507C.8A Condition on release from delinquency proceedings. An insurer subject to a delinquency proceeding shall not be released from the delinquency proceeding unless the proceeding is converted into a rehabilitation or liquidation proceeding;shall not be permitted to solicit or accept new business, or request or accept the restorationof any suspended or revoked license or certificate of authority; and shall not be returned tothe control of the insurer’s shareholders or private management, or have any of the insurer’sassets returned to the control of its shareholders or private management, until all paymentsof or on account of the insurer’s contractual obligations by all guaranty associations, alongwith all expenses of such obligations and interest on all such payments and expenses, havebeen repaid to the guaranty association or a plan of repayment by the insurer is approved bythe guaranty association. 92 Acts, ch 1117, §13 Sat Dec 23 00:39:32 2023 Iowa Code 2024, Section 507C.8A (17, 0)
Iowa Legal Code