1. The commissioner, or the commissioner’s designee, may examine a domestic, foreign, or alien society transacting or applying for admission to transact business in this state in the same manner as authorized for examination of a domestic, foreign, or alien insurer. Requirements of notice and an opportunity to respond before findings are made public as provided in the laws regulating insurers are also applicable to the examination of a society.

Terms Used In Iowa Code 512B.26

  • Alien society: means an association organized under the laws of another country. See Iowa Code 512B.2
  • Commissioner: means the commissioner of insurance or the commissioner's designee. See Iowa Code 512B.2
  • Insurer: means a person duly licensed in this state as an insurance company pursuant to this subtitle. See Iowa Code 510.1B
  • Laws: means the society's articles of incorporation, constitution, and bylaws, however designated. See Iowa Code 512B.2
  • Society: means a fraternal benefit society, unless otherwise indicated. See Iowa Code 512B.2
  • 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
 2. The expense of each examination and of each valuation, including compensation and actual expense of examiners, shall be paid by the society examined or whose certificates are valued, upon statements furnished by the commissioner.