Iowa Administrative Code

stock and mutual insurers. All payments of principal and interest on these notes require the prior approval of the commissioner.

fee” and do not include it under the term of “premium” would not have the effect of exempting this income from taxation. It is most assuredly a part of the premium or income received from policyholders for business done in Iowa and thus subject to taxation.

to be taxed hereunder, there shall be excluded: 1. All premiums returned to policyholders or annuitants during the preceding calendar year, except cash surrender values. 2. All dividends that, during said year, have been paid in cash or applied in reduction of premiums or left to…

insurance company that has paid a premium tax payment or prepayment and demonstrates an inability to recoup the funds paid via a credit, provided that the division determines that a refund is appropriate. A claim for refund is a formal request made by the insurance company or its…

5.43(1) The requirement that a domestic insurer submit its contracts with managing general agents for approval of the commissioner set forth in Iowa Code section 510.2 remains in effect after July 1, 1991. 5.43(2) A managing general agent shall at all times maintain a surety bond…

shall not cause the ratio of its net written premiums to its surplus as regards policyholders to exceed three to one without the approval of the commissioner. [ARC 5515C, IAB 3/10/21, effective 4/14/21]

535A.2 and 535A.4.

5.51(1) “Reporting financial institution” means a person which holds a certificate of authority to act as an insurer pursuant to any provision of Title XX, Iowa Code, if the person: a. At the beginning of a reporting period possessed assets in excess of $10 million; and b. During…

5.52(1) Every reporting financial institution shall file the reports required by rule 191—5.53(535A) with the director of the Iowa housing finance authority and with the commissioner each year by January 15, and shall maintain a copy of each report at the office where its princip…

5.53(1) Reports required by rule 191—5.53(535A) shall be filed on Disclosure Form A1 or a form similar thereto. 5.53(2) Financial institutions may submit computer printouts in lieu of the specimen form if the computer printouts contain the same information in the same sequence as…

5.54(1) Reporting financial institutions shall file with the commissioner on or before March 15 of each year Disclosure Form B or a form similar thereto the following additional information with respect to loans for the purchase of residential property made during the preceding y…

has failed to comply with the provisions of Iowa Code chapter 535A or these rules may file a written complaint with the division or bring an action in the district court in accordance with Iowa Code chapter 535A. [ARC 5515C, IAB 3/10/21, effective 4/14/21] These rules are intende…

at all times show the value of the following items on its financial statements in the following manner unless a different treatment is authorized by the state where the insurer is domiciled: 5.6(1) Real estate. At amortized cost. 5.6(2) Stocks. At market value as determined by th…

opportunity for hearing, of substantial likelihood of future financial impairment of a domestic insurer due to persistent operating losses in any line of business in any state where the insurer does business, the commissioner may order a domestic insurer to withdraw and cease doi…

relevant information as to its business in any state identified by the commissioner and found by the commissioner to have a consistently oppressive and confiscatory regulatory environment: The commissioner’s request shall identify the state and shall include a basis for the commi…

accordance with applicable law and with 191—Chapters 20, 30, 31, 34, 35, 36, 37, and 39, as applicable.

effective 12/20/00. [Filed 8/1/63, amended 11/21/63, 1/13/71] [Filed emergency 5/24/76, Notice 4/19/76—published 6/14/76, effective 5/24/76] [Filed emergency 2/13/79—published 3/7/79, effective 2/13/79] [Filed emergency after Notice 7/20/79, Notice 3/7/79—published 8/8/79, effect…

the following definitions shall apply unless the context otherwise requires: “Act” means Iowa Code chapter 502, the Iowa Uniform Securities Act (Blue Sky Law). “Administrator” means the commissioner of insurance or the deputy administrator appointed under Iowa Code section 502.60…

50.10(1) An applicant for an initial registration to conduct business as a broker-dealer must: a. File a current Form BD. If the applicant is a member of FINRA, Form BD shall be filed with CRD. If the applicant is not a member of FINRA, Form BD shall be signed and notarized and f…

50.100(1) An issuer of securities registered under the Act, or any person who is an officer, director or controlling person of such issuer, is presumed to employ a “device, scheme or artifice to defraud” the purchasers of such securities under Iowa Code section 502.501(1) if such…

50.101(1) Rescission offers made pursuant to Iowa Code section 502.510 shall be typed or printed and shall be captioned “RESCISSION OFFER” in boldface print or type. The rescission offer shall be delivered to each offeree personally or shall be sent by certified mail to the offer…

providing investment advice. 50.102(1) It shall constitute a fraudulent, deceptive or manipulative act, practice, or course of business for an investment adviser or an investment adviser representative acting as principal for such person’s own account, knowingly to sell any secur…

50.103(1) It is unlawful for any investment adviser to enter into, extend, or renew any investment advisory contract unless the contract provides in writing all of the following: a. That the investment adviser shall not be compensated on the basis of a share of capital gains or c…

DIVISION VIII VIATICAL SETTLEMENT INVESTMENT CONTRACTS

registered with FINRA as principals, appropriate to the function(s) to be performed. This rule is intended to implement Iowa Code section 502.406. [ARC 9169B, IAB 10/20/10, effective 11/24/10]

agents to sell viatical settlement investment contracts. 50.110(1) Under this rule, the term “viatical settlement investment contract issuer” includes, but is not limited to, any individual, company, corporation or other entity that offers or sells, directly or indirectly, viatic…

issuers must provide specific, written disclosures of risk to Iowa investors at the time of the initial offer to sell a viatical settlement investment contract. These disclosures must be preceded by the following caption, which must be in bold, 16-point typeface: IMPORTANT RISK D…

50.112(1) The issuer and agent shall file all viatical settlement investment contract advertisements with the administrator at least ten business days prior to the date of use or a shorter period as the administrator may permit. The administrator shall mark the advertisements wit…

relevant and material information to prospective investors in viatical settlement investment contracts. The required disclosure is the registration statement required by Iowa Code section 502.304 which has been reviewed and made effective by the administrator. This rule is intend…

50.12(1) Agent registration. Every applicant for registration as an agent of a broker-dealer shall: a. Pass the Uniform Securities Agent State Law Examination (Series 63) or the Uniform Combined State Law Examination (Series 66); b. Pass the appropriate qualifying examination adm…

applicable continuing education requirements adopted by FINRA, NYSE, or any other self-regulatory agency. Failure to comply with any such requirements may be a basis for discipline pursuant to Iowa Code section 502.412(4)“n.” This rule is intended to implement Iowa Code section 5…

50.14(1) Unless otherwise provided by an SEC order, each broker-dealer registered or required to be registered under the Act shall make, maintain and preserve books and records in compliance with SEC Rules 17a-3 (17 CFR 240.17a-3), 17a-4 (17 CFR 240.17a-4), 15c2-6 (17 CFR 240.15c…

requirements. 50.15(1) Each broker-dealer registered or required to be registered under the Act shall comply with SEC Rules 15c3-1 (17 CFR 240.15c3-1), 15c3-2 (17 CFR 240.15c3-2), and 15c3-3 (17 CFR 240.15c3-3). 50.15(2) Each broker-dealer registered or required to be registered …

50.16(1) Dishonest or unethical business practices by any person in the securities business, other than an agent, investment adviser, investment adviser representative, or federal covered investment adviser, as prohibited pursuant to Iowa Code section 502.412(4)“m” include, but a…

50.17(1) Each broker-dealer, after executing and before completing each transaction with its customer, shall give or send the customer a written confirmation. A broker-dealer not registered pursuant to the Securities Exchange Act of 1934 shall provide a written confirmation inclu…

50.18(1) A Canadian broker-dealer may register under this rule if the broker-dealer: a. Files with the administrator an application in the form required by the jurisdiction in which the broker-dealer has its principal office; b. Files with the administrator a consent to service o…

50.19(1) A bank may, without registering as a broker-dealer, effect: a. Transactions pursuant to Iowa Code section 502.102(4)“c”; or b. Transactions permitted by order of the administrator. 50.19(2) A bank that has entered into a contract with an Iowa-registered broker-dealer may…

50.2(1) The administrator may assess the broker-dealer or investment adviser for reasonable charges of travel, lodging, and other expenses incurred by Iowa insurance division staff or independent persons conducting an audit or inspection and directly attributable to an audit or i…

50.20(1) A broker-dealer engaging in securities activities with banks as permitted by subrules 50.19(2) and 50.19(3) shall maintain for three years and make available to the administrator upon request the following records: a. Copies of all advertisements and promotional literatu…

institutions. 50.21(1) A credit union, savings bank, or savings and loan institution may, without registering as a broker-dealer, effect: a. Transactions pursuant to Iowa Code section 502.102(4)“c”; and b. Transactions permitted by order of the administrator. 50.21(2) A credit un…

loan institutions. 50.22(1) A broker-dealer engaging in securities activities with credit unions, savings banks, or savings and loan institutions as permitted by subrules 50.21(2) and 50.21(3) shall maintain for three years and make available to the administrator upon request the…

DIVISION III REGISTRATION OF INVESTMENT ADVISERS, INVESTMENT ADVISER REPRESENTATIVES, AND FEDERAL COVERED INVESTMENT ADVISERS

administrator to issue an interpretative opinion pursuant to Iowa Code section 502.605(4). These requests will be answered by means of a no-action letter. Requests for confirmation of the availability of an exemption shall be answered in the same manner. The following procedure i…

50.30(1) Designation. Pursuant to Iowa Code sections 502.406 and 502.608(3)“a,” the administrator designates the IARD operated by FINRA to receive and store filings and collect related fees from investment advisers on behalf of the administrator. 50.30(2) Use of IARD. Unless othe…

50.31(1) Investment adviser applications—required filings. The application for initial registration as an investment adviser shall be made by: a. Filing Form ADV Parts 1 and 2 with IARD; and b. Remitting the $100 filing fee to IARD pursuant to Iowa Code section 502.410(3). 50.31(…

50.32(1) Designation. Pursuant to Iowa Code sections 502.406 and 502.608(3)“a,” the administrator designates the CRD operated by FINRA to receive and store filings and collect related fees from investment adviser representatives on behalf of the administrator. 50.32(2) Initial ap…

50.33(1) Except as exempted by subrule 50.33(2), a person applying to be registered as an investment adviser representative shall provide the administrator with proof that the person has obtained either: a. A passing score on the Series 65 examination. b. Passing scores on both t…