507C.13 - REHABILITATION ORDERS.

        507C.13  REHABILITATION ORDERS.         1.  An order to rehabilitate the business of a domestic insurer or      an alien insurer domiciled in this state shall appoint the      commissioner as the rehabilitator.  The order shall direct the      rehabilitator to take possession of the assets of the insurer, and to      administer them under the general supervision of the court.  The      filing or recording of the order with the clerk of the district court      or recorder of deeds of the county in which the principal business of      the insurer is conducted, 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.  The order to rehabilitate the insurer shall vest      title to all assets of the insurer in the rehabilitator.         2.  An order issued under this section requires accounting to the      court by the rehabilitator.  Accountings shall be at intervals the      court specifies in the order.  Each accounting must include a report      concerning the rehabilitator's opinion as to whether a plan pursuant      to section 507C.14, subsection 4, will be prepared.  If the      rehabilitator includes in any accounting that such a plan is likely,      the accounting shall also include a proposed timetable for the      preparation and implementation of the plan.         3.  Entry of an order of rehabilitation is not an anticipatory      breach of a contract of the insurer.  
         Section History: Recent Form
         84 Acts, ch 1175, § 13; 92 Acts, ch 1117, § 15         Referred to in § 507C.15, 507C.37