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

Judicial review of the actions of the commissioner of insurance may be sought in accordance with the terms of the Iowa administrative procedure Act, chapter 17A , upon filing with the clerk of court a good and sufficient bond for the payment of all costs adjudged against the peti…

The statements and declarations made or testimony given by any officer, agent, or employee in the investigation before the commissioner of insurance, or upon the hearing on the petition for judicial review, as provided in sections 515.141 , 515.145 , and 515.152 , shall not be us…

The maximum premium payable by any member of a mutual company shall be expressed in the policy and in the application for the insurance. Such maximum may be a cash premium and an additional contingent premium not less than the cash premium, or may be solely a cash premium, which …

Such mutual company shall maintain unearned premium and other reserves separately for each kind of insurance, upon the same basis as that required of domestic insurance companies transacting the same kind of insurance; provided that any reserve for losses or claims based upon the…

Any such mutual company not possessed of assets at least equal to the unearned premium reserve and other liabilities shall make an assessment upon its members liable to assessment to provide for such deficiency, such assessment to be against each member in proportion to such liab…

Any director, officer, or member of any such mutual company, or any other person, may advance to such company, any sum or sums of money necessary for the purpose of its business, or to enable it to comply with any of the requirements of the law, and such moneys and such interest …

The articles of incorporation, and any subsequent amendments, of an organization shall be filed with and approved by the commissioner of insurance before filing with the secretary of state. An organization shall file with the commissioner bylaws and subsequent amendments to the b…

1. A mutual company organized under this chapter may establish and maintain guaranty capital of at least fifty thousand dollars made up of multiples of ten thousand dollars, divided into shares of not less than fifty dollars each, to be invested as provided for the investment of …

Such mutual company may insert in any form of policy prescribed by the law of this state any additional provisions or conditions required by its plan of insurance if not inconsistent or in conflict with any law of this state. [C24, 27, 31, 35, 39, § 8913; C46, 50, 54, 58, 62, 66,…

Capital, surplus, funds, or other assets, or any part of any or all of the foregoing, shall not be directly or indirectly loaned to an officer, director, stockholder, or employee of a company or to a relative of an officer or director of a company. [S13, §1783-e; C24, 27, 31, 35,…

For the purpose of determining the basis of any tax upon the gross amount of premiums, or gross receipts from premiums, assessments, fees, and promissory obligations, now or hereafter imposed upon any fire or casualty insurance company under any law of this state, such gross amou…

1. Shareholders of any class or series of shares, members, or policyholders may participate in any meeting of shareholders, members, or policyholders by means of remote communication to the extent the board of directors authorizes such participation for such class or series. Part…

The affairs of a company organized as provided by this chapter shall be managed by a number of directors of not less than five nor more than twenty-one. [C73, §1126; C97, §1695; C24, 27, 31, 35, 39, § 8918; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §515.26 ] 91 Acts, ch 21…

The annual meetings for the election of directors shall be held at such time as the articles of incorporation or bylaws of the company provide; but if for any cause no election is held, or there is a failure to elect at any annual meeting, then a special meeting for that purpose …

The directors chosen at any such annual or special meeting shall continue in office until the next annual meeting, and until their successors are elected and have accepted. [C73, §1127; C97, §1696; C24, 27, 31, 35, 39, § 8920; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §515…

A company may in its articles of incorporation provide that the board of directors be divided into classes holding for a term of not to exceed five years and providing for the election of the members of one class at each annual meeting. [C24, 27, 31, 35, 39, § 8921; C46, 50, 54, …

If the commissioner of insurance approves them, the commissioner shall so certify, and the articles with the certificates of approval shall be recorded in the office of the secretary of state as articles of other corporations are, who shall endorse thereon the secretary of state’…

The directors shall elect a president, a secretary, and such other officers as may be necessary for transacting the business of the company. [C73, §1128, 1129; C97, §1697, 1698; C24, 27, 31, 35, 39, § 8922, 8923; C46, 50, 54, 58, 62, 66, 71, 73, 75, §515.30, 515.31; C77, 79, 81, …

The directors shall have authority to fill vacancies occurring on the board of directors, and shall fill vacancies of officers occurring between regular elections. [C73, §1128; C97, §1697; C24, 27, 31, 35, 39, § 8922; C46, 50, 54, 58, 62, 66, 71, 73, 75, §515.30; C77, 79, 81, §51…

The company may adopt such bylaws and regulations not inconsistent with law as shall appear to it to be necessary for the regulation and conduct of the business. [C73, §1129; C97, §1698; C24, 27, 31, 35, 39, § 8924; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §515.32 ] 2019 …

The directors shall keep full and correct entries of their transactions, which shall at all times be open to the inspection of the stockholders if a stock company, or policyholders if a mutual company, and to the inspection of persons invested by law with the right thereof. [C73,…

1. General considerations. The following considerations apply in the interpretation of this section : a. This section applies to the investments of insurance companies other than life insurance companies. b. The purpose of this section is to protect and further the interests of p…

After complying with the requirements of the preceding sections of this chapter , the company shall file with the commissioner of insurance a satisfactory detailed statement showing the financial condition of the company, including all transactions had during its organization, to…

Any 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, subject to the approval of the insurance commission…

Such commissioner may appoint in writing some disinterested person to make an examination and if it shall be found that the capital or assets required under this chapter of the company named, according to the nature of the business proposed to be transacted by such company, have …

The incorporators or officers of any such company, or proposed company, shall be required to state to the commissioner of insurance under oath that the capital or assets exhibited to the person making the examination are actually and in good faith the property of the company exam…

If the commissioner of insurance finds the name of the company to be so similar to one already appropriated by a corporation of the same character as to be likely to mislead the public or to cause inconvenience, the commissioner shall refuse the commissioner’s certificate to the …

The certificate of examination of a mutual company shall be to the effect that it has received and has in its actual possession: 1. The cash premiums. 2. Actual contracts of insurance upon property, belonging to the signers thereof, and upon which the insurance applied for can pr…

The certificate and statements contemplated in sections 515.38 through 515.40 shall be filed in the division and the commissioner of insurance shall deliver to the company a copy of the report of the examination, in the event one is made, together with the commissioner’s written …

A certificate of authority shall expire on the first day of June next succeeding its issue, and shall be renewed annually so long as such company shall transact business in accordance with the requirements of law; a copy of which certificate, when certified to by the commissioner…

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. [C73, §1136; C97, §1702; C24, 27, 31, 35…

Any dividend made contrary to the provisions of section 515.44 or rules adopted by the commissioner shall subject the company making it to forfeiture of its certificate of authority. [C73, §1136; C97, §1702; C24, 27, 31, 35, 39, § 8938; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79…

Any company organized under this chapter or authorized to do business in this state may: 1. a. Insure dwelling houses, stores and all kinds of buildings and household furniture, and other property against direct or indirect or consequential loss or damage, including loss of use o…

A company shall not expose itself to loss on any one risk or hazard to an amount exceeding ten percent of its surplus to policyholders unless one of the following applies: 1. The excess is reinsured in some other good and reliable company licensed to sell insurance in this state.…

The articles, when thus certified by the secretary of state as recorded in the secretary of state’s office, or a copy thereof certified by the secretary of state as such, shall be filed in the office of the commissioner of insurance and remain therein. [C73, §1123; C97, §1688; C2…

All policies or contracts of insurance except surety bonds made or entered into by the company may be made either with or without the seal of the company, but shall be subscribed by the president, or such other officer as may be designated by the directors for that purpose, and b…

The president or the vice president and secretary of each company organized or authorized to do business in the state shall annually on or before the first day of March of each year prepare under oath and file with the commissioner of insurance or a depository designated by the c…

The annual statement of foreign companies doing business in this state shall also show, in addition to the foregoing matters, the amount of losses incurred and premiums received in the state during the preceding period, so long as such company continues to do business in this sta…

The commissioner may from time to time make changes in the forms of statements required by this chapter which seem to the commissioner best adapted to elicit from the companies a true exhibit of their condition in respect to the several points enumerated in this chapter . [C73, §…

A foreign company authorized to do business in this state shall not assumptively reinsure a block of business which includes policyholders residing in this state to a company not authorized to do business in this state without the prior written approval of the commissioner. 97 Ac…

1. A stock insurance company organized under or by the laws of any other state or foreign government for the purpose specified in this chapter , shall not, directly or indirectly, take risks or transact business of insurance in this state unless the company possesses the actual a…

No company shall be organized to do business upon both stock and mutual plans; nor shall a company organized as a stock company do business upon the plan of a mutual company; nor shall a company organized upon the mutual plan do business or take risks upon the stock plan. [C73, §…

1. An “alien insurer” is hereby defined to mean an insurance company incorporated or organized under the laws of any country other than the United States. 2. An alien insurer, with the approval of the commissioner, may be treated as a domestic insurer of this state in whole or in…

1. Every alien insurer authorized to transact business in this state shall at all times maintain a deposit with the commissioner of insurance in cash or in securities in which insurance companies are authorized to invest, of a sum equal to the greater of the reserve on all polici…

In the event of insolvency or receivership of any such alien insurer the title to the cash or securities so deposited shall vest in the commissioner of insurance for the use and benefit of the policies issued by said insurer and outstanding in this state, and in such event the co…

Any company desiring to transact the business of insurance under this chapter shall also file with the commissioner a certified copy of its charter or deed of settlement, together with a statement under oath of the president or vice president or other chief officer and the secret…