Builders Transport, Inc. v. State

LARSON, Presiding Justice.

Builders Transport, Inc., a trucking company based in Alabama, was insured by Carriers Insurance Company of Des Moines. Carriers ran into financial difficulty, and in November 1985, it was placed into “rehabilitation,” a period of supervision by the Iowa insurance commissioner. In January 1986, Carriers was ordered liquidated.

In June 1986, Builders sued the State of Iowa under Iowa Code chapter 25A (1985) for losses it claims were caused by the insurance commissioner’s negligent supervision of Carriers during the period of its rehabilitation. On the same day the suit…