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

For the purpose of this chapter , unless the context otherwise requires: 1. “Affiliate of” , or a person affiliated with, a specific person, shall mean a person who directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common contr…

1. If the commissioner finds after notice and hearing that a person subject to registration under section 521A.4 failed without just cause to file a registration statement as required in this chapter , the person shall be required to pay a penalty of one thousand dollars for each…

Whenever it appears to the commissioner that any person has committed a violation of this chapter which so impairs the financial condition of a domestic insurer as to threaten insolvency or make the further transaction of business by it hazardous to its policyholders, creditors, …

1. Subject to subsections 2 through 4 , if an order for liquidation, conservation, or rehabilitation of a domestic insurer has been entered, the receiver appointed under the order may recover on behalf of the insurer either of the following if made within one year preceding the f…

Whenever it appears to the commissioner that any person has committed a violation of this chapter which makes the continued operation of an insurer contrary to the interest of policyholders or the public, the commissioner may, after giving notice and an opportunity to be heard, d…

Judicial review of the actions of the commissioner may be sought in accordance with the terms of the Iowa administrative procedure Act, chapter 17A . [C71, 73, 75, 77, 79, 81, §521A.13 ] 2003 Acts, ch 44, §114

1. a. For purposes of this section , “domestic mutual insurance company” includes a company qualified and licensed in this state pursuant to chapter 518 or 518A . A domestic mutual insurance company, upon approval of the commissioner, may reorganize by forming an insurance holdin…

1. Authorization. Any domestic insurer, either by itself or in cooperation with one or more persons, subject to the limitations set forth herein or elsewhere in this chapter , may organize or acquire one or more subsidiaries engaged or registered to engage in one or more of the f…

1. Filing requirements. a. No person other than the issuer shall make a tender offer for or a request or invitation for tenders of, or enter into any agreement to exchange securities for, seek to acquire, or acquire, in the open market or otherwise, any voting security of a domes…

1. Registration. An insurer which is authorized to do business in this state and which is a member of an insurance holding company system shall register with the commissioner, except a foreign insurer subject to registration requirements and standards which are substantially simi…

1. Transactions within a holding company system affecting domestic insurers. a. Material transactions by registered insurers with their affiliates are subject to the following standards: (1) The terms shall be fair and reasonable. (2) Agreements for cost-sharing services and mana…

1. Power of commissioner. Subject to the limitation contained in this section and in addition to the powers which the commissioner has under chapter 507 relating to the examination of insurers, the commissioner shall have the power to examine any insurer registered under section …

1. Power of commissioner. With respect to any insurer registered under section 521A.4 and in accordance with this section , the commissioner shall have the power to participate in a supervisory college for any domestic insurer that is part of an insurance holding company system w…

1. a. The commissioner may act as the group-wide supervisor of an internationally active insurance group in accordance with the provisions of this section . However, the commissioner may authorize another regulatory official to act as the group-wide supervisor where the internati…

1. a. All information, documents, and copies thereof obtained by or disclosed to the commissioner or any other person in the course of an examination or investigation made pursuant to section 521A.6 or 521A.6A , and all information reported or provided to the commissioner pursuan…

1. a. The group capital calculation and all supporting documentation filed pursuant to section 521A.4, subsection 13 , and the liquidity stress test results and all supporting documentation filed pursuant to section 521A.4, subsection 14 , shall be designated as regulatory tools …

The commissioner may, upon notice and opportunity for all interested persons to be heard, issue such rules and orders as shall be necessary to carry out the provisions of this chapter . [C71, 73, 75, 77, 79, 81, §521A.8 ]

1. Injunctions. Whenever it appears to the commissioner that any insurer or any director, officer, employee, or agent thereof has committed or is about to commit a violation of this chapter or any rule, regulation, or order issued by the commissioner under this chapter , the comm…

1. The purpose of this chapter is to protect the interests of insureds, claimants, ceding insurers, assuming insurers, and the public generally. 2. The general assembly declares its intent to ensure adequate regulation of insurers and reinsurers and adequate protection for those …

For purposes of this chapter , unless the context otherwise requires: 1. “Commissioner” means the commissioner of insurance. 2. “NAIC” means the national association of insurance commissioners. 2020 Acts, ch 1008, §1, 27 Section applies to all cessions under reinsurance agreement…

Credit for reinsurance shall be allowed a domestic ceding insurer as either an asset or a reduction from liability on account of reinsurance ceded only when the reinsurer meets the requirements of subsection 1, 2, 3, 4, 5, 6, or 7 . The commissioner may adopt rules pursuant to se…

1. An asset or a reduction from liability for reinsurance ceded by a domestic insurer to an assuming insurer not meeting the requirements of section 521B.102 , shall be allowed in an amount not exceeding the liabilities carried by the ceding insurer. The commissioner may adopt ru…

1. For purposes of section 521B.103, subsection 2 , paragraph “c” , a “qualified United States financial institution” means an institution that meets all of the following requirements: a. Is organized, or in the case of a United States office of a foreign banking organization is …

1. The commissioner may adopt rules pursuant to chapter 17A as necessary or convenient to administer this chapter . 2. The commissioner is further authorized to adopt rules pursuant to chapter 17A that are applicable to reinsurance arrangements as follows: a. A rule adopted pursu…

This chapter applies to all cessions under reinsurance agreements that occur on or after January 1, 2014. 2013 Acts, ch 39, §6, 11

Service of process made on the commissioner as the agent for service of process shall be made as provided in section 505.30 . 2018 Acts, ch 1018, §13

This chapter shall be known and may be cited as the “Reinsurance Intermediary Model Act.” 91 Acts, ch 26, §19

1. A reinsurance intermediary is subject to examination by the commissioner. The commissioner shall have access to all books, bank accounts, and records of the reinsurance intermediary in a form usable to the commissioner. 2. A reinsurance intermediary-manager may be examined as …

1. a. A reinsurance intermediary or other person found by the commissioner, after a hearing conducted in accordance with chapter 17A , to have not materially complied with a provision of this chapter is subject to one or more of the following: (1) For each separate violation, a c…

The commissioner may adopt rules, pursuant to chapter 17A , as necessary or convenient for the administration of this chapter . 91 Acts, ch 26, §30

Service of process made on the commissioner as the agent for service of process shall be made as provided in section 505.30 . 2018 Acts, ch 1018, §14

As used in this chapter , unless the context otherwise requires: 1. “Actuary” means a person who is a member in good standing of the American academy of actuaries. 2. “Controlling person” means a person who directly or indirectly has the power to direct or cause to be directed, t…

1. A person shall not act as a reinsurance intermediary-broker in this state if the person maintains an office in this state or another state individually or as a member or employee of a firm or association, or as an officer, director, or employee of a corporation, unless the per…

Transactions between a reinsurance intermediary-broker and the insurer that the reinsurance intermediary-broker represents in such capacity shall only be entered into pursuant to a written authorization, specifying the responsibilities of each party. The authorization shall, at a…

1. For a minimum of ten years after expiration of each contract of reinsurance transacted by the reinsurance intermediary-broker, the reinsurance intermediary-broker shall keep a complete record for each transaction showing all of the following: a. The type of contract, limits, u…

1. An insurer shall not engage the services of a person, firm, association, or corporation to act as a reinsurance intermediary-broker on its behalf unless the person is licensed as required by section 521C.3, subsection 1 . 2. An insurer shall not employ an individual who is emp…

Transactions between a reinsurance intermediary-manager and the reinsurer that the reinsurance intermediary-manager represents in such capacity shall only be entered into pursuant to a written contract, specifying the responsibilities of each party, which shall be approved by the…

The reinsurance intermediary-manager shall not do any of the following: 1. Bind retrocessions on behalf of the reinsurer, except that the reinsurance intermediary-manager may bind facultative retrocessions pursuant to obligatory facultative agreements if the contract with the rei…

1. A reinsurer shall not engage the services of a person to act as a reinsurance intermediary-manager on its behalf unless the person is licensed as required by section 521C.3, subsection 2 . 2. The reinsurer shall annually obtain a copy of statements of the financial condition o…

This chapter shall be known and may be cited as the “Disclosure of Material Transactions Act” . 94 Acts, ch 1176, §16

1. An insurer domiciled in this state shall file a report with the commissioner disclosing material acquisitions and dispositions of assets, or material nonrenewals, cancellations, or revisions of ceded reinsurance agreements unless such acquisitions and dispositions of assets, o…

1. An acquisition or disposition of assets need not be reported pursuant to section 521D.2 if the acquisition or disposition is not material. For purposes of this chapter , a material acquisition, or the aggregate of any series of related acquisitions, or a disposition, or the ag…

1. A nonrenewal, cancellation, or revision of a ceded reinsurance agreement need not be reported pursuant to section 521D.2 if the nonrenewal, cancellation, or revision is not material. For purposes of this chapter , a material nonrenewal, cancellation, or revision of a ceded rei…

As used in this chapter , unless the context otherwise requires: 1. “Adjusted risk-based capital report” means a risk-based capital report adjusted by the commissioner pursuant to section 521E.2, subsection 5 . 2. “Commissioner” means the commissioner of insurance. 3. “Corrective…

1. a. A foreign insurer, upon the written request of the commissioner, shall submit to the commissioner a risk-based capital report as of the end of the calendar year just ended by the later of the following: (1) The filing date. (2) Fifteen days after the request is received by …

No liability shall arise on the part of, and no cause of action shall arise against, the commissioner or the insurance division or its employees or agents for an action taken in the exercise of powers or performance of duties under this chapter . 96 Acts, ch 1046, §19