Title XIII, COMMERCE (Ch. 505 - 554I)

1. On receipt of an application for a certificate of authority or renewal of a certificate of authority, the appropriate fees, and the statement and evidence of investment of foreign companies, the commissioner of insurance shall issue a certificate or a renewal of a certificate …

1. Upon failure of a company organized under the laws of this state to file the statement in the time stated in section 508.11 , or to file in a timely manner any financial statement required by rule of the commissioner of insurance, the commissioner of insurance shall notify the…

Companies organized and chartered by the laws of a foreign state or country, failing to file the evidence of investment and statement within the time fixed, or failing to timely file any financial statement required by rule of the commissioner of insurance, shall forfeit and pay …

The commissioner may do one or more of the following: 1. For a violation of Title XIII, subtitle 1 , after a hearing provided pursuant to chapter 17A , order the suspension of the license or authority to transact the business of insurance within the state. 2. Upon three days’ not…

The commissioner of insurance at any time may make a personal examination of the books, papers, securities, and business of any life insurance company doing business in this state, or authorize any other suitable person to make the same, and the commissioner or the person so auth…

The court, on the final hearing, may make the decree subject to the provisions of section 508.19 as to the appointment of a receiver, the disposition of the deposits of the company in the hands of the commissioner, and its dissolution, if a domestic company. [C73, §1172; C97, §17…

The securities that are on deposit of a defaulting or insolvent company, or a company against which proceedings are pending under section 508.18 , shall vest in the state for the benefit of all policyholders of the company. [C73, §1173; C97, §1778; C24, 27, 31, 35, 39, § 8663; C4…

The articles of incorporation, and any subsequent amendments, of a company shall be filed with and approved by the commissioner of insurance before filing with the secretary of state. A company shall file with the commissioner bylaws and subsequent amendments to the bylaws within…

The title to all securities deposited with the commissioner of insurance by any domestic life insurance company or association which has been, or hereafter shall be, reinsured by a foreign life insurance company, shall be vested in the commissioner for the use and benefit of only…

The reinsuring company shall at all times maintain such deposits in at least the amount of the net reserve, as determined by the commissioner of insurance, on all policies reinsured. [C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §508.21 ]

In the event of insolvency or receivership of such reinsuring company or its successors, the commissioner shall be appointed by the district court of the state in and for Polk county as receiver of said insolvent reinsuring company, and shall proceed, subject to the court’s appro…

It shall be unlawful for any insurance company transacting business within this state, under the provisions of this chapter , to write or use any form of policy or contract of insurance, on the life of any individual in this state, until a copy of such form of policy or contract …

Should any company decline to file a copy of its form of policies or contracts, the commissioner of insurance shall suspend its authority to transact business within the state until such forms of policies or contracts have been so filed and approved. [S13, §1783-c; C24, 27, 31, 3…

The commissioner of insurance shall decline to approve any such form of policy or contract of insurance unless the same shall, in all respects, conform to the laws of this state applicable thereto. The policy shall be incontestable after it shall have been in force during the lif…

Any life insurance company organized on the stock or mutual plan, and that is authorized by the company’s charter or articles of incorporation, may in addition to such life insurance, insure, either individually or on the group plan, the health of persons and against personal inj…

Such articles shall show the name, location of principal place of business, object, amount of capital, if a stock company, and shall contain such other provisions as may be necessary to a full understanding of the nature of the business to be transacted and the plan upon which th…

Any life insurance company organized on the stock or mutual plan may grant and sell annuities. [C35, §8673-e1; C39, § 8673.1; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §508.31 ]

1. A life insurance company organized under this chapter may issue funding agreements. The issuance of a funding agreement under this section is deemed to be doing insurance business. For purposes of this section , “funding agreement” means an agreement for an insurer to accept a…

1. As used in this section : a. “Annuity contracts” and “life insurance policies” include accident and health insurance policies and contracts, and include undertakings, duties, and obligations incidental to or in furtherance of any such policies or contracts. b. “Proceeds” inclu…

1. A life insurance company organized under this chapter and doing business in this state may hold funds, including additions and contributions, as custodian in a custodial or similar account in conjunction with an accident and health insurance policy. Funds held by an insurance …

Any life insurance company incorporated in this state may organize, or acquire by purchase, in whole or in part subsidiary insurance and investment companies in which it owns not less than fifty-one percent of the common stock, and notwithstanding any other provisions of this sub…

1. As used in this section unless the context otherwise requires: a. “Affiliated company” means a domestic life insurance company that is a directly or indirectly wholly owned subsidiary of the same parent. b. “Parent” means a person as defined in section 521A.1 who directly or i…

Any subsidiary company shall be a separate and distinct company, with neither the organizing or acquiring life company nor such subsidiary having any liability to the creditors, policyholders or stockholders, if any, of the other. The organizing or acquiring company may be either…

Any such subsidiary company organized by any such life insurance company shall comply with all the laws of the state of its incorporation pertaining to the organization and qualification to do business of its class or kind, and if incorporated outside of the state of Iowa shall b…

This section shall be known as the “Standard Valuation Law” . 1. Definitions. a. As used in this section , unless the context otherwise requires: (1) “Accident and health insurance” means policies or contracts that incorporate morbidity risk and provide protection against economi…

This section shall be known as the “Standard Nonforfeiture Law for Life Insurance” . 1. As used in this section , “operative date of the valuation manual” means the same as provided in section 508.36, subsection 14 . 2. In the case of policies issued on or after the operative dat…

This section shall be known as the “Standard Nonforfeiture Law for Individual Deferred Annuities”. 1. This section does not apply to any reinsurance, group annuity purchased under a retirement plan or plan of deferred compensation established or maintained by an employer, includi…

The directors or managers of a stock company, incorporated under the laws of this state, shall make no dividends except from the earned profits arising from their business, which shall not include contributed capital or contributed surplus. 88 Acts, ch 1112, §603

1. All amendments to the articles of incorporation of companies already organized under the laws of this state shall be approved in the same manner as provided in section 508.2 . 2. A company shall file with the commissioner bylaws and subsequent amendments to such bylaws within …

1. A stock life insurance company shall not be authorized to transact business under this chapter with less than five million dollars of capital and surplus paid in cash or invested as provided by law. A stock life insurance company shall not increase its capital stock unless the…

Except as permitted in sections 508.8 and 508.8A , the capital or other funds shall not be loaned directly or indirectly to an officer, director, stockholder, or employee of the company or directly or indirectly to a relative of an officer or director of the company. [C73, §1162;…

1. As used in this section , “employee” includes but is not limited to the officers of a life insurance company. 2. A director or officer of a life insurance company shall not receive, in addition to fixed salary or compensation, money or other valuable thing, either directly or …

1. A life insurance company having a ratio of statutory surplus to admitted assets of at least four percent may make, acquire, and hold loans to employees, officers, and directors under the following terms and conditions: a. The company may make a mortgage loan on real property o…

1. Level premium and natural premium life insurance companies organized under the laws of this state upon the mutual plan shall, before issuing policies, have actual applications on at least two hundred and fifty lives for an average amount of one thousand dollars each. A list of…