reglab/housing_qa huggingface dataset:
IA Code § 507C.24 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 507C - INSURERS SUPERVISION, REHABILITATION, AND LIQUIDATION|Section 507C.24 - Actions by and against liquidator.

507C.24 Actions by and against liquidator.   1. After the issuance of an order appointing a liquidator of a domestic insurer or of an alien insurer domiciled in this state, action at law or equity shall not be brought against the insurer or liquidator in this state or elsewhere, nor shall existing actions be maintained or further presented after issuance of the order. The courts of this state shall give full faith and credit to injunctions against the liquidator or the insurer or the continuation of existing actions against the liquidator or the insurer, when the injunctions are included in an order to liquidate an insurer issued pursuant to corresponding provisions in other states. Whenever in the liquidator’s judgment, protection of the estate of the insurer necessitates intervention in an action against the insurer that is pending outside this state, the liquidator may intervene in the action. The liquidator may defend, at the expense of the estate of the insurer, an action in which the liquidator intervenes under this section.   2. Within two years or such additional time as applicable law may permit, the liquidator may, after the issuance of an order for liquidation, institute an action or proceeding on behalf of the estate of the insurer upon any cause of action against which the period of limitation fixed by applicable law has not expired at the time of the filing of the petition upon which the order is entered. If a period of limitation is fixed by agreement for instituting a suit or proceeding upon a claim, or for filing a claim, proof of claim, proof of loss, demand, notice, or the like, or if in a proceeding, judicial or otherwise, a period of limitation is fixed in the proceeding or pursuant to applicable law for taking an action, filing a claim or pleading, or doing an act, and if the period had not expired at the date of the filing of the petition, the liquidator may, for the benefit of the estate, take any action or do any act, required of or permitted to the insurer, within a period of one hundred eighty days subsequent to the entry of an order for liquidation, or within a further period as is shown to the satisfaction of the court not to be unfairly prejudicial to the other party.   3. A statute of limitations or defense of laches shall not run with respect to an action against an insurer between the filing of a petition for liquidation against an insurer and the denial of the petition. An action against the insurer that might have been commenced when the petition was filed may be commenced for at least sixty days after the petition is denied.   4. A guaranty association or foreign guaranty association shall have standing to appear in a court proceeding concerning the liquidation of an insurer if the association is or may become liable to act as a result of the liquidation.  84 Acts, ch 1175, §24; 92 Acts, ch 1117, §24
IA Code § 507C.25 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 507C - INSURERS SUPERVISION, REHABILITATION, AND LIQUIDATION|Section 507C.25 - Collection and list of assets.

507C.25 Collection and list of assets.   1. As soon as practicable after the liquidation order but not later than one hundred twenty days thereafter, the liquidator shall prepare in duplicate a list of the insurer’s assets. The list shall be amended or supplemented as the liquidator may determine. One copy shall be filed in the office of the clerk of the court and one copy shall be retained for the liquidator’s files. Amendments and supplements shall be similarly filed.   2. The liquidator shall reduce the assets to a degree of liquidity that is consistent with the effective execution of the liquidation.   3. A submission to the court for disbursement of assets in accordance with section 507C.34 fulfills the requirements of subsection 1.  84 Acts, ch 1175, §25
IA Code § 507C.26 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 507C - INSURERS SUPERVISION, REHABILITATION, AND LIQUIDATION|Section 507C.26 - Fraudulent transfers prior to petition.

507C.26 Fraudulent transfers prior to petition.   1. A transfer made and an obligation incurred by an insurer within one year prior to the filing of a successful petition for rehabilitation or liquidation under this chapter is fraudulent as to then existing and future creditors if made or incurred without fair consideration, or with actual intent to hinder, delay, or defraud either existing or future creditors. A fraudulent transfer made or an obligation incurred by an insurer ordered to be rehabilitated or liquidated under this chapter may be avoided by the receiver, except as to a person who in good faith is a purchaser, lienor, or obligee for a present fair equivalent value. A purchaser, lienor, or obligee, who in good faith has given a consideration less than fair for such transfer, lien, or obligation, may retain the property, lien or obligation as security for repayment. The court may, on due notice, order any such transfer or obligation to be preserved for the benefit of the estate, and in that event, the receiver shall succeed to and may enforce the rights of the purchaser, lienor, or obligee.   2. a. A transfer of property other than real property is made when it becomes perfected so that a subsequent lien obtainable by legal or equitable proceedings on a simple contract could not become superior to the rights of the transferee under section 507C.28, subsection 3.   b. A transfer of real property is made when it becomes perfected so that a subsequent bona fide purchaser from the insurer could not obtain rights superior to the rights of the transferee.   c. A transfer which creates an equitable lien is not perfected if there are available means by which a legal lien could be created.   d. A transfer not perfected prior to the filing of a petition for liquidation shall be deemed to be made immediately before the filing of the successful petition.   e. This subsection applies whether or not there are or were creditors who might have obtained a lien or persons who might have become bona fide purchasers.   3. A transaction of the insurer with a reinsurer is fraudulent and may be avoided by the receiver under subsection 1 if both of the following exist:   a. The transaction consists of the termination, adjustment, or settlement of a reinsurance contract in which the reinsurer is released from any part of its duty to pay the originally specified share of losses that had occurred prior to the time of the transaction, unless the reinsurer gives a present fair equivalent value for the release.   b. Part of the transaction took place within one year prior to the date of filing of the petition through which the receivership was commenced.   4. A person receiving property from an insurer or any benefit from an insurer which is a fraudulent transfer under subsection 1 is personally liable for the property or benefit and shall account to the liquidator.  84 Acts, ch 1175, §26; 93 Acts, ch 88, §7  Referred to in §507C.14, 507C.21, 507C.35
IA Code § 507C.27 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 507C - INSURERS SUPERVISION, REHABILITATION, AND LIQUIDATION|Section 507C.27 - Fraudulent transfer after petition.

507C.27 Fraudulent transfer after petition.   1. After a petition for rehabilitation or liquidation has been filed a transfer of real property of the insurer made to a person acting in good faith is valid against the receiver if made for a present fair equivalent value. If the transfer was not made for a present fair equivalent value, then the transfer is valid to the extent of the present consideration actually paid for which amount the transferee shall have a lien on the property transferred. The commencement of a proceeding in rehabilitation or liquidation is constructive notice upon the recording of a copy of the petition for or order of rehabilitation or liquidation with the recorder of deeds in the county where any real property in question is located. The exercise by a court of the United States or a state or jurisdiction to authorize a judicial sale of real property of the insurer within a county in a state shall not be impaired by the pendency of a proceeding unless the copy is recorded in the county prior to the consummation of the judicial sale.   2. After a petition for rehabilitation or liquidation has been filed and before either the receiver takes possession of the property of the insurer or an order of rehabilitation or liquidation is granted:   a. A transfer of the property, other than real property, of the insurer made to a person acting in good faith is valid against the receiver if made for a present fair equivalent value. If the transfer was not made for a present fair equivalent value, then the transfer is valid to the extent of the present consideration actually paid for which amount the transferee shall have a lien on the property transferred.   b. If acting in good faith, a person indebted to the insurer or holding property of the insurer may pay the debt or deliver the property, or any part thereof, to the insurer or upon the insurer’s order as if the petition were not pending.   c. A person having actual knowledge of the pending rehabilitation or liquidation is not acting in good faith.   d. A person asserting the validity of a transfer under this section shall have the burden of proof. Except as provided in this section, a transfer by or on behalf of the insurer after the date of the petition for liquidation by any person other than the liquidator shall not be valid against the liquidator.   3. A person receiving any property from the insurer or any benefit of the insurer which is a fraudulent transfer under subsection 1 is personally liable for the property or benefit and shall account to the liquidator.   4. This chapter shall not impair the negotiability of currency or negotiable instruments.  84 Acts, ch 1175, §27; 92 Acts, ch 1117, §25  Referred to in §507C.14, 507C.21, 507C.35
IA Code § 507C.29 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 507C - INSURERS SUPERVISION, REHABILITATION, AND LIQUIDATION|Section 507C.29 - Claims of holders of void or voidable rights.

507C.29 Claims of holders of void or voidable rights.   1. A claim of a creditor who has received or acquired a preference, lien, conveyance, transfer, assignment, or encumbrance, voidable under this chapter shall not be allowed unless the creditor surrenders the preference, lien, conveyance, transfer, assignment, or encumbrance. If the avoidance is effected by a proceeding in which a final judgment has been entered, the claim shall not be allowed unless the money is paid or the property is delivered to the liquidator within thirty days from the date of the entering of the final judgment. However, the court having jurisdiction over the liquidation may allow further time if there is an appeal or other continuation of the proceeding.   2. A claim allowable under subsection 1 by reason of a voluntary or involuntary avoidance, preference, lien, conveyance, transfer, assignment, or encumbrance may be filed as an excused late filing under section 507C.35 if filed within thirty days from the date of the avoidance or within the further time allowed by the court under subsection 1.  84 Acts, ch 1175, §29  Referred to in §507C.35
IA Code § 507C.30 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 507C - INSURERS SUPERVISION, REHABILITATION, AND LIQUIDATION|Section 507C.30 - Setoffs.

507C.30 Setoffs.   1. Except as provided in subsection 2 and section 507C.33 mutual debts or mutual credits between the insurer and another person in connection with an action or proceeding under this chapter shall be set off and the balance only shall be allowed or paid.   2. a. A setoff shall not be allowed in favor of a person where any of the following are found:   (1) At the date of the filing of a petition for liquidation, the obligation of the insurer to the person would not entitle the person to share as a claimant in the assets of the insurer.   (2) The obligation of the insurer to the person was purchased by or transferred to the person with a view to its being used as a setoff.   (3) The obligation of the insurer is owed to the affiliate of such person, or any other entity or association other than the person.   (4) The obligation of the person is owed to the affiliate of the insurer, or any other entity or association other than the insurer.   (5) The obligation of the person is to pay an assessment levied against the members or subscribers of the insurer, or is to pay a balance upon a subscription to the capital stock of the insurer, or is in any other way in the nature of a capital contribution.   (6) The obligation of the person is to pay earned premiums to the insurer.   b. Nothing in paragraph “a”, however, restricts the right of a person to set off premium due to or from the insurer pursuant to a reinsurance contract.  84 Acts, ch 1175, §30; 92 Acts, ch 1117, §26; 96 Acts, ch 1045, §1; 2005 Acts, ch 70, §6  Referred to in §507C.28A
IA Code § 507C.31 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 507C - INSURERS SUPERVISION, REHABILITATION, AND LIQUIDATION|Section 507C.31 - Assessments.

507C.31 Assessments.   1. As soon as practicable but not more than two years from the date of an order of liquidation under section 507C.18 of an insurer issuing assessable policies, the liquidator shall make a report to the court setting forth all of the following:   a. The reasonable value of the assets of the insurer.   b. The insurer’s probable total liabilities.   c. The probable aggregate amount of the assessment necessary to pay claims of creditors and expenses in full, including expenses of administration and costs of collecting the assessment.   d. A recommendation as to whether an assessment should be made and, if so, in what amount.   2. a. Upon the basis of the report provided in subsection 1 and any supplement or amendment to the report, the court may levy one or more assessments against all members of the insurer who are subject to assessment.   b. Subject to any applicable legal limits on assessability, the aggregate assessment shall be for the amount that the sum of the probable liabilities, the expenses of administration, and the estimated cost of collection of the assessment, exceeds the value of existing assets. Due regard shall be given to assessments that cannot be collected economically.   3. After levy of assessment under subsection 2, the liquidator shall issue an order directing a member who has not paid the assessment pursuant to the order to show cause why the liquidator should not pursue a judgment for the assessment.   4. The liquidator shall give notice of the order to show cause by publication and by first class mail to a member liable under the order. The notice shall be mailed to the member’s last known address as it appears on the insurer’s records at least twenty days before the return day of the order to show cause.   5. a. If a member does not appear and serve duly verified objections upon the liquidator on or before the return day of the order to show cause under subsection 3, the court shall order the adjudging member to be liable for the amount of the assessment plus costs. The liquidator shall have a judgment against the member for the amount entered in the order.   b. If on or before the return day, the member appears and serves duly verified objections upon the liquidator, the commissioner may hear and determine the matter or may appoint a referee to hear it and make such order as the facts warrant. If the commissioner determines that the objections do not warrant relief from assessment, the member may request the court to review the matter and vacate the order to show cause.   6. The liquidator may enforce an order or collect a judgment under subsection 5 by any lawful means.  84 Acts, ch 1175, §31
IA Code § 507C.32 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 507C - INSURERS SUPERVISION, REHABILITATION, AND LIQUIDATION|Section 507C.32 - Reinsurer’s liability.

507C.32 Reinsurer’s liability.   Notwithstanding a provision in the reinsurance contract or other agreement, the amount recoverable by the liquidator from reinsurers shall not be reduced as a result of delinquency proceedings. Payment made directly to an insured or other creditor shall not diminish the reinsurer’s obligation to the insurer’s estate except when either of the following applies:   1. The contract or other written agreement specifically provides for another payee of the reinsurance in the event of the insolvency of the ceding insurer.   2. The assuming insurer, with the consent of the direct insured, has assumed the policy obligations of the ceding insurer as direct obligations of the assuming insurer to the payees under the policies and in substitution for the obligations of the ceding insurer to the payees.  84 Acts, ch 1175, §32; 98 Acts, ch 1057, §2
IA Code § 507C.33 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 507C - INSURERS SUPERVISION, REHABILITATION, AND LIQUIDATION|Section 507C.33 - Recovery of premiums owed.

507C.33 Recovery of premiums owed.   1. a. An agent, broker, premium finance company or any other person responsible for the payment of a premium is obligated to pay an unpaid premium for the full policy term due the insurer at the time of the declaration of insolvency, whether earned or unearned, as shown on the records of the insurer. The liquidator shall also have the right to recover from the person any part of an unearned premium that represents commission of the person. Credits or setoffs or both shall not be allowed to an agent, broker, or premium finance company for amounts advanced to the insurer by the agent, broker, or premium finance company on behalf of, but in the absence of a payment by, the insured.   b. Notwithstanding paragraph “a”, the agent, broker, premium finance company, or other person, is not liable for uncollected unearned premium of the insurer. A presumption exists that the premium as shown on the books of the insurer is collected and the burden is upon the agent, broker, premium finance company, or other person to demonstrate by a preponderance of the evidence that the unearned premium was not actually collected. For purposes of this paragraph, “unearned premium” means that portion of an insurance premium covering the unexpired term of the policy or the unexpired period of the policy period.   c. An insured is obligated to pay an unpaid earned premium due the insurer as shown on the records of the insurer at the time of the declaration of insolvency.   2. Upon satisfactory evidence of a violation of this section, the commissioner may pursue either one or both of the following courses of action:   a. Suspend or revoke or refuse to renew the licenses of the offending party or parties.   b. Impose a penalty of not more than one thousand dollars for each act in violation of this section by the party or parties.   3. Before the commissioner shall take any action as set forth in subsection 2, the commissioner shall give written notice to the person, company, association, or exchange accused of violating the law, stating specifically the nature of the alleged violation, and fixing a time and place, at least ten days thereafter, when a hearing on the matter shall be held. After such hearing, or upon failure of the accused to appear at the hearing, if a violation is found the commissioner shall impose those penalties under subsection 2 as deemed advisable.   4. When the commissioner shall take action in any or all of the ways set out in subsection 2, the party aggrieved may appeal from the action to court.  84 Acts, ch 1175, §33; 91 Acts, ch 213, §3  Referred to in §507C.30
IA Code § 507C.35 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 507C - INSURERS SUPERVISION, REHABILITATION, AND LIQUIDATION|Section 507C.35 - Filing of claims.

507C.35 Filing of claims.   1. Proof of all claims shall be filed with the liquidator in the form required by section 507C.36 on or before the last day for filing specified in the notice required under section 507C.22. However, proof of claims for cash surrender values or other investment values in life insurance and annuities need not be filed unless the liquidator expressly so requires.   2. The liquidator may permit a claimant making a late filing to share in distributions, whether past or future, as if the claimant were not late, to the extent that the payment will not prejudice the orderly administration of the liquidation under any of the following circumstances:   a. The existence of the claim was not known to the claimant and that the claimant filed the claim as promptly thereafter as reasonably possible after learning of it.   b. A transfer to a creditor was avoided under sections 507C.26 through 507C.28, or was voluntarily surrendered under section 507C.29, and that the filing satisfies the conditions of section 507C.29.   c. The valuation under section 507C.41 of security held by a secured creditor shows a deficiency, which is filed within thirty days after the valuation.   3. The liquidator shall permit late filing claims to share in distributions, whether past or future, as if they were not late, if the claims are claims of a guaranty association or foreign guaranty association for reimbursement of covered claims paid or expenses incurred, or both, subsequent to the last day for filing where the payments were made and expenses incurred as provided by law.   4. The liquidator may consider any claim filed late which is not covered by subsection 2, and permit it to receive distributions which are subsequently declared on any claims of the same or lower priority if the payment does not prejudice the orderly administration of the liquidation. The late-filing claimant shall receive at each distribution the same percentage of the amount allowed on the claim as is then being paid to claimants of any lower priority. This shall continue until the claim has been paid in full.  84 Acts, ch 1175, §35  Referred to in §507C.29, 507C.37, 507C.56
IA Code § 507C.36 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 507C - INSURERS SUPERVISION, REHABILITATION, AND LIQUIDATION|Section 507C.36 - Proof of claim.

507C.36 Proof of claim.   1. Proof of claim shall consist of a statement signed by the claimant that includes all of the following that are applicable:   a. The particulars of the claim including the consideration given for it.   b. The identity and amount of the security on the claim.   c. The payments, if any, made on the debt.   d. A statement that the sum claimed is justly owing and that there is no setoff, counterclaim, or defense to the claim.   e. Any right of priority of payment or other specific right asserted by the claimant.   f. A copy of the written instrument which is the foundation of the claim.   g. The name and address of the claimant and the attorney who represents the claimant, if any.   2. A claim need not be considered or allowed if it does not contain all the information in subsection 1 which is applicable. The liquidator may require that a prescribed form be used and may require that other information and documents be included.   3. At any time the liquidator may request the claimant to present information or evidence supplementary to that required under subsection 1 and may take testimony under oath, require production of affidavits or depositions, or otherwise obtain additional information or evidence.   4. A judgment or order against an insured or the insurer entered after the date of filing of a successful petition for liquidation, or a judgment or order against an insured or the insurer entered at any time by default or by collusion need not be considered as evidence of liability or of quantum of damages. A judgment or order against an insured or the insurer entered within four months before the filing of the petition need not be considered as evidence of liability or of the quantum of damages.   5. Claims of a guaranty association or foreign guaranty association shall be in the form and contain the substantiation as may be agreed to by the association and the liquidator.  84 Acts, ch 1175, §36  Referred to in §507C.22, 507C.35, 507C.56