§ 510.3

510.3 Liability of managing general agents. Notwithstanding any obligation of a director or officer of an insolvent insurer to the liquidator of the insolvent insurer, a managing general agent of a domestic insurer againstwhom an order of liquidation has been entered is liable for fees paid to the managinggeneral agent prior to the entry of the order of liquidation upon a finding that the renderingof services, or failure to render services contracted for, substantially caused or contributedto the insolvency of the domestic insurer, and was pursuant to a contract which had notbeen submitted to the commissioner, or which had been submitted to the commissioner anddisapproved, or the services did not meet accepted standards for such services. 89 Acts, ch 227, §3Referred to in §510.10 Sat Dec 23 00:42:07 2023 Iowa Code 2024, Section 510.3 (17, 0)