Iowa Code 521A.11 – Receivership
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Terms Used In Iowa Code 521A.11
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
- property: includes personal and real property. See Iowa Code 4.1
521A.11 Receivership.
Whenever it appears to the commissioner that any person has committed a violation of
this chapter which so impairs the financial condition of a domestic insurer as to threaten insolvency or make the further transaction of business by it hazardous to its policyholders, creditors, shareholders or the public, then the commissioner may proceed as provided in § 505.9 to take possession of the property of such domestic insurer and to conduct the business thereof.
[C71, 73, 75, 77, 79, 81, §521A.11]
Whenever it appears to the commissioner that any person has committed a violation of
this chapter which so impairs the financial condition of a domestic insurer as to threaten insolvency or make the further transaction of business by it hazardous to its policyholders, creditors, shareholders or the public, then the commissioner may proceed as provided in § 505.9 to take possession of the property of such domestic insurer and to conduct the business thereof.
[C71, 73, 75, 77, 79, 81, §521A.11]