§ 507c-53

507C.53 Ancillary formal proceedings. 1. If a domiciliary liquidator has been appointed for an insurer not domiciled in this state, the commissioner may file a petition with the court requesting appointment as ancillaryreceiver in this state if both of the following exist: a. If the domiciliary liquidator finds that there are sufficient assets of the insurer located in this state to justify the appointment of an ancillary receiver. b. If the protection of creditors or policyholders in this state so requires.2. The court may issue an order appointing an ancillary receiver in whatever terms it deems appropriate. The filing or recording of the order with the recorder of deeds in thisstate is the same notice as a deed, bill of sale, or other evidence of title duly filed or recordedwith that recorder of deeds. 3. When a domiciliary liquidator has been appointed in a reciprocal state, then the ancillary receiver appointed in this state may aid and assist the domiciliary liquidator inrecovering assets of the insurer located in this state. As soon as practicable, the ancillaryreceiver shall liquidate from their respective securities those special deposit claims andsecured claims which are

ng assets of the insurer located in this state. As soon as practicable, the ancillaryreceiver shall liquidate from their respective securities those special deposit claims andsecured claims which are proved and allowed in the ancillary proceedings in this state. Theancillary receiver shall pay the necessary expenses of the proceedings and shall promptlytransfer all remaining assets, books, accounts and records to the domiciliary liquidator.Subject to this section, the ancillary receiver and any deputies have the same powers andare subject to the same duties with respect to the administration of assets as a liquidator ofan insurer domiciled in this state. 4. As to assets and books, accounts, and other records in their respective states, when a domiciliary liquidator has been appointed in this state, ancillary receivers appointed inreciprocal states shall have corresponding rights, duties and powers to those provided insubsection 3 for ancillary receivers appointed in this state. 84 Acts, ch 1175, §53Referred to in §507C.2, 507C.50, 507C.51, 507C.52 Sat Dec 23 00:40:02 2023 Iowa Code 2024, Section 507C.53 (17, 0)