Iowa Code 522.2 – Definitions
Current as of: 2023 | Check for updates
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1. “Affiliate”, or a person affiliated with a specific person, means the same as defined in section 521A.1.
Terms Used In Iowa Code 522.2
- Commissioner: means the commissioner of insurance. See Iowa Code 510.1B
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Insurer: means a person duly licensed in this state as an insurance company pursuant to this subtitle. See Iowa Code 510.1B
- 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
- year: means twelve consecutive months. See Iowa Code 4.1
2. “Commissioner” means the Iowa commissioner of insurance.
3. “Insurance group” means the insurers and affiliates included within an insurance holding company system as defined in section 521A.1.
4. “Insurer” means the same as defined in section 521A.1.
5. “Own risk and solvency assessment” or “assessment” means a confidential internal assessment, appropriate to the nature, scale, and complexity of an insurer or insurance group, that is conducted by that insurer or insurance group, of the material and relevant risks associated with the insurer or insurance group’s current business plan, and the sufficiency of capital resources to support those risks.
6. “Own risk and solvency assessment guidance manual” or “guidance manual” means the current version of the own risk and solvency assessment guidance manual developed and adopted by the national association of insurance commissioners and amended from time to time. A change in the guidance manual is effective and applicable to this chapter on January 1 following the calendar year in which the change was adopted by the national association of insurance commissioners.
7. “Own risk and solvency assessment summary report” or “summary report” means a confidential high-level summary of the own risk and solvency assessment conducted by an insurer or insurance group.
8. “Supervisory college” means a temporary or permanent forum for communication and cooperation between regulators charged with supervision of an insurer or its affiliates.