Iowa Code 521I.1 – Definitions
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Terms Used In Iowa Code 521I.1
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
- property: includes personal and real property. See Iowa Code 4.1
- 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
521I.1 Definitions.
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 component of a statutory surplus as defined in Iowa law.
3. “”Commissioner”” means the commissioner of insurance.
4. “”Divide”” or “”division”” means a transaction in which a domestic stock insurer splits into two or more resulting domestic stock insurers.
5. “”Dividing insurer”” means a domestic stock insurer that approves a plan of division.
6. “”Domestic stock insurer”” means a stock insurer domiciled and organized under the laws of this state pursuant to chapter 508, 514B, or 515, including domestic stock insurers affiliated with a mutual insurance holding company organized pursuant to § 521A.14, and including those insurers which confer membership rights in the mutual insurance holding company.
7. “”Liability”” means a secured or contingent debt or obligation arising in any manner.
8. “”Resulting insurer”” means a dividing domestic stock insurer that survives a division or a new domestic stock insurer that is created by a division.
9. “”Shareholder”” means the person in whose name shares are registered in the records of a corporation or the beneficial owner of shares to the extent of the rights granted by a nominee certificate on file with a corporation.
10. “”Surplus”” means total statutory surplus less capital stock calculated in accordance with the current national association of insurance commissioners’ accounting practices and procedures manual.
11. “”Transfer”” includes an assignment, assumption, conveyance, sale, lease, encumbrance, security interest, gift, or transfer by operation of law.
2019 Acts, ch 20, §1
Referred to in §521.1
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 component of a statutory surplus as defined in Iowa law.
3. “”Commissioner”” means the commissioner of insurance.
4. “”Divide”” or “”division”” means a transaction in which a domestic stock insurer splits into two or more resulting domestic stock insurers.
5. “”Dividing insurer”” means a domestic stock insurer that approves a plan of division.
6. “”Domestic stock insurer”” means a stock insurer domiciled and organized under the laws of this state pursuant to chapter 508, 514B, or 515, including domestic stock insurers affiliated with a mutual insurance holding company organized pursuant to § 521A.14, and including those insurers which confer membership rights in the mutual insurance holding company.
7. “”Liability”” means a secured or contingent debt or obligation arising in any manner.
8. “”Resulting insurer”” means a dividing domestic stock insurer that survives a division or a new domestic stock insurer that is created by a division.
9. “”Shareholder”” means the person in whose name shares are registered in the records of a corporation or the beneficial owner of shares to the extent of the rights granted by a nominee certificate on file with a corporation.
10. “”Surplus”” means total statutory surplus less capital stock calculated in accordance with the current national association of insurance commissioners’ accounting practices and procedures manual.
11. “”Transfer”” includes an assignment, assumption, conveyance, sale, lease, encumbrance, security interest, gift, or transfer by operation of law.
2019 Acts, ch 20, §1
Referred to in §521.1