Iowa Code 515.70 – Alien insurer defined
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Terms Used In Iowa Code 515.70
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
515.70 Alien insurer defined.
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 part. The approval of the commissioner may be based upon such factors as:
a. Maintenance of an appropriate trust account, surplus account, or other financial mechanism in this state.
b. Maintenance of all books and records of United States operations in this state.
c. Maintenance of a separate financial reporting system for its United States operations.
d. Any other provisions deemed necessary by the commissioner. [C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §515.70]
90 Acts, ch 1234, §37; 2012 Acts, ch 1023, §157
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 part. The approval of the commissioner may be based upon such factors as:
a. Maintenance of an appropriate trust account, surplus account, or other financial mechanism in this state.
b. Maintenance of all books and records of United States operations in this state.
c. Maintenance of a separate financial reporting system for its United States operations.
d. Any other provisions deemed necessary by the commissioner. [C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §515.70]
90 Acts, ch 1234, §37; 2012 Acts, ch 1023, §157