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

A sponsor of a protected cell captive company may be any person approved by the commissioner, based on the commissioner’s determination that the approval of such person as a sponsor is consistent with the purposes of this chapter . In evaluating the qualifications of a proposed s…

1. Except as otherwise provided in this section , chapter 507C shall apply to a protected cell captive company. 2. Upon any order of supervision, rehabilitation, or liquidation of a protected cell captive company, the receiver shall manage the assets and liabilities of the protec…

1. If permitted by its organizational document, a captive company may apply to the commissioner for a certificate of authority to provide property insurance, casualty insurance, life insurance, disability income insurance, surety insurance, marine insurance, health insurance, or …

Individuals, business entities, and sponsors may be a participant in a protected cell captive company. A participant shall not be required to be a shareholder of a protected cell captive company, or of the protected cell captive company’s affiliate. 2023 Acts, ch 107, §23

The assets of two or more protected cells may be combined for the purpose of investment by a protected cell captive company, and combining the protected cells’ assets shall not be construed as defeating the segregation of the assets for accounting or any other purpose. Protected …

1. As used in this section , “dormant captive company” means a captive company, other than a captive risk retention group, that meets all of the following: a. The captive company has ceased transacting the business of insurance, including the issuance of insurance policies. b. Th…

1. This chapter shall not be construed to exempt a captive company, a captive company’s parent, or a captive company’s affiliated companies from compliance with applicable state and federal laws governing workers’ compensation insurance. 2. This chapter shall not be construed to …

1. a. Unless otherwise approved by the commissioner, a captive company shall maintain the captive company’s original books, records, documents, accounts, vouchers, and agreements in this state and make them available for examination and inspection by the commissioner as requested…

The commissioner may adopt rules establishing standards to ensure that a parent or affiliated company is able to exercise control of the risk management function of any controlled unaffiliated business to be insured by a captive company. If rules are not adopted to establish stan…

The commissioner shall adopt rules pursuant to chapter 17A to implement and administer this chapter . 2023 Acts, ch 107, §29

A captive company shall not adopt a name that is the same, deceptively similar, or likely to be confused with or mistaken for any other existing business name already registered in this state. 2023 Acts, ch 107, §6

1. The commissioner shall not issue a certificate of authority to a captive company unless the captive company possesses and maintains unimpaired paid-in capital and surplus that meets the following requirements: a. Is not less than two hundred fifty thousand dollars for a pure c…

1. A captive company must be formed or organized as a business entity as provided under this chapter . 2. An industrial insured captive company shall be formed or organized in one of the following ways: a. Incorporated as a stock insurer with the stock insurer’s capital divided i…

1. A captive company shall not pay a dividend out of, or other distribution with respect to, the minimum capital or surplus required under section 521J.4 without the prior written approval of the commissioner. 2. The commissioner’s approval of an ongoing plan for the payment of d…

1. A captive company shall be required to file an annual report with the commissioner that meets the following requirements: a. Except as provided in paragraph “b” , on or before April 1 of each year, each captive company and each captive risk retention group shall submit to the …

1. a. Except for captive risk retention groups as provided under paragraph “c” , the commissioner may examine each captive company’s compliance with this chapter , and may examine the affairs, transactions, accounts, records, and assets of each captive company as the commissioner…

1. A captive company’s certificate of authority to conduct the business of insurance in this state may be suspended or revoked by the commissioner for any of the following reasons: a. Insolvency or impairment of capital or surplus. b. Failure to meet and maintain the minimum capi…

1. The purpose of this chapter is to require insurers to maintain a risk management framework and complete an own risk and solvency assessment and to provide guidance and instructions for the filing of own risk and solvency assessment reports with the commissioner. 2. The general…

If any provision of this chapter , 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 application, and to that e…

1. “Affiliate” , or a person affiliated with a specific person, means the same as defined in section 521A.1 . 2. “Commissioner” means the Iowa commissioner of insurance. 3. “Insurance group” means the insurers and affiliates included within an insurance holding company system as …

An insurer shall maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing, and reporting on the insurer’s material and relevant risks. This requirement is satisfied if the insurance group of which the insurer is a member maintai…

1. Subject to section 522.6 , an insurer, or the insurance group of which the insurer is a member, shall regularly conduct an own risk and solvency assessment consistent and comparable with the assessment process contained in the own risk and solvency assessment guidance manual. …

1. a. Beginning in 2015, an insurer shall annually submit to the commissioner an own risk and solvency assessment summary report or any combination of reports that together contain the information described in the own risk and solvency assessment guidance manual that is applicabl…

1. An insurer is exempt from the requirements of this chapter if both of the following apply: a. The insurer has annual direct written and unaffiliated assumed premium, including international direct and assumed premium, but excluding premiums reinsured with the federal crop insu…

1. The own risk and solvency assessment summary report shall be prepared consistent with the own risk and solvency assessment guidance manual, subject to the requirements of subsection 2 . Documentation and supporting information shall be maintained and made available upon examin…

1. Documents, materials, or other information, including an own risk and solvency assessment summary report, in the possession or control of the insurance division of the department of insurance and financial services, that are obtained by, created by, or disclosed to the commiss…

1. If an insurer fails, without just cause, to file an own risk and solvency assessment summary report by the filing date stipulated to the commissioner pursuant to section 522.5, subsection 1 , paragraph “c” , the commissioner shall, after notice and hearing, impose a penalty of…

The purpose of this chapter is to provide for the limited licensing of rental companies when a motor vehicle rental company sells travel or automobile-related insurance products or coverage in connection with and incidental to the rental of vehicles. 99 Acts, ch 143, §1

As used in this chapter , unless the context otherwise requires: 1. “Commissioner” means the commissioner of insurance appointed pursuant to section 505.2 . 2. “Counter employee” means any employee at least eighteen years of age employed by a rental company that offers the produc…

1. Notwithstanding the provisions of chapter 522B , the commissioner may issue a limited license to a rental company that has complied with the requirements of this chapter . The limited license shall authorize the limited licensee to offer or sell insurance with the rental of ve…

A limited license issued pursuant to this chapter is valid for three years and may be renewed without examination if the renewal application is received in a timely manner. 99 Acts, ch 143, §4

The fee for a counter employee license shall be fifty dollars per counter employee. In no case shall any combined fees exceed one thousand dollars in any calendar year for any one rental company or limited license or licensee or renewal license. The fees collected under this sect…

If a qualified vendor is available, the commissioner shall utilize the qualified vendor closest in proximity to where the counter employee is employed to meet the requirements in section 522A.3 . A vendor shall have at least two years teaching experience relating to the topic of …

The commissioner shall adopt rules necessary for the administration of this chapter . 99 Acts, ch 143, §7

As used in this chapter , unless the context otherwise requires: 1. “Business entity” means a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity. 2. “Commissioner” means the commissioner of insurance. 3. “Exclusi…

1. The commissioner may issue a temporary insurance producer license for a period not to exceed one hundred eighty days without requiring an examination if the commissioner deems that the temporary license is necessary for the servicing of an insurance business in the following c…

1. The commissioner may place on probation, suspend, revoke, or refuse to issue or renew an insurance producer’s license or may levy a civil penalty as provided in section 522B.17 for any one or more of the following causes: a. Providing incorrect, misleading, incomplete, or mate…

1. An insurer or insurance producer shall not pay a commission, service fee, brokerage, or other valuable consideration to a person for selling, soliciting, or negotiating insurance in this state if that person is required to be licensed under this chapter and is not so licensed.…

1. An individual insurance producer who acts as an agent of an insurer must be appointed by that insurer. An insurance producer who is not acting as an agent of an insurer need not be appointed. A business entity is not required to be appointed. 2. The appointing insurer, for the…

1. An insurer or authorized representative of the insurer that terminates the appointment, employment, contract, or other insurance business relationship with an insurance producer shall notify the commissioner within thirty days following the effective date of the termination, u…

1. The commissioner shall waive any requirements for a nonresident license applicant with a valid license from such applicant’s home state, except for the requirements imposed by section 522B.7 , if the applicant’s home state awards nonresident licenses to residents of this state…

1. An insurance producer shall report to the commissioner any administrative action taken against the insurance producer in another jurisdiction or by another governmental agency in this state within thirty days of the final disposition of the matter. This report shall include a …

1. An insurance producer has a continuing duty and obligation to keep, at the insurance producer’s place of business, usual and customary records pertaining to transactions undertaken by the insurance producer. All such records shall be kept available and open for inspection by t…

1. A person who is prohibited by 18 U.S.C. §1033 from engaging or participating in the business of insurance because that person has been convicted of a crime under that statute or of a felony involving dishonesty or breach of trust may apply to the commissioner for written conse…

1. An insurer or insurance producer who, after hearing, is found to have violated this chapter may be ordered to cease and desist from engaging in the conduct resulting in the violation and may be assessed a civil penalty pursuant to chapter 507B . 2. A person who, after hearing,…

1. An association with at least twenty-five insurance producer members may bring an action in district court to enjoin a person from selling, soliciting, or negotiating insurance in violation of section 522B.2 . However, before bringing an action in district court to enjoin a per…