Iowa Code 508.10 – Foreign companies — capital or surplus — investments
Current as of: 2023 | Check for updates
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1. A company incorporated by or organized under the laws of any other state or government shall not transact business in this state unless it is possessed of the actual amount of capital and surplus required of any company organized by the laws of this state, or, if it be a mutual company, of surplus equal in amount thereto.
Terms Used In Iowa Code 508.10
- Account: means the same as defined in section 554. See Iowa Code 554E.1
- Commissioner: means the commissioner of insurance. See Iowa Code 510.1B
- Insurer: means a person duly licensed in this state as an insurance company pursuant to this subtitle. See Iowa Code 510.1B
- 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
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
- United States: includes all the states. See Iowa Code 4.1
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, and if so approved is deemed to be organized under the laws of this state and is an Iowa domestic insurer as provided by rules adopted by the commissioner. 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.
3. 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.