 23 00:39:40 2023 Iowa Code 2024, Section 507C.20A (17, 0)
Iowa Legal Code