State Ex Rel. Hager v. Iowa National Mutual Insurance Co.

CARTER, Justice.

This appeal requires us to consider an issue of first impression involving the interpretation of Iowa Code section 507C.42(3) (1985). More than thirty senior executives of Iowa National Mutual Insurance Company, an insolvent mutual insurance company involved in statutory liquidation proceedings, seek priority status under that statute for claims involving their deferred compensation benefits. They urge that their claims arise under “annuity policies” or as “annuity proceeds” as those terms are employed in section 507C.42(3).

The district court disagreed with these claimants’…