Iowa Administrative Code

documents. 98.15(1) No director or officer of an insurer shall, directly or indirectly: a. Make or cause to be made a materially false or misleading statement to an accountant in connection with any audit, review or communication required under this chapter; or b. Omit to state, …

98.16(1) Every insurer required to file an audited financial report pursuant to this chapter that has annual direct written and assumed premiums, excluding premiums reinsured with the Federal Crop Insurance Corporation and Federal Flood Program, of $500 million or more shall prep…

98.17(1) Upon written application of any insurer, the commissioner may grant an exemption from compliance with any and all provisions of this chapter if the commissioner finds, upon review of the application, that compliance with this chapter would constitute a financial or organ…

insurer, in connection with, and for inclusion in, the filing of the annual audited financial report, a letter stating: 1. That the accountant is independent with respect to the insurer and conforms to the standards of the accountant's profession as contained in the Code of Profe…

annual audited financial report shall be defined as the annual statement of total business on the form filed by such companies with their supervisory authority, duly audited by an independent chartered accountant. For such insurers, the letter required in rule 191—98.6(505) shall…

surveillance of the financial condition of insurers by requiring an annual audit of financial statements reporting the financial position and the results of operations of insurers by independent certified public accountants, Communication of Internal Control Related Matters Noted…

to any person or circumstance is held invalid by a court, the remainder of the chapter or the applicability of its provision to other persons or circumstances shall not be affected. [ARC 3145C, IAB 6/21/17, effective 7/26/17]

[ARC 3145C, IAB 6/21/17, effective 7/26/17] These rules are intended to implement Iowa Code section 505.8. [Filed 10/15/08, Notice 9/10/08—published 11/5/08, effective 1/1/10] [Filed ARC 3145C (Notice ARC 3033C, IAB 4/26/17), IAB 6/21/17, effective 7/26/17]…

definitional guidance as the terms are used within this chapter. “Accountant” or “independent certified public accountant” means an independent certified public accountant or accounting firm in good standing with the American Institute of Certified Public Accountants (AICPA) and …

financial reports and audit committee appointment. 98.4(1) All insurers shall have an annual audit by an independent certified public accountant and shall file an audited financial report with the commissioner on or before June 1 for the year ended December 31 immediately precedi…

98.5(1) The annual audited financial report shall report the financial position of the insurer as of the end of the most recent calendar year and the results of its operations, cash flows and changes in capital and surplus for the year then ended in conformity with statutory acco…

chapter to file an annual audited financial report must, within 60 days after becoming subject to such requirement, register with the commissioner in writing the name and address of the independent certified public accountant or accounting firm retained to conduct the annual audi…

98.7(1) The commissioner shall not recognize any person or firm as a qualified independent certified public accountant that: a. Is not in good standing with the AICPA and in all states in which the accountant is licensed to practice, or, for a Canadian or British company, is not …

commissioner for approval to file audited consolidated or combined financial statements in lieu of separate annual audited financial statements if the insurer is part of a group of insurance companies which utilizes a pooling or 100 percent reinsurance agreement that affects the …

statements furnished pursuant to rule 191—98.5(505) shall be examined by the independent certified public accountant. The audit of the insurer’s financial statements shall be conducted in accordance with generally accepted auditing standards. In accordance with AU Section 319 of …

Iowa Code sections 505.8 and 508.33A. [ARC 9229B, IAB 11/17/10, effective 12/22/10; ARC 5515C, IAB 3/10/21, effective 4/14/21]

99.10(1) Notice of material transactions. An LPS shall not take any of the following actions unless the LPS provides the commissioner at least 30 days’ prior written notice and the commissioner expressly approves the action: a. The dissolution of the LPS. b. Any sale, exchange, l…

99.11(1) Administration of assets. The investment program developed by an LPS shall take into account the safety of the company’s assets, investment yield and return, stability in the value of the investment, and liquidity necessary to meet the company’s expected business needs a…

reinsurance contract. An investor in such a security or a holder of such a security shall not be considered to be transacting the business of insurance in this state solely by reason of having an interest in the security. The underwriter’s placement or selling agents and their pa…

99.13(1) An LPS may reinsure, pursuant to a reinsurance contract, only the risks of a ceding insurer. 99.13(2) Unless otherwise approved in advance by the commissioner, an LPS may not assume or retain exposure to reinsurance losses for its own account that are not funded by one o…

certificate of authority pursuant to subrule 99.5(2) and thereafter by March 1 of each year that an LPS is in operation and is ceded new business from a ceding insurer, a senior actuarial officer of each ceding insurer shall file with the commissioner a certification that the ced…

[ARC 9229B, IAB 11/17/10, effective 12/22/10] These rules are intended to implement Iowa Code sections 505.8 and 508.33A. [Filed ARC 9229B (Notice ARC 9080B, IAB 9/22/10), IAB 11/17/10, effective 12/22/10] [Filed ARC 5515C (Notice ARC 5389C, IAB 1/13/21), IAB 3/10/21, effective 4…

limited purpose subsidiary life insurance companies that are wholly owned by domestic insurers authorized to transact the business of insurance pursuant to Iowa Code chapter 508 and that may issue securities and otherwise access financial markets and alternative sources of capita…

“Affiliated companies” means domestic life insurance companies that are directly or indirectly wholly owned subsidiaries of the same parent. “Ceding insurer” means a domestic life insurance company that is an affiliated company of an LPS and that cedes risk to the LPS pursuant to…

99.4(1) An LPS’s organizational documents shall limit the LPS’s authority to transact the business of reinsurance to reinsure only the risks of a ceding insurer and shall state that the LPS shall not otherwise engage in the business of insurance. 99.4(2) An LPS’s organizational d…

99.5(1) Certificate of authority required. No LPS shall do any reinsurance business in this state unless it obtains from the commissioner a certificate of authority pursuant to this rule. 99.5(2) Application for certificate of authority. Before receiving a certificate of authorit…

99.6(1) An LPS shall not be issued a certificate of authority unless it possesses and thereafter maintains unimpaired paid-in capital and surplus of not less than $2.5 million. 99.6(2) The commissioner may prescribe additional tangible capital and surplus based upon the type, vol…

99.7(1) An LPS shall have a plan of operation approved by its board of directors. The plan of operation shall include all of the following: a. A complete description of all reinsurance transactions, reinsurance security arrangements, securitizations, and any other material transa…

not decrease the capital of the LPS below the minimum capital and surplus amount designated by the commissioner pursuant to rule 191—99.6(505,508), provided, however, that no dividend or distribution may be declared or paid by an LPS if such dividend or distribution would jeopard…

99.9(1) Notice of securitizations. An LPS shall provide the commissioner with a copy of a complete set of executed documentation of an insurance securitization no later than 45 days after the closing on the transactions for such securitization. 99.9(2) Notice of material change t…

accountancy examining board, architectural examining board, engineering and land surveying examining board, interior design examining board, landscape architectural examining board, real estate appraiser examining board, and real estate commission of the department of inspections…

individual board’s rules, abandoned applications are deemed withdrawn. An application is abandoned if the applicant has not accessed or modified the application through the electronic licensing database within the preceding six months. [ARC 8085C, IAB 7/10/24, effective 8/14/24] …

Code chapter 17A and section 10A.103 and apply to all matters before the professional licensing boards. No rule shall, in any way, relieve a person affected by or subject to these rules, or any person affected by or subject to the rules promulgated by the various boards from any …

“Administrator” means the director of the department of inspections, appeals, and licensing. “Board” means an examining board or commission within the department of inspections, appeals, and licensing. “Department” means the department of inspections, appeals, and licensing. “Lic…

coordinate the administrative support for the following boards: 1.4(1) The engineering and land surveying examining board is a seven-member board appointed by the governor and confirmed by the senate. The board administers Iowa Code chapter 542B, Professional Engineers and Land S…

to the chapters in which they are created, except for budgetary and personnel matters. Each board will adopt rules pursuant to Iowa Code chapter 17A. Decisions by each board are final agency actions for purposes of Iowa Code chapter 17A. [ARC 8085C, IAB 7/10/24, effective 8/14/24…

1.6(1) The following are responsibilities of the administrator: a. To make rules pursuant to Iowa Code chapter 17A to implement board duties except to the extent that rulemaking authority is vested in the boards in the bureau. b. To carry out policy-making and enforcement duties …

specified by the rules of the boards, an individual board is the principal custodian of the individual board’s own orders, statements of law or policy issued by the individual board, legal documents, and other public documents on file. Any interested party may examine all public …

mailing address(es) that need to be provided in accordance with the individual board’s rules, applicants of the boards need to provide a telephone number and, if applicable, an email address. The boards will honor the “safe at home” address issued by any state’s program and prote…

1.9(1) The administrator or administrator’s designee may publish or contract with a vendor to publish a newsletter as a nonpublic forum to disseminate official information related to the regulated professions. This official information may include statutory requirements, statutor…

appeals, and licensing examining boards as defined in 191—Chapter 1. The board members cannot sell or lease, either directly or indirectly, any goods or services to individuals, associations, or corporations that are subject to the regulatory authority of the department of inspec…

272C.3(1)“k,” all the professional licensing boards as defined in 191—Chapter 1 may establish an impaired licensee review committee. 12.1(1) Definitions. The following definitions are applicable wherever such terminology is used in the rules regarding the impaired licensee review…

“Board” means an examining board or commission as defined in 193—Chapter 1. “Issuing jurisdiction” means any state, commonwealth, or municipality; the District of Columbia; or other insular territory of the United States. “License” or “licensure” means any license, registration, …

following: 14.2(1) Eligibility. A person may seek licensure by verification if the person is licensed in at least one other jurisdiction that has a scope of practice substantially similar to that of Iowa. 14.2(2) Board application. The applicant needs to submit the following: a. …

14.3(1) Work experience. An applicant for initial licensure who has relocated to Iowa from another jurisdiction that did not need a professional license to practice in the profession may be considered to have met any educational and training requirements if the person has at leas…

“Complete criminal record” includes the complaint and judgment of conviction for each offense of which the applicant has been convicted, regardless of whether the offense is classified as a felony or a misdemeanor, and regardless of the jurisdiction in which the offense occurred.…

eligibility determination pursuant to rule 193—15.3(272C), the applicant’s convictions will be reviewed when the board receives a completed license application. 15.2(1) An applicant will disclose all convictions on a license application. Failure to disclose all convictions is gro…

15.3(1) An individual who has not yet submitted a completed license application may petition the board for a determination of whether one or more of the individual’s convictions are disqualifying offenses that would render the individual ineligible for licensure. An individual wi…

disqualifying offense may appeal the decision in the manner and time frame set forth in the board’s written decision. A timely appeal will initiate a nondisciplinary contested case proceeding. The board’s rules governing contested case proceedings will apply unless otherwise spec…

the petitioner may not submit a subsequent petition for eligibility determination or a license application prior to the date specified in the final order. If a final order denies a license application, the applicant may not submit a subsequent license application or a petition fo…