reglab/housing_qa huggingface dataset:
IA Code § 515G.9 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 515G - MUTUAL INSURANCE COMPANY CONVERSIONS|Section 515G.9 - Act of conversion — continuation of company.

515G.9 Act of conversion — continuation of company.   1. When the commissioner and the policyholders approve the conversion plan as provided in this chapter, the commissioner shall issue a new certificate of authority to the successor stock company effective on the date specified in the plan. The successor stock company is a continuation of the mutual insurer and the conversion does not annul or modify any of the mutual insurer’s existing suits, contracts, or liabilities except as provided in the approved conversion plan. All rights, franchises, and interests of the mutual insurer in and to property, assets, and other interests shall be transferred to and shall vest in the successor stock company and the successor stock company shall assume all obligations and liabilities of the mutual insurer.   2. The successor stock company shall exercise all rights and powers and perform all duties conferred or imposed by law on insurance companies writing the classes of insurance written by the company, and shall retain the rights and contracts existing before conversion, subject to provisions of the plan.  90 Acts, ch 1083, §9; 2019 Acts, ch 59, §189
IA Code § 515G.10 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 515G - MUTUAL INSURANCE COMPANY CONVERSIONS|Section 515G.10 - Continuation of officers.

515G.10 Continuation of officers.   The directors and officers of the mutual insurer shall serve the reorganized company until new directors and officers are elected and qualify pursuant to the articles of incorporation and bylaws of the reorganized company.  90 Acts, ch 1083, §10
IA Code § 515G.11 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 515G - MUTUAL INSURANCE COMPANY CONVERSIONS|Section 515G.11 - Rules.

515G.11 Rules.   The commissioner may issue rules pursuant to chapter 17A to carry out the provisions of this chapter.  90 Acts, ch 1083, §11
IA Code § 515G.12 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 515G - MUTUAL INSURANCE COMPANY CONVERSIONS|Section 515G.12 - Amendments — withdrawal.

515G.12 Amendments — withdrawal.   At any time before approval of the plan of conversion and pursuant to rules issued by the commissioner, the board of directors of a mutual insurer may amend the conversion plan. The board of directors of a mutual insurer may withdraw the plan of conversion at any time prior to the approval of the plan of conversion by either the commissioner or the policyholders.  90 Acts, ch 1083, §12
IA Code § 515G.13 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 515G - MUTUAL INSURANCE COMPANY CONVERSIONS|Section 515G.13 - Prohibitions on certain offers to acquire shares.

515G.13 Prohibitions on certain offers to acquire shares.   Prior to and for a period of five years following the effective date of the conversion, and five years following the date of distribution of consideration to the policyholders in exchange for their membership interests, an officer or director, including family members and their spouses, of the mutual insurer or the successor stock company, shall not directly or indirectly offer to acquire or acquire control of the successor stock company unless the acquisition is made pursuant to a stock option or other plan approved by the commissioner, made pursuant to the plan of conversion, or made after the initial public offering from a broker or dealer of registered securities with the securities and exchange commission at the quoted price on the date of purchase, or made in connection with the defense against an acquisition of control of the reorganized company pursuant to any proposal not approved by the board of directors. As used in this section, “family member” includes a brother, sister, spouse, parent, grandparent, ancestor, or descendant of the officer or director.  90 Acts, ch 1083, §13
IA Code § 515G.14 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 515G - MUTUAL INSURANCE COMPANY CONVERSIONS|Section 515G.14 - Limitation of actions — security for attorney fees.

515G.14 Limitation of actions — security for attorney fees.   1. An action challenging the validity of a conversion plan, or any part of a conversion plan, shall not be commenced more than thirty days following the date of approval by the commissioner, unless an application for rehearing is filed pursuant to section 17A.16, subsection 2. If an application for rehearing is filed, then such action must be filed within thirty days after that application is denied or deemed denied or, if the application is granted, within thirty days after the issuance of the commissioner’s final decision on rehearing.   2. The successor stock company or any defendant may require the plaintiff in such an action to give security for the reasonable attorney fees which may be incurred by any party to the action. The amount of the security may be increased or decreased in the discretion of the court having jurisdiction if a showing is made that the security provided is or may become inadequate or excessive.  90 Acts, ch 1083, §14; 2000 Acts, ch 1023, §34  [Subsection 2 was inadvertently omitted from Code 2001 through Code 2007]  2019 Acts, ch 24, §104
IA Code § 515G.15 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 515G - MUTUAL INSURANCE COMPANY CONVERSIONS|Section 515G.15 - Duties of secretary of state.

515G.15 Duties of secretary of state.   After approval of the conversion plan by the commissioner and the policyholders, the secretary of state shall accept for filing a verified copy of the amended articles of incorporation.  90 Acts, ch 1083, §15
IA Code § 515H.1 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 515H - PROPERTY AND CASUALTY ACTUARIAL OPINIONS|Section 515H.1 - Short title.

515H.1 Short title.   This chapter shall be known and may be cited as the “Property and Casualty Actuarial Opinions Act”.  2007 Acts, ch 137, §13
IA Code § 515H.2 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 515H - PROPERTY AND CASUALTY ACTUARIAL OPINIONS|Section 515H.2 - Actuarial opinion of reserves — supporting documentation.

515H.2 Actuarial opinion of reserves — supporting documentation.   1. Statement of actuarial opinion. Every property and casualty insurance company doing business in this state, unless otherwise exempted from this requirement by the commissioner, shall annually submit the opinion of an appointed actuary entitled “statement of actuarial opinion” with the company’s annual statement in accordance with the provisions of section 515.63 and with the requirements of the national association of insurance commissioners’ property and casualty annual statement instructions.   2. Actuarial opinion summary.   a. Every property and casualty insurance company domiciled in this state that is required to submit a statement of actuarial opinion shall annually submit an actuarial opinion summary, prepared and signed by the company’s appointed actuary. The actuarial opinion summary shall be filed in accordance with the requirements of the national association of insurance commissioners’ property and casualty company annual statement instructions and shall be considered a document in support of the statement of actuarial opinion required under subsection 1.   b. A property and casualty insurance company that is licensed but not domiciled in this state shall provide an actuarial opinion summary upon request of the commissioner.   3. Actuarial report and work papers.   a. An actuarial report and supporting work papers shall be prepared to support each statement of actuarial opinion in accordance with the requirements of the national association of insurance commissioners’ property and casualty company annual statement instructions.   b. If an insurance company fails to provide a supporting actuarial report and work papers as requested by the commissioner or the commissioner determines that the actuarial report or work papers provided are unacceptable, the commissioner may engage a qualified actuary at the company’s expense to review the statement of actuarial opinion and the basis for the opinion and to prepare a supporting actuarial report or work papers.   4. An appointed actuary shall not be liable for damages to any person, except the company and the insurance commissioner, for any act, error, omission, decision, or misconduct of the appointed actuary in conducting the actuary’s duties pursuant to this section except in cases of fraud or willful misconduct on the part of the appointed actuary.  2007 Acts, ch 137, §14  Referred to in §515H.3
IA Code § 515H.3 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 515H - PROPERTY AND CASUALTY ACTUARIAL OPINIONS|Section 515H.3 - Confidentiality.

515H.3 Confidentiality.   1. A statement of actuarial opinion filed pursuant to section 515H.2, subsection 1, is a public record subject to examination and copying.   2. Documents in the possession or control of the insurance division that are provided to the division in support of a statement of actuarial opinion, that are considered an actuarial report, work papers, an actuarial opinion summary, or any other material provided by the company in connection with the actuarial report, work papers, or actuarial opinion summary are confidential records under section 507.14 and shall not be subject to subpoena or discovery or be admissible in evidence in any private civil action.   3. Disclosure of any documents, materials, or information to the division in compliance with the requirements of this chapter shall not be considered a waiver of any applicable privilege or claim of confidentiality.  2007 Acts, ch 137, §15
IA Code § 515I.1 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 515I - SURPLUS LINES INSURANCE|Section 515I.1 - Purpose.

515I.1 Purpose.   1. The purposes of this chapter are to do all of the following:   a. Establish a system of regulation which will permit orderly access to surplus lines insurance in this state.   b. Encourage admitted insurers to make new and innovative types of insurance available to consumers in this state.   c. Protect persons seeking insurance in this state.   d. Permit surplus lines insurance to be placed with reputable and financially sound nonadmitted insurers.   e. Provide a system through which persons may independently procure surplus lines insurance.   f. Protect revenues of this state.   g. Foster a national system of regulation of surplus lines insurance by collaborating with other state insurance commissioners.   h. Provide a system which subjects surplus lines insurance activities in this state to the jurisdiction of the insurance commissioner and state and federal courts in suits by or on behalf of the state.   i. Ensure compliance with the federal Nonadmitted and Reinsurance Reform Act of 2010, Tit. V, subtit. B, of the federal Dodd-Frank Wall Street Reform and Consumer Protection Act.   2. This chapter shall be liberally construed to promote these purposes.  2012 Acts, ch 1025, §1, 22; 2012 Acts, ch 1138, §73, 86, 87
IA Code § 515I.3 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 515I - SURPLUS LINES INSURANCE|Section 515I.3 - Placement of surplus lines insurance business with nonadmitted insurers and domestic surplus lines insurers.

515I.3 Placement of surplus lines insurance business with nonadmitted insurers and domestic surplus lines insurers.   1. Surplus lines insurance may be placed by a surplus lines insurance producer with a nonadmitted insurer or domestic surplus lines insurer only if all of the following requirements are met:   a. The proposed nonadmitted insurer or domestic surplus lines insurer is an eligible surplus lines insurer.   b. The proposed nonadmitted insurer or domestic surplus lines insurer is authorized to write the type of insurance sought in this state in its domiciliary jurisdiction.   c. Unless otherwise exempt from this requirement, after a diligent search the full amount or type of insurance cannot be obtained from an admitted insurer.   d. All other requirements of this chapter are met.   2. a. In addition to the full amount of gross premiums charged by the nonadmitted insurer or domestic surplus lines insurer for the insurance on which a premium tax is imposed for surplus lines insurance for which the insured’s home state is Iowa, a surplus lines insurance producer shall collect and pay to the state of Iowa the appropriate amount of premium tax as provided in section 432.1 for surplus lines insurance. The commissioner shall adopt rules to specify the use of credits or deductions that may be applied to the premium tax.   b. The tax on any portion of the premium unearned at the termination of the surplus lines insurance that has been credited by the state shall be returned to the policyholder directly by the surplus lines insurance producer. The surplus lines insurance producer is prohibited from rebating, for any reason, any part of the tax.   3. This section shall not apply to a person properly licensed as an insurance producer, who, for a fee and pursuant to a written agreement, is engaged solely to offer advice, counsel, opinion, or service to an insured with respect to the benefits, advantages, or disadvantages promised under any proposed or in-force policy of insurance if the person does not, directly or indirectly, participate in the sale, solicitation, or negotiation of insurance on behalf of the insured.   4. Insurance placed under this section shall be valid and enforceable as to all parties.  2012 Acts, ch 1025, §3, 22; 2019 Acts, ch 19, §3
IA Code § 515I.4 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 515I - SURPLUS LINES INSURANCE|Section 515I.4 - Requirements for eligible surplus lines insurers.

515I.4 Requirements for eligible surplus lines insurers.   1. When this state is the home state of the insured, a nonadmitted insurer shall not place any surplus lines insurance business in this state unless the insurer has been approved for such activity by the commissioner. A nonadmitted insurer seeking to qualify as an eligible surplus lines insurer shall submit a request to so qualify in a form and format as directed by the commissioner which demonstrates all of the following:   a. Capital and surplus or its equivalent under the laws of the insurer’s domiciliary jurisdiction which equals the greater of either of the following:   (1) The minimum capital and surplus requirements under the laws of this state.   (2) Fifteen million dollars.   b. Evidence that the nonadmitted insurer is in good standing with its domiciliary regulator.   2. The commissioner may waive the requirements of this section or set specific requirements on a case-by-case basis upon an affirmative finding of acceptability by the commissioner that the placement of insurance with the nonadmitted insurer is necessary and will not be detrimental to the public and to policyholders. In determining whether business may be placed with a nonadmitted insurer, the commissioner shall consider all of the following:   a. The interests of the public and policyholders.   b. The length of time the insurer has been licensed to do insurance business in its domiciliary jurisdiction and elsewhere.   c. The unavailability of particular coverages from other admitted insurers or eligible surplus lines insurers in this state.   d. The size of the nonadmitted insurer as measured by the insurer’s assets, capital and surplus, reserves, premium writings, insurance in force, or other appropriate criteria.   e. The kinds of business the nonadmitted insurer writes, the insurer’s net exposure, and the extent to which the insurer’s business is diversified among several lines of insurance and geographic locations.   f. The past and projected trend in the size of the nonadmitted insurer’s capital and surplus considering such factors as premium growth, operating history, loss and expense ratios, or other appropriate criteria.   3. Eligible surplus lines insurers shall not be required to file or seek approval of their forms and rates.  2012 Acts, ch 1025, §4, 22
IA Code § 515I.4A (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 515I - SURPLUS LINES INSURANCE|Section 515I.4A - Requirements for domestic surplus lines insurers.

515I.4A Requirements for domestic surplus lines insurers.   1. An insurer that is domiciled in this state may apply to the commissioner for licensure as a domestic surplus lines insurer if all of the following requirements are met:   a. The insurer possesses policyholder surplus of the greater of either fifteen million dollars or three hundred percent of authorized-control-level risk-based capital pursuant to chapter 521E.   b. The insurer is an eligible surplus lines insurer in at least one jurisdiction other than this state.   c. The board of directors of the insurer has passed a resolution seeking approval as a domestic surplus lines insurer in this state and stating that the insurer shall only write surplus lines business. The resolution shall not be amended without approval of the commissioner.   d. The commissioner has approved the insurer as a domestic surplus lines insurer in this state.   2. For the purposes of the federal Nonadmitted and Reinsurance Reform Act of 2010, 15 U.S.C. §8201 et seq., a domestic surplus lines insurer shall be considered a nonadmitted insurer as the term is referenced in the Act, with respect to risks insured in this state.   3. A domestic surplus lines insurer shall be deemed an eligible surplus lines insurer and is subject to all requirements of this chapter that are applicable to an eligible surplus lines insurer. A domestic surplus lines insurer is authorized to write any kind of insurance that a nonadmitted insurer not domiciled in this state is eligible to write.   4. Notwithstanding any other provision of law to the contrary, a policy or contract issued in this state by a domestic surplus lines insurer shall be subject to taxes assessed on a surplus lines policy or contract issued by a nonadmitted insurer, including the premium tax on surplus lines insurance, but shall not be subject to other taxes levied on an admitted insurer, whether domestic or foreign.   5. A policy or contract issued by a domestic surplus lines insurer is not a policy or contract for which coverage is provided under the Iowa insurance guaranty association pursuant to chapter 515B or the Iowa life and health insurance guaranty association pursuant to chapter 508C.   6. All financial and solvency requirements imposed in this state upon a domestic admitted insurer are applicable to a domestic surplus lines insurer unless a domestic surplus lines insurer is specifically exempted from such requirements.   7. A policy or contract issued by a domestic surplus lines insurer in this state is exempt from all requirements imposed in this state relating to insurance rating plans, policy or contract forms, policy or contract cancellation and nonrenewal, or premiums charged to the insured, in the same manner and to the same extent as a policy or contract issued by a nonadmitted insurer domiciled in another state.  2019 Acts, ch 19, §4; 2019 Acts, ch 89, §17; 2020 Acts, ch 1062, §58  Subsection 7 amended
IA Code § 515I.6 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 515I - SURPLUS LINES INSURANCE|Section 515I.6 - Actions against eligible surplus lines insurers.

515I.6 Actions against eligible surplus lines insurers.   An eligible surplus lines insurer may be sued upon a cause of action arising in this state under a surplus lines insurance policy or contract placed by the insurer or upon evidence of insurance placed by the insurer and issued or delivered in this state by a surplus lines insurance producer. A policy or contract issued by an eligible surplus lines insurer shall contain a provision stating the substance of this section and designating the person upon whom service of process can be made on behalf of the insurer.  2012 Acts, ch 1025, §6, 22
IA Code § 515I.7 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 515I - SURPLUS LINES INSURANCE|Section 515I.7 - Effect of payment to surplus lines insurance producer.

515I.7 Effect of payment to surplus lines insurance producer.   A payment of premium to a surplus lines insurance producer acting for a person other than the producer in procuring, continuing, or renewing any policy or contract of surplus lines insurance procured under this chapter shall be deemed to be payment to the eligible surplus lines insurer, notwithstanding any other conditions or stipulations that are inserted in the policy or contract of insurance.  2012 Acts, ch 1025, §7, 22
IA Code § 515I.8 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 515I - SURPLUS LINES INSURANCE|Section 515I.8 - Referrals to surplus lines insurance producers.

515I.8 Referrals to surplus lines insurance producers.   A surplus lines insurance producer may accept referrals to place surplus lines insurance from any other licensed insurance producer and the surplus lines insurance producer may compensate the referring insurance producer for the referral.  2012 Acts, ch 1025, §8, 22
IA Code § 515I.9 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 515I - SURPLUS LINES INSURANCE|Section 515I.9 - Exempt commercial purchasers.

515I.9 Exempt commercial purchasers.   A surplus lines insurance producer seeking to procure or place surplus lines insurance in this state for an exempt commercial purchaser is not required to make a diligent search to determine whether the full amount or type of insurance sought by such exempt commercial purchaser can be obtained from an admitted insurer if both of the following requirements are met:   1. The surplus lines insurance producer has disclosed to the exempt commercial purchaser that such insurance may be available from an admitted insurer that may provide the purchaser with greater protection and with more regulatory oversight.   2. The exempt commercial purchaser has subsequently requested in writing that the surplus lines insurance producer place such insurance with an eligible surplus lines insurer.  2012 Acts, ch 1025, §9, 22
IA Code § 515I.10 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 515I - SURPLUS LINES INSURANCE|Section 515I.10 - Independently procured surplus lines insurance — premium tax — penalty.

515I.10 Independently procured surplus lines insurance — premium tax — penalty.   1. When this state is the home state of the insured, a person who directly procures, continues, or renews a surplus lines insurance policy or contract independently and without using a surplus lines insurance producer on properties, risks, or exposures located or to be performed in whole or in part in this state shall file a written report regarding the transaction with the commissioner, in a manner and method as directed by the commissioner by rule.   2. When this state is the home state of the insured, each person who has independently procured a surplus lines insurance policy or contract shall pay a premium tax at a rate appropriate to the amount of premium tax equal to the applicable percent, as provided in section 432.1. The tax shall be remitted via a method and schedule and in a manner as directed by the commissioner by rule.   3. The commissioner may assess a penalty of one percent of the delinquent amount of taxes owed per month as specified in section 507A.9.  2012 Acts, ch 1025, §10, 22