House Journal: Page 1364: Monday, April 23, 2001
5 (4) Pay reasonable compensation to persons
6 appointed and defray from the funds or assets of the
7 establishment all expenses of taking possession of,
8 conserving, conducting, liquidating, disposing of, or
9 otherwise dealing with the business and property of
10 the establishment. If the property of the
11 establishment does not contain sufficient cash or
12 liquid assets to defray the costs incurred, the
13 commissioner may advance the costs so incurred out of
14 the insurance division regulatory fund. Amounts so
15 advanced for expenses of administration shall be
16 repaid to the insurance division regulatory fund for
17 the use of the division out of the first available
18 moneys of the establishment.
19 (5) Hold hearings, subpoena witnesses, and compel
20 their attendance, administer oaths, examine a person
21 under oath, and compel a person to subscribe to the
22 person's testimony after it has been correctly reduced
23 to writing, and in connection to the proceedings
24 require the production of books, accounts, papers,
25 correspondence, memoranda, purchase agreements, files,
26 or other documents or records which the liquidator
27 deems relevant to the inquiry.
28 (6) Collect debts and moneys due and claims
29 belonging to the establishment, wherever located.
30 Pursuant to this subparagraph, the liquidator may do
31 any of the following:
32 (a) Institute timely action in other jurisdictions
33 to forestall garnishment and attachment proceedings
34 against debts.
35 (b) Perform acts as are necessary or expedient to
36 collect, conserve, or protect its assets or property,
37 including the power to sell, compound, compromise, or
38 assign debts for purposes of collection upon terms and
39 conditions as the liquidator deems best.
40 (c) Pursue any creditor's remedies available to
41 enforce claims.
42 (7) Conduct public and private sales of the
43 property of the establishment.
44 (8) Use assets of the establishment under a
45 liquidation order to transfer obligations of purchase
46 agreements to a solvent establishment, if the transfer
47 can be accomplished without prejudice to the
48 applicable priorities under subsection 18.
49 (9) Acquire, hypothecate, encumber, lease,
50 improve, sell, transfer, abandon, or otherwise dispose
Page 44
1 of or deal with property of the establishment at its
2 market value or upon terms and conditions as are fair
3 and reasonable. The liquidator shall also have power
© 2001 Cornell College and
League of Women Voters of Iowa
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