507C.1 - SHORT TITLE -- CONSTRUCTION -- PURPOSE.

        507C.1  SHORT TITLE -- CONSTRUCTION -- PURPOSE.         1.  This chapter shall be cited as the "Insurers Supervision,      Rehabilitation, and Liquidation Act".         2.  This chapter shall not be interpreted to limit the powers      granted the commissioner by any other law.         3.  This chapter shall be liberally construed to effect the      purpose stated in subsection 4.         4.  The purpose of this chapter is the protection of the interests      of insureds, claimants, creditors, and the public, with minimum      interference with the normal prerogatives of the owners and managers      of insurers, through all of the following:         a.  Early detection of a potentially dangerous condition in an      insurer and prompt application of appropriate corrective measures.         b.  Improved methods for rehabilitating insurers, involving      the cooperation and management expertise of the insurance industry.         c.  Enhanced efficiency and economy of liquidation, through      clarification of the law, to minimize legal uncertainty and      litigation.         d.  Equitable apportionment of any unavoidable loss.         e.  Lessening the problems of interstate rehabilitation and      liquidation by facilitating cooperation between states in the      liquidation process, and by extending the scope of personal      jurisdiction over debtors of the insurer outside this state.         f.  Regulation of the insurance business by the impact of the      law relating to delinquency procedures and substantive rules on the      entire insurance business.         g.  Providing for a comprehensive scheme for the      rehabilitation and liquidation of insurance companies and those      subject to this chapter as part of the regulation of the business of      insurance, the insurance industry, and insurers in this state.      Proceedings in cases of insurer insolvency and delinquency are deemed      an integral aspect of the business of insurance and are of vital      public interest and concern.  
         Section History: Recent Form
         84 Acts, ch 1175, § 1; 92 Acts, ch 1117, § 8, 9