Iowa Administrative Code

j. Describing other relevant matters the applicant deems appropriate. 46.4(3) With regard to either a limited or standard application, the plan of reorganization submitted to the commissioner shall demonstrate: a. Policyholder interests are properly preserved and protected. b. Th…

46.11(1) A mutual insurance holding company, and its subsidiaries and affiliates, shall be subject to all provisions of Iowa Code chapter 521A, “Insurance Holding Company Systems.” In addition to the provisions of that chapter, all material transactions, as that term is defined i…

46.12(1) Any director or officer of a mutual insurance holding company, its subsidiary or affiliate, who acquires directly or indirectly the beneficial ownership of any security issued by any member of the mutual insurance holding company system shall, within 15 days following th…

definitions apply to this chapter: “Affiliated person” of another person means: 1. Any person directly or indirectly owning, controlling, or holding with power to vote, 5 percent or more of the outstanding voting securities of such other person, 2. Any person 5 percent or more of…

46.3(1) An application shall be designated as either: a. A limited application, or b. A standard application. The filing of a limited application shall not preclude the subsequent filing of an application for approval of an initial sale of stock as provided in rule 46.9(521A). 46…

46.4(1) A limited application plan of reorganization shall include provisions: a. Establishing a mutual insurance holding company with at least one stock insurance company subsidiary or one intermediary stock holding company with a stock insurance company subsidiary, the shares o…

46.5(1) The commissioner shall at all times retain jurisdiction over the mutual insurance holding company and its intermediate holding company subsidiaries with stock insurance company subsidiaries. 46.5(2) Following the hearing provided in 46.3(3) the commissioner shall, by orde…

46.6(1) Mutual insurance holding companies shall comply with the provisions of Iowa Code chapter 521A except as expressly provided herein. 46.6(2) No regulatory standards are waived during the pendency of an application for a plan of reorganization. 46.6(3) Mergers and acquisitio…

company. A domestic mutual insurance company may apply to reorganize by merging its policyholders’ membership interests into a mutual insurance holding company by filing with the commissioner a joint application with the mutual insurance holding company complying with the provisi…

A foreign mutual insurance company, or a foreign health service corporation, which if a domestic corporation would be organized under Iowa Code chapter 514, may apply to reorganize by merging its policyholders’ membership interests into a mutual insurance holding company by filin…

company may apply to merge with another mutual insurance holding company by filing with the commissioner a plan of merger and complying with the provisions of Iowa Code chapters 521 and 521A. 191—46.10(521A) Stock offerings. 46.10(1) No stock offering by a mutual insurance holdin…

rules for their use, rules concerning a minimum standard for the valuation of plans with nonlevel premiums or benefits, and rules concerning a minimum standard for the valuation of plans with secondary guarantees. The method for calculating basic reserves defined in this chapter …

nonforfeiture values, issued on or after February 16, 2000, subject to the following exceptions and conditions. 47.2(1) This chapter shall not apply to any of the following: a. Any individual life insurance policy issued on or after February 16, 2000, if the policy is issued in a…

“Basic reserves” means reserves calculated in accordance with Iowa Code section 508.36(6). “Contract segmentation method” means the method of dividing the period from issue to mandatory expiration of a policy into successive segments, with the length of each segment being defined…

reserves. 47.4(1) At the election of the company for any one or more specified plans of life insurance, the minimum mortality standard for basic reserves may be calculated using the 1980 CSO valuation tables with select mortality factors (or any other valuation mortality table ad…

gross premiums or guaranteed nonlevel benefits (other than universal life policies). 47.5(1) Basic reserves. Basic reserves shall be calculated as the greater of the segmented reserves and the unitary reserves. Both the segmented reserves and the unitary reserves for any policy s…

universal life insurance policies that contain provisions resulting in the ability of a policyowner to keep a policy in force over a secondary guarantee period. 47.6(1) General. a. Policies with a secondary guarantee include: (1) A policy with a guarantee that the policy will rem…

arrangement with a qualified outside vendor to assist the commissioner with any or all continuing education services in the same manner as the commissioner may for insurance continuing education services pursuant to rule 191—11.12(505,522B). The commissioner may audit any continu…

of viatical and life settlements in this state by providing rules under which viatical and life settlements may be made, disclosures and other provisions by which viators may be protected, and safeguards by which viatical settlement providers may be monitored and remain in good s…

48.10(1) Unfair trade practices. Pursuant to Iowa Code section 508E.17, a violation of rule 191— 48.4(508E), 191—48.5(508E), 191—48.6(508E), 191—48.7(508E) or 191—48.9(508E) shall be considered an unfair trade practice under Iowa Code chapter 507B, and a violator shall be subject…

follow the procedures in rule 191—10.21(252J,272D) relating to producer suspension for failure to pay child support or state debt for viatical settlement brokers, replacing “producer” with “viatical settlement broker.” [ARC 4910C, IAB 2/12/20, effective 3/18/20]

effective 3/18/20.

effective 3/18/20.

circumstance is held invalid by a court, the remainder of these rules or the rules’ applicability to other persons or circumstances shall not be affected. [ARC 7729B, IAB 4/22/09, effective 4/3/09] These rules are intended to implement Iowa Code chapters 508E, 252J, and 272D. [Fi…

are incorporated by reference. In addition to those definitions and the definitions in rule 191—1.1(502,505), the following definitions apply: “Life settlement” means a viatical settlement in which the viator has not been diagnosed as terminally or chronically ill. For purposes o…

48.3(1) Viatical settlement provider. a. To be considered for licensure as a viatical settlement provider pursuant to Iowa Code section 508E.3, a person must file with the commissioner a completed viatical settlement provider license application in the format prescribed by the co…

48.4(1) If a viatical settlement provider enters into a viatical settlement contract that allows the viator to retain an interest in the policy, the viatical settlement contract shall contain the following: a. A provision that the viatical settlement provider will effect the tran…

viaticating an insurance policy when life expectancy is less than 25 months, a viatical settlement provider shall pay to a viator a discounted amount of the face value of the policy which amount shall be calculated at least at the following rates: Minimum Percentage of Face Value…

viatical settlement contract documents or disclosure statements approved at the time of licensure, or to use new ones, the provider shall submit the new or modified contract documents or disclosure statements to the commissioner for approval in triplicate, along with a postage-pa…

of each year, the secretary and either the president or the vice president of each viatical settlement provider licensed in this state shall submit, under oath, an annual statement report for the immediately preceding calendar year. 48.7(1) Transaction information. The annual sta…

48.8(1) Authority, scope and scheduling of examinations. In addition to the authority, scope and scheduling of examinations set forth in Iowa Code section 508E.7, the following provisions shall apply: a. The commissioner may investigate suspected fraudulent viatical settlement ac…

48.9(1) With respect to policies containing a provision for double or additional indemnity for accidental death, the additional payment shall remain payable to the beneficiary last named by the viator prior to entering into the viatical settlement contract, or to such other benef…

instruments used in hedging transactions in accordance with Iowa Code section 511.8(22). This chapter shall be applicable to the legal reserve funds for all domestic insurers and United States branches of alien insurers entered through this state.

“Business entity” means a sole proprietorship, corporation, limited liability company, association, partnership, joint stock company, joint venture, mutual fund, trust, joint tenancy or other similar form of business organization, whether organized for profit or not for profit. “…

49.3(1) Before engaging in a derivative transaction pursuant to Iowa Code section 511.8(22), an insurer shall establish written guidelines that shall be used for effecting and maintaining the transactions. The guidelines shall: a. Address investment or, if applicable, underwritin…

relating to each derivative transaction transacted pursuant to Iowa Code section 511.8(22) including, but not limited to: 1. The purpose or purposes of the transaction; 2. The assets or liabilities to which the transaction relates; 3. The specific derivative instrument used in th…

under Iowa Code section 511.8(22) shall be: 1. Traded on a qualified exchange; 2. Entered into with, or guaranteed by, a business entity with an investment grade rating by the NAIC Securities and Valuation Office or by a majority of nationally recognized statistical rating organi…

This rule is intended to implement Iowa Code chapters 505, 507, 508, and 515. [ARC 5515C, IAB 3/10/21, effective 4/14/21]

5.10(1) The phrase “preferred dividend requirements as of the date of acquisition” in Iowa Code section 511.8(6) is construed to include the dividend requirements of a new issue. Consequently, a new preferred issue will qualify if the net earnings of the corporation for each of t…

investment for insurance companies before the loan it secures may so qualify [Iowa Code section 515.35(3) “a”(2)]. The statute provides that a company may not invest in excess of 30 percent of its capital and funds in stocks and not more than 10 percent of its capital and surplus…

any kind, domiciled in the state of Iowa, shall loan any portion of its funds to an officer, director, stockholder, employee or any relative or immediate member of the family of an officer or director. The provisions of Iowa Code sections 508.8 and 511.12 shall likewise be applic…

statement instructions. 5.15(1) Purpose. The purpose of this rule is to adopt the National Association of Insurance Commissioners’ accounting practices and procedures manual which has been revised to provide a comprehensive guide to statutory accounting principles, commonly refer…

admitted to do business in the state of Iowa shall, at the discretion of the division, be subject to either or both of the following: 1. An on-site examination by the division; 2. A desk examination, if the applicant provides a financial examination report prepared by the insuran…

excess item to this division on the basis of the true reserve instead of the mean reserve as has been the practice in the past. Under the true reserve system there will be no excess excepting in the case of indebtedness in excess of policy liabilities. The true reserve system eli…