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

1. “Authorized-control-level event” means any of the following: a. The filing of a risk-based capital report by the insurer which indicates that the insurer’s total adjusted capital is greater than or equal to its mandatory-control-level risk-based capital but less than its autho…

1. “Mandatory-control-level event” means any of the following events: a. The filing of a risk-based capital report which indicates that an insurer’s total adjusted capital is less than its mandatory-control-level risk-based capital. b. Notification by the commissioner to an insur…

1. An insurer shall notify the commissioner of the insurer’s request for a confidential hearing within five days after the occurrence of any of the following: a. Notification to an insurer by the commissioner of an adjusted risk-based capital report. b. Notification to an insurer…

1. A risk-based capital report, to the extent the information in the report is not required to be set forth in a publicly available annual statement schedule, or a risk-based capital plan, including the results or report of any examination or analysis of an insurer performed purs…

1. The provisions of this chapter are supplemental to any other provisions of the laws of this state, and shall not preclude or limit any other powers or duties of the commissioner under such laws, including, but not limited to, chapter 507C . 2. The commissioner may adopt rules …

The purpose of this chapter is to establish minimum capital requirements for health organizations that will provide protection related to the risks to which an individual health organization may be subject including, but not limited to, the health organization’s assets risk, unde…

1. This chapter shall not preclude or limit any other powers or duties of the commissioner under insurance laws including but not limited to chapter 507C . 2. The commissioner may adopt rules pursuant to chapter 17A as are necessary for the administration of this chapter . 3. The…

1. A foreign health organization, upon the written request of the commissioner, shall submit to the commissioner a risk-based capital report for the previous calendar year just ended by the later of the following: a. The filing date. b. Fifteen days after the request is received …

Liability shall not arise on the part of and a cause of action shall not 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 . 2000 Acts, ch 1050, §12

Notice by the commissioner to a health organization which may result in regulatory action under this chapter is effective upon being sent if transmitted by certified mail, or, in the case of any other transmission, is effective upon the health organization’s receipt of the notice…

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 521F.3, subsection 4 . 2. “Commissioner” means the commissioner of insurance. 3. “Corrective…

1. A domestic health organization, on or prior to the filing date, shall prepare and submit to the commissioner a report of the health organization’s risk-based capital levels as of the end of the calendar year immediately preceding the filing date, in a form and containing the i…

1. “Company-action-level event” means any of the following: a. The filing of a risk-based capital report by a health organization which indicates that the health organization’s total adjusted capital is greater than or equal to its regulatory-action-level risk-based capital but l…

1. “Regulatory-action-level event” means any of the following: a. The filing of a risk-based capital report by the health organization that indicates that the health organization’s total adjusted capital is greater than or equal to its authorized-control-level risk-based capital …

1. “Authorized-control-level event” means any of the following: a. The filing of a risk-based capital report by the health organization which indicates that the health organization’s total adjusted capital is greater than or equal to its mandatory-control-level risk-based capital…

1. “Mandatory-control-level event” means any of the following: a. The filing of a risk-based capital report which indicates that a health organization’s total adjusted capital is less than its mandatory-control-level risk-based capital. b. Notification by the commissioner to a he…

1. A health organization receiving a notification pursuant to subsection 2 is entitled to a confidential hearing before the insurance division, at which the health organization may challenge a determination or action by the commissioner. Upon receipt of the health organization’s …

1. A risk-based capital report, to the extent the information in the report is not required to be set forth in a publicly available annual statement schedule, a risk-based capital plan, including the results or report of any examination or analysis of a health organization perfor…

1. The purpose of this chapter is to do all of the following: a. Provide the commissioner with a summary of an insurer’s or insurance group’s corporate governance structure, policies, and practices to permit the commissioner to gain and maintain an understanding of the insurer’s …

1. “Commissioner” means the commissioner of insurance. 2. “Corporate governance annual disclosure” or “disclosure” means a confidential report filed by an insurer or insurance group pursuant to the requirements of this chapter . 3. “Insurance group” means those insurers and affil…

1. An insurer, or the insurance group of which the insurer is a member, shall, no later than June 1 of each calendar year, submit to the commissioner a corporate governance annual disclosure that contains the information described in section 521H.5 . Notwithstanding any request f…

The commissioner shall adopt rules pursuant to chapter 17A to administer this chapter . 2015 Acts, ch 27, §4, 9

1. An insurer, or the insurance group of which the insurer is a member, shall have discretion over the responses to corporate governance annual disclosure inquiries, provided the corporate governance annual disclosure contains the material information necessary to permit the comm…

1. Documents, materials, or other information, including a corporate governance annual disclosure, in the possession or control of the insurance division of the department of insurance and financial services, that is obtained by, created by, or disclosed to the commissioner or to…

1. If an insurer or insurance group fails, without just cause, to timely file a corporate governance annual disclosure as required in this chapter , the commissioner shall, after notice and hearing, impose a penalty of five hundred dollars for each day’s delay. The penalty shall …

If any provision of this chapter other than section 521H.6 , or the application of this chapter to any person or circumstance, is held invalid, such holding shall not affect the provisions or applications of this chapter which can be given effect without the invalid provision or …

As used in this chapter , unless the context otherwise requires: 1. “Assets” means property whether real, personal, mixed, tangible, or intangible and any right or interest therein, including all rights under a contract or other agreement. 2. “Capital” means the capital stock com…

1. If the commissioner approves a dividing insurer’s plan of division pursuant to section 521I.8 , an officer or duly authorized representative of the dividing insurer shall sign a certificate of division that sets forth all of the following: a. The name of the dividing insurer. …

1. On the effective date of a division pursuant to section 521I.10 , the following apply: a. If the dividing insurer survives, all of the following apply: (1) The dividing insurer shall continue to exist. (2) The articles of incorporation of the dividing insurer shall be amended,…

1. Except as expressly provided in this section , when a division becomes effective, by operation of law all of the following apply: a. A resulting insurer is individually liable for the liabilities, including policy liabilities, that the resulting insurer issues, undertakes, or …

If a dividing insurer does not survive a division, an objecting shareholder of the dividing insurer is entitled to appraisal rights and to obtain payment of the fair value of such shareholder’s shares in the same manner and to the extent provided for a corporation as a party to a…

The commissioner may adopt rules pursuant to chapter 17A to administer this chapter . 2019 Acts, ch 20, §14

The commissioner may take any action under the commissioner’s authority to enforce compliance with this chapter . 2019 Acts, ch 20, §15

A domestic stock insurer’s plan of division shall include all of the following: 1. The name of the domestic stock insurer seeking to divide. 2. The name of each resulting insurer created by the proposed division and for each resulting insurer a copy of all of the following: a. Pr…

If a dividing insurer will survive a division, the plan of division shall include, in addition to the requirements pursuant to section 521I.2 , all of the following: 1. All proposed amendments to the dividing insurer’s articles of incorporation and bylaws. 2. If the dividing insu…

If a dividing insurer will not survive a division, the plan of division shall include, in addition to the requirements pursuant to section 521I.2 , the manner in which the dividing insurer will cancel or convert shares in the dividing insurer’s shares into shares, securities, obl…

1. A dividing insurer may amend the dividing insurer’s plan of division in accordance with any procedures set forth in the plan of division, or if no such procedures are set forth in the plan of division, in a manner determined by the board of directors of the dividing insurer. A…

1. A dividing insurer may abandon the dividing insurer’s plan of division in any of the following circumstances: a. After the dividing insurer has approved the plan of division without any action by the shareholders and in accordance with any procedures set forth in the plan of d…

1. A dividing insurer shall not file a plan of division with the commissioner until such plan of division has been approved in accordance with all provisions of the dividing insurer’s articles of incorporation and bylaws. If the dividing insurer’s articles of incorporation and by…

1. After a dividing insurer approves a plan of division pursuant to section 521I.7 , the dividing insurer shall file the plan of division with the commissioner. Within ten business days of filing the plan of division with the commissioner, the dividing insurer shall provide notic…

A dividing insurer may submit a written request to the commissioner that confidentiality be maintained regarding all business, financial, actuarial, and other proprietary information submitted to, obtained by, or disclosed to the commissioner in connection with the dividing insur…

As used in this chapter , unless the context otherwise requires: 1. “Affiliated company” means a company that is in the same corporate system as a parent, an industrial insured, or a member based on common ownership, control, operation, or management. 2. “Alien captive company” m…

1. A captive company may provide excess workers’ compensation insurance to the captive company’s parent and affiliated companies unless the laws of the state that has jurisdiction over the transaction prohibits the captive company from providing excess workers’ compensation insur…

1. A merger between captive stock insurers, or a merger between captive mutual insurers, shall meet the requirements of chapter 521 and section 521J.5 , as applicable. The commissioner may, at the commissioner’s discretion, provide notice to the public of a proposed merger prior …

1. A captive insurance regulatory and supervision fund is established in the state treasury under the control of the division. The fund shall consist of all moneys deposited in the fund pursuant to this section and any other moneys appropriated to or deposited in the fund. 2. All…

1. a. Industrial insured captive companies and captive risk retention groups shall comply with investment requirements as established by the commissioner by rule. The commissioner may approve the use of alternative reliable methods of valuation and rating. b. If a captive company…