Section 508D.1 – Title.

508D.1 Title. This chapter shall be cited as the “Multistate Life and Health Insurance Resolution Facility Act”. 94 Acts, ch 1011, §1

Section 508D.2 – Purpose.

508D.2 Purpose. The purpose of this chapter is to authorize the formation of an entity by one or more state life and health insurance guaranty associations for the purpose of administering and disposing of the business of impaired or insolvent insurance companies assumed by or assigned to the entity by its member guaranty associations, or […]

Section 508D.3 – Definitions.

508D.3 Definitions. As used in this chapter, unless the context otherwise requires: 1. “Facility” means the multistate life and health insurance resolution facility created pursuant to section 508D.4 as a legal entity domiciled in Iowa with its principal place of business and other business offices either within or without the state of Iowa as the […]

Section 508D.4 – Facility established.

508D.4 Facility established. The facility may be created by one or more life and health insurance guaranty associations for the purpose set out in section 508D.2. The name of the facility shall be the multistate life and health insurance resolution facility. A life and health insurance guaranty association or other entity as approved by the […]

Section 508D.5 – Board of directors.

508D.5 Board of directors. 1. The members of the board of directors shall be selected by the member guaranty associations. The number of members of the board and their terms shall be established in the plan of operation. Vacancies on the board shall be filled for the remaining period of the term by a majority […]

Section 508D.6 – Powers and duties of the facility.

508D.6 Powers and duties of the facility. 1. The facility shall perform those duties of the member guaranty associations which are delegated to the facility as permitted under the enabling legislation of each member guaranty association and which are consistent with the plan of operation. 2. Except as otherwise provided in this chapter, the facility […]

Section 508D.7 – Plan of operation.

508D.7 Plan of operation. 1. The facility shall submit to the oversight organization a plan of operation and any amendments to the plan of operation necessary or suitable to assure the fair, reasonable, and equitable administration of the facility’s business. The plan of operation and any amendments to the plan are effective upon the oversight […]

Section 508D.8 – Costs and assessments.

508D.8 Costs and assessments. 1. Costs of administration shall be recorded separately for each impaired or insolvent company and those costs shall be reimbursed from the assets of such company. 2. The board of directors of the facility shall assess the member guaranty associations at the time and for the amounts the board finds necessary […]

Section 508D.9 – Miscellaneous provisions.

508D.9 Miscellaneous provisions. 1. Records shall be kept of all negotiations and meetings in which the facility or the facility’s representatives are involved to discuss the activities of the facility in carrying out the powers and duties set out under section 508D.6. Records of negotiations or meetings shall be made public pursuant to chapter 22 […]