§ 507c-50

507C.50 Conservation of property of foreign or alien insurers found in this state. 1. If a domiciliary liquidator has not been appointed, the commissioner may apply to the court by verified petition for an order directing the commissioner to act as conservator toconserve the property of an alien insurer not domiciled in this state or a foreign insurer onany of the following grounds: a. Any of the grounds in section 507C.12.b. That property has been sequestered by official action in the insurer’s domiciliary state, or in any other state. c. That enough of its property has been sequestered in a foreign country to give reasonable cause to fear that the insurer is or may become insolvent. d. That both of the following are found:(1) That its certificate of authority to do business in this state has been revoked or that no certificate was ever issued. (2) That there are residents of this state with outstanding claims or outstanding policies.2. When an order is sought under subsection 1, the court shall cause the insurer to be given notice and time to respond to the petition as is reasonable under the circumstances. 3. The court may issue the order in whatever terms it deems appropriate.

court shall cause the insurer to be given notice and time to respond to the petition as is reasonable under the circumstances. 3. The court may issue the order in whatever terms it deems appropriate. The filing or recording of the order with the clerk of court or the recorder of deeds of the county in whichthe principal business of the company is located or the county in which its principal office orplace of business is located is the same notice as a deed, bill of sale, or other evidence of titleduly filed or recorded with that recorder of deeds. 4. The conservator may at any time petition for and the court may grant an order under section 507C.51 to liquidate assets of a foreign or alien insurer under conservation, or, for anorder under section 507C.53, to be appointed ancillary receiver. 5. The conservator may at any time petition the court for an order terminating conservation of an insurer. If the court finds that the conservation is no longer necessary,it shall order that the insurer be restored to possession of its property and the control ofits business. The court may also make such finding and issue such order at any time uponmotion of any interested party, but if the

insurer be restored to possession of its property and the control ofits business. The court may also make such finding and issue such order at any time uponmotion of any interested party, but if the motion is denied costs shall be assessed againstthe party. 84 Acts, ch 1175, §50; 85 Acts, ch 67, §49Referred to in §507C.51, 507C.52 Sat Dec 23 00:39:59 2023 Iowa Code 2024, Section 507C.50 (17, 0)