reglab/housing_qa huggingface dataset:
IA Code § 507C.37 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 507C - INSURERS SUPERVISION, REHABILITATION, AND LIQUIDATION|Section 507C.37 - Special claims.

507C.37 Special claims.   1. The claim of a third party which is contingent only on the third party first obtaining a judgment against the insured shall be considered and allowed as if there were no such contingency.   2. A claim may be allowed even if contingent, if it is filed in accordance with section 507C.35. It may be allowed and the claimant may participate in all distributions declared after it is filed to the extent that it does not prejudice the orderly administration of the liquidation.   3. Claims that are due except for the passage of time shall be treated as absolute claims are treated. However, the claims may be discounted at the legal rate of interest.   4. Claims made under employment contracts by directors, principal officers, or persons in fact performing similar functions or having similar powers are limited to payment for services rendered prior to the issuance of an order of rehabilitation or liquidation under section 507C.13 or 507C.18.  84 Acts, ch 1175, §37  Referred to in §507C.18, 507C.45
IA Code § 507C.38 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 507C - INSURERS SUPERVISION, REHABILITATION, AND LIQUIDATION|Section 507C.38 - Special provisions for third-party claims.

507C.38 Special provisions for third-party claims.   1. If a third party asserts a cause of action against an insured of an insurer in liquidation, the third party may file a claim with the liquidator.   2. Whether or not the third party files a claim, the insured may file a claim on the insured’s own behalf in the liquidation. If the insured fails to file a claim by the date for filing claims specified in the order of liquidation or within sixty days after mailing of the notice required by section 507C.22, whichever is later, the insured is an unexcused late filer.   3. The liquidator shall make recommendations to the court under section 507C.42, for the allowance of an insured’s claim under subsection 2 after consideration of the probable outcome of a pending action against the insured on which the claim is based, the probable damages recoverable in the action and the probable costs and expenses of defense. After allowance by the court, the liquidator shall withhold dividends payable on the claim, pending the outcome of litigation and negotiation with the insured. If it seems appropriate, the liquidator shall reconsider the claim on the basis of additional information and amend the recommendations to the court. The insured shall be afforded the same notice and opportunity to be heard on all changes in the recommendation as in its initial determination. The court may amend its allowance as it finds appropriate. As claims against the insured are settled or barred, the insured shall be paid from the amount withheld the same percentage dividend as was paid on other claims of like property, based on the lesser of:   a. The amount actually recovered from the insured by action or paid by agreement plus the reasonable costs and expenses of defense.   b. The amount allowed on the claims by the court. After all claims are settled or barred, any sum remaining from the amount withheld shall revert to the undistributed assets of the insurer. Delay in final payment under this subsection shall not be a reason for unreasonable delay of final distribution and discharge of the liquidator.   4. If several claims founded upon one policy are filed, whether by third parties or as claims by the insured under this section, and the aggregate allowed amount of the claims to which the same limit of liability in the policy is applicable exceeds that limit, each claim as allowed shall be reduced in the same proportion so that the total equals the policy limit. Claims by the insured shall be evaluated as in subsection 3. If any insured’s claim is subsequently reduced under subsection 3, the amount thus freed shall be apportioned ratably among the claims which have been reduced under this subsection.   5. A claim may not be presented under this section if it is or may be covered by any guaranty association or foreign guaranty association.  84 Acts, ch 1175, §38
IA Code § 507C.39 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 507C - INSURERS SUPERVISION, REHABILITATION, AND LIQUIDATION|Section 507C.39 - Disputed claims.

507C.39 Disputed claims.   1. If a claim is denied in whole or in part by the liquidator, written notice of the determination shall be given to the claimant or the claimant’s attorney by first class mail at the address shown in the proof of claim. Within sixty days from the mailing of the notice, the claimant may file objections with the liquidator. Unless a filing is made, the claimant may not further object to the determination.   2. If objections are filed with the liquidator and the liquidator does not alter the denial of the claim as a result of the objections, the liquidator shall ask the court for a hearing as soon as practicable and give notice of the hearing by first class mail to the claimant or the claimant’s attorney and to any other persons directly affected. The notice shall be given not less than ten nor more than thirty days before the date of the hearing. The matter shall be heard by the court or by a court-appointed referee. The referee shall submit findings of fact along with a recommendation.  84 Acts, ch 1175, §39  Referred to in §507C.43, 507C.56
IA Code § 507C.40 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 507C - INSURERS SUPERVISION, REHABILITATION, AND LIQUIDATION|Section 507C.40 - Claims of other person.

507C.40 Claims of other person.   If a creditor, whose claim against an insurer is secured in whole or in part by the undertaking of another person, fails to prove and file that claim, then the other person may do so in the creditor’s name and shall be subrogated to the rights of the creditor, whether the claim has been filed by the creditor or by the other person in the creditor’s name to the extent that the other person discharges the undertaking. However, in the absence of an agreement with the creditor to the contrary, the other person is not entitled to any distribution until the amount paid to the creditor on the undertaking plus the distributions paid on the claim from the insurer’s estate to the creditor equal the amount of the entire claim of the creditor. An excess received by the creditor shall be held by the creditor in trust for the other person. As used in this section, “other person” is not intended to apply to a guaranty association or foreign guaranty association.  84 Acts, ch 1175, §40; 92 Acts, ch 1117, §28
IA Code § 507C.41 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 507C - INSURERS SUPERVISION, REHABILITATION, AND LIQUIDATION|Section 507C.41 - Secured creditor’s claims.

507C.41 Secured creditor’s claims.   1. The value of security held by a secured creditor shall be determined in one of the following ways, as the court may direct:   a. By converting the security into money according to the terms of the agreement pursuant to which the security was delivered to the creditors.   b. By agreement, arbitration, compromise or litigation between the creditor and the liquidator.   2. The determination shall be under the supervision and control of the court with due regard for the recommendation of the liquidator. The amount so determined shall be credited upon the secured claim. A deficiency shall be treated as an unsecured claim. If the claimant surrenders the security to the liquidator, the entire claim shall be allowed as if unsecured.  84 Acts, ch 1175, §41  Referred to in §507C.35, 507C.58
IA Code § 507C.43 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 507C - INSURERS SUPERVISION, REHABILITATION, AND LIQUIDATION|Section 507C.43 - Liquidator’s recommendations to court.

507C.43 Liquidator’s recommendations to court.   1. The liquidator shall review claims duly filed in the liquidation and shall make further investigation as necessary. The liquidator may compound, compromise or in any other manner negotiate the amount for which claims will be recommended to the court except where the liquidator is required by law to accept claims as settled by a person or organization, including a guaranty association or foreign guaranty association. Unresolved disputes shall be determined under section 507C.39. As soon as practicable, the liquidator shall present to the court a report of the claims against the insurer with the liquidator’s recommendations. The report shall include the name and address of each claimant and the amount of the claim finally recommended. If the insurer has issued annuities or life insurance policies, the liquidator shall report the persons to whom, according to the records of the insurer, amounts are owed as cash surrender values or other investment value and the amounts owed.   2. The court may approve, disapprove, or modify the report on claims by the liquidator. Reports not modified by the court within sixty days following submission by the liquidator shall be treated by the liquidator as allowed claims, subject to later modification or to rulings made by the court pursuant to section 507C.39. A claim under a policy of insurance shall not be allowed for an amount in excess of the applicable policy limits.  84 Acts, ch 1175, §43  Referred to in §507C.56
IA Code § 507C.44 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 507C - INSURERS SUPERVISION, REHABILITATION, AND LIQUIDATION|Section 507C.44 - Distribution of assets.

507C.44 Distribution of assets.   Under the direction of the court, the liquidator shall pay distributions in a manner that will assure the proper recognition of priorities and a reasonable balance between the expeditious completion of the liquidation and the protection of unliquidated and undetermined claims, including third-party claims. Distribution of assets in kind may be made at valuations set by agreement between the liquidator and the creditor and approved by the court.  84 Acts, ch 1175, §44
IA Code § 507C.45 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 507C - INSURERS SUPERVISION, REHABILITATION, AND LIQUIDATION|Section 507C.45 - Unclaimed and withheld funds.

507C.45 Unclaimed and withheld funds.   1. Unclaimed funds subject to distribution remaining in the liquidator’s hands when the liquidator is ready to apply to the court for discharge, including the amount distributable to a creditor, shareholder, member, or other person who is unknown or cannot be found, shall be deposited with the state treasurer, and shall be paid without interest, except in accordance with section 507C.42, to the person entitled or the person’s legal representative upon proof satisfactory to the state treasurer of the right to the funds. An amount on deposit not claimed within six years from the discharge of the liquidator is deemed to have been abandoned and shall become the property of the state without formal escheat proceedings and be deposited with the general fund.   2. Funds withheld under section 507C.37 and not distributed shall upon discharge of the liquidator be deposited with the state treasurer and paid in accordance with section 507C.42. Sums remaining which under section 507C.42 would revert to the undistributed assets of the insurer shall be transferred to the state treasurer and become the property of the state under subsection 1, unless the commissioner in the commissioner’s discretion petitions the court to reopen the liquidation under section 507C.47.   3. Notwithstanding any other provision of this chapter, funds as identified in subsection 1, with the approval of the court, shall be made available to the commissioner for use in the detection and prevention of future insolvencies. The commissioner shall hold these funds and shall pay without interest, except as provided in section 507C.42, to the person entitled to the funds or the person’s legal representative upon proof satisfactory to the commissioner of the person’s right to the funds. The funds shall be held by the commissioner for a period of two years at which time the rights and duties to the unclaimed funds shall vest in the commissioner.  84 Acts, ch 1175, §45; 92 Acts, ch 1117, §30
IA Code § 507C.46 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 507C - INSURERS SUPERVISION, REHABILITATION, AND LIQUIDATION|Section 507C.46 - Termination of proceedings.

507C.46 Termination of proceedings.   1. When all assets justifying the expense of collection and distribution have been collected and distributed under this chapter, the liquidator shall apply to the court for discharge. The court may grant the discharge and make any other orders, including an order to transfer remaining funds that are uneconomical to distribute, as appropriate.   2. Any other person may apply to the court at any time for an order under subsection 1. If the application is denied, the applicant shall pay the costs and expenses of the liquidator in resisting the application including a reasonable attorney fee.  84 Acts, ch 1175, §46; 92 Acts, ch 1117, §31
IA Code § 507C.47 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 507C - INSURERS SUPERVISION, REHABILITATION, AND LIQUIDATION|Section 507C.47 - Reopening liquidation.

507C.47 Reopening liquidation.   At any time after the liquidation proceeding has been terminated and the liquidator discharged, the commissioner or other interested party may petition the court to reopen the proceedings for good cause including the discovery of additional assets. The court shall order the proceeding reopened if it is satisfied that there is justification for the reopening.  84 Acts, ch 1175, §47  Referred to in §507C.45
IA Code § 507C.48 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 507C - INSURERS SUPERVISION, REHABILITATION, AND LIQUIDATION|Section 507C.48 - Disposition of records during and after termination of liquidation.

507C.48 Disposition of records during and after termination of liquidation.   If it appears to the commissioner that the records of an insurer in process of liquidation or completely liquidated are no longer useful, the commissioner may recommend to the court and the court shall direct what records shall be retained for future reference and what shall be destroyed.  84 Acts, ch 1175, §48
IA Code § 507C.49 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 507C - INSURERS SUPERVISION, REHABILITATION, AND LIQUIDATION|Section 507C.49 - External audit of receiver’s books.

507C.49 External audit of receiver’s books.   The court may order audits to be made of the books of the commissioner relating to a receivership established under this chapter, and a report of each audit shall be filed with the commissioner and with the court. The books, records, and other documents of the receivership shall be made available to the auditor at any time without notice. The expense of an audit shall be considered a cost of administration of the receivership.  84 Acts, ch 1175, §49
IA Code § 507C.50 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 507C - INSURERS SUPERVISION, REHABILITATION, AND LIQUIDATION|Section 507C.50 - Conservation of property of foreign or alien insurers found in this state.

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 to conserve the property of an alien insurer not domiciled in this state or a foreign insurer on any 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. The filing or recording of the order with the clerk of court or the recorder of deeds of the county in which the principal business of the company is located or the county in which its principal office or place of business is located is the same notice as a deed, bill of sale, or other evidence of title duly 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 an order 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 of its business. The court may also make such finding and issue such order at any time upon motion of any interested party, but if the motion is denied costs shall be assessed against the party.  84 Acts, ch 1175, §50; 85 Acts, ch 67, §49  Referred to in §507C.51, 507C.52
IA Code § 507C.51 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 507C - INSURERS SUPERVISION, REHABILITATION, AND LIQUIDATION|Section 507C.51 - Liquidation of property of foreign or alien insurers found in this state.

507C.51 Liquidation of property of foreign or alien insurers found in this state.   1. If a domiciliary receiver has not been appointed, the commissioner may apply to the court by verified petition for an order directing the commissioner to liquidate the assets found in this state of a foreign insurer or an alien insurer not domiciled in this state on any of the following grounds:   a. Any of the grounds in section 507C.12 or 507C.17.   b. Any of the grounds specified in section 507C.50, subsection 1, paragraphs “b” through “d”.   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. If it appears to the court that the best interests of creditors, policyholders, and the public require, the court may issue an order to liquidate in whatever terms it deems appropriate. The filing or recording of the order with the clerk of the court or the recorder of deeds of the county in which the principal business of the company is located or the county in which its principal office or place of business is located, is same notice as a deed, bill of sale, or other evidence of title duly filed or recorded with that recorder of deeds.   4. If a domiciliary liquidator is appointed in a reciprocal state while a liquidation is proceeding under this section, the liquidator under this section shall act as ancillary receiver under section 507C.53. If a domiciliary liquidator is appointed in a nonreciprocal state while a liquidation is proceeding under this section, the liquidator under this section may petition the court for permission to act as ancillary receiver under section 507C.53.   5. On the same grounds as are specified in subsection 1, the commissioner may petition an appropriate federal district court to be appointed receiver to liquidate that portion of the insurer’s assets and business over which the court will exercise jurisdiction, or any lesser part that the commissioner deems desirable for the protection of the policyholders and creditors in this state.   6. When the commissioner has liquidated the assets of a foreign or alien insurer under this section, the court may order the commissioner to pay claims of residents of this state against the insurer under rules as to the liquidation of insurers under this chapter as are otherwise compatible with this section.  84 Acts, ch 1175, §51  Referred to in §507C.50, 507C.52
IA Code § 507C.52 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 507C - INSURERS SUPERVISION, REHABILITATION, AND LIQUIDATION|Section 507C.52 - Domiciliary liquidators in other states.

507C.52 Domiciliary liquidators in other states.   1. Except as to special deposits and security on secured claims under section 507C.53, subsection 3, the domiciliary liquidator of an insurer domiciled in a reciprocal state shall be vested with the title to the assets, property, contracts, rights of action, agents’ balances, books, accounts, and other records of the insurer located in this state. The date of vesting is the date of the filing of the petition, if that date is specified by the domiciliary law for the vesting of property in the domiciliary state. Otherwise, the date of vesting is the date of entry of the order directing possession to be taken. The domiciliary liquidator may immediately recover balances due from agents and obtain possession of the books, accounts, and other records of the insurer located in this state. The domiciliary liquidator may also have the right to recover all other assets of the insurer located in this state, subject to section 507C.53.   2. If a domiciliary liquidator is appointed for an insurer not domiciled in a reciprocal state, the commissioner of this state shall be vested with the title to the property, contracts and rights of action, books, accounts and other records of the insurer located in this state, at the same time that the domiciliary liquidator is vested with title in the domicile. The commissioner of this state may petition for a conservation or liquidation order under section 507C.50 or 507C.51, or for an ancillary receivership under section 507C.53, or after approval by the court may transfer title to the domiciliary liquidator, as the interests of justice and the equitable distribution of the assets require.   3. Claimants residing in this state may file claims with the liquidator or ancillary receiver in this state or with the domiciliary liquidator, if the domiciliary law permits. The claims shall be filed on or before the last date fixed for the filing of claims in the domiciliary liquidation proceedings.  84 Acts, ch 1175, §52; 92 Acts, ch 1117, §32  Referred to in §507C.2