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

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…

1. Any mutual insurance company organized outside of this state and authorized to transact the business of insurance on the mutual plan in any other state of the United States or in the District of Columbia, may be admitted to this state and authorized to transact herein any of t…

When a foreign company has fully complied with the requirements of law and become entitled to do business, the commissioner of insurance shall issue to the company a certificate of that fact, which certificate shall be renewed annually on the first day of June, if the commissione…

Any company desiring to transact the business of insurance under this chapter shall file with the commissioner of insurance a power of attorney and a signed written instrument authorizing the commissioner to accept service of notice or process on behalf of such company that shall…

Any notice or service of process made on the commissioner as agent for service of process shall be made as provided in section 505.30 . [C97, §1722; C24, 27, 31, 35, 39, § 8953; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §515.74 ] 92 Acts, ch 1162, §38 ; 99 Acts, ch 165, §1…

1. An insurer which is organized under the laws of any state and has created or will create jobs in this state or which is an affiliate or subsidiary of a domestic insurer, and is admitted to do business in this state for the purpose of writing insurance authorized by this chapte…

1. An insurance company other than a life insurance company shall not be incorporated to transact business upon the stock plan with less than five million dollars of capital and surplus, the entire amount of which shall be fully paid up in cash and invested as provided by law. An…

Any insurance company, other than life, may, upon the vote of a majority of its shares of stock represented at a meeting legally called for that purpose, reduce its capital stock and the number of shares thereof or the par value of the shares thereof, provided that the total amou…

The purpose of this chapter is to promote the public welfare by regulating insurance rates to the end that they shall not be excessive, inadequate or unfairly discriminatory, and to authorize and regulate cooperative action among insurers in rate making and in other matters withi…

1. Every group, association or other organization of insurers, whether located within or outside of this state, which assists insurers that make their own filings or rating organizations in rate making, by the collection and furnishing of loss or expense statistics, or by the sub…

1. Every group, association or other organization of insurers which engages in joint underwriting or joint reinsurance, shall be subject to regulation with respect thereto as provided in this section , subject, however, with respect to joint underwriting, to all other provisions …

The commissioner shall, at least once in five years, make or cause to be made an examination of each rating organization licensed in this state as provided in section 515A.6 and the commissioner may, as often as the commissioner may deem it expedient, make or cause to be made an …

1. The commissioner shall promulgate reasonable rules and statistical plans, reasonably adapted to each of the rating systems on file with the commissioner, which may be modified from time to time and which shall be used thereafter by each insurer in the recording and reporting o…

No person or organization shall willfully withhold information from, or knowingly give false or misleading information to, the commissioner, any statistical agency designated by the commissioner, any rating organization, or any insurer, which will affect the rates or premiums cha…

1. Agreements shall be made among insurers with respect to the equitable apportionment among them of insurance which may be afforded applicants who are in good faith entitled to but who are unable to procure such insurance through ordinary methods and such insurers may agree amon…

The commissioner may enter an order under section 515A.18 to assure availability within this state of a policy under this chapter which provides as part of the policy, or as an endorsement to the policy, an option for a deductible related to benefits payable under a policy issued…

An agreement among licensed insurers to offer workers’ compensation insurance for applicants unable to procure workers’ compensation insurance through ordinary methods shall be administered by a rating organization licensed under this chapter . 98 Acts, ch 1057, §10