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

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…

A domestic life insurance company organized under chapter 508 may establish one or more separate accounts, and may allocate to such accounts amounts, including without limitation proceeds applied under optional modes of settlement or under dividend options, to provide for life in…

Any contract providing benefits payable in variable amounts delivered or issued for delivery in this state shall contain a statement of the essential features of the procedures to be followed by the insurance company in determining the dollar amount of such variable benefits. Any…

No company shall deliver or issue for delivery within this state variable contracts unless it is licensed or organized to do a life insurance or annuity business in this state, and the commissioner of insurance is satisfied that its condition or method of operation in connection …

Notwithstanding any other provision of law, the commissioner of insurance shall have sole authority to regulate the issuance and sale of variable contracts, and to issue such reasonable rules and regulations as may be appropriate to carry out the purposes and provisions of this c…

Except for section 508.37 and section 509.2, subsection 1 , and except as otherwise provided in this chapter , all pertinent provisions of chapters 508 , 509 , 511 , and 522B shall apply to separate accounts and contracts relating thereto. Any individual variable life insurance c…

As used in this chapter , unless the context clearly indicates otherwise: 1. “Commissioner” means the commissioner of insurance. 2. “Mutual life insurance company” or “mutual company” means a level premium and natural premium life insurance company authorized under chapter 508 up…

The directors and officers of the mutual company shall serve the reorganized company until new directors and officers are elected and qualify pursuant to the articles of incorporation and bylaws of the reorganized company. 85 Acts, ch 127, §10

The commissioner shall issue rules pursuant to chapter 17A to carry out the provisions of this chapter . 85 Acts, ch 127, §11

At any time before the conversion, if done pursuant to rules issued by the commissioner or as may otherwise be required by the commissioner, the board of directors of a mutual company may amend the conversion plan. An amendment to a conversion plan is subject to the prior approva…

Prior to and for a period of five years following the effective date of the conversion, and in the case of the plans of conversion specified in section 508B.3, subsections 1 and 3 , five years following the date of distribution of consideration to the policyholders in exchange fo…

1. The commissioner’s order approving or disapproving a plan of conversion shall be considered final agency action under chapter 17A . 2. An action challenging the validity of a conversion plan, or any part of a conversion plan, shall not be commenced more than thirty days follow…

After approval of the conversion plan by the commissioner and the policyholders, the secretary of state shall accept for filing a verified copy of the amended articles of incorporation. 85 Acts, ch 127, §15 ; 86 Acts, ch 1237, §33

1. A mutual life insurance company may become a stock life insurance company pursuant to a plan of conversion established and approved in the manner provided by this chapter . 2. A plan of conversion may provide that a mutual company may convert into a domestic stock company, con…

A plan of conversion shall be fair and equitable to policyholders. A plan of conversion is fair and equitable if it satisfies the conditions of subsection 1, 2, or 3 . The commissioner may determine whether any other plan proposed by a mutual company is fair and equitable to its …

The policyholders who are entitled to notice of and to vote upon approval of a plan of conversion and entitled to notice of a public hearing are the policyholders whose policies or contracts are in force on the date of adoption of the plan of conversion. Each policyholder whose p…

1. A plan may provide for the appointment by the mutual company of a person as defined in section 4.1, subsection 20 , who is qualified to act as a consultant. The appointment of the consultant shall be reviewed by the commissioner and unless the commissioner finds the consultant…

The plan of conversion shall be submitted to and shall not take effect until approved by two-thirds of the policyholders of the mutual company voting on the plan. Notice of a meeting for the purpose of voting on the conversion plan shall be provided by mail to each policyholder e…

The commissioner of insurance shall review the plan. The commissioner shall approve the plan if the commissioner finds the plan complies with all provisions of law, the plan is fair and equitable to the mutual company and its policyholders, and that the reorganized company will h…

A director, officer, agent or employee of the mutual company shall not receive a fee, commission or other valuable consideration, other than regular salary and compensation, for aiding, promoting or assisting in the conversion except as set forth in the plan approved by the commi…

1. When the commissioner and the policyholders approve the conversion plan as provided in this chapter , the commissioner shall issue a new certificate of authority to the reorganized company effective on the effective date of the conversion as provided in the plan. The reorganiz…