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IA Code § 521I.4 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 521I - DIVISION OF DOMESTIC STOCK INSURERS|Section 521I.4 - Plan of division — dividing insurer not to survive division.

521I.4 Plan of division — dividing insurer not to survive division.   If a dividing insurer will not survive a division, the plan of division shall include, in addition to the requirements pursuant to section 521I.2, the manner in which the dividing insurer will cancel or convert shares in the dividing insurer’s shares into shares, securities, obligations, money, other property, rights to acquire shares or securities, or any combination thereof.  2019 Acts, ch 20, §4
IA Code § 521I.5 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 521I - DIVISION OF DOMESTIC STOCK INSURERS|Section 521I.5 - Amending plan of division.

521I.5 Amending plan of division.   1. A dividing insurer may amend the dividing insurer’s plan of division in accordance with any procedures set forth in the plan of division, or if no such procedures are set forth in the plan of division, in a manner determined by the board of directors of the dividing insurer. A shareholder that is entitled to vote on or consent to approval of the plan of division shall be entitled to vote on or consent to an amendment of the plan of division that will affect any of the following:   a. The amount or kind of shares, securities, obligations, money, other property, rights to acquire shares or securities, or any combination thereof to be received by any of the shareholders of the dividing insurer under the plan of division.   b. The articles of incorporation or bylaws of any resulting insurer that become effective when the division becomes effective except for changes that do not require approval of the shareholders of the resulting insurer under such articles of incorporation or bylaws.   c. Any other terms or conditions of the plan of division if the change may adversely affect the shareholders in any material respect.   2. A dividing insurer shall not amend the dividing insurer’s plan of division after the plan of division becomes effective under section 521I.10, subsection 2.   3. A dividing insurer shall not amend the dividing insurer’s plan of division after the plan of division is approved by the commissioner under section 521I.8.  2019 Acts, ch 20, §5; 2020 Acts, ch 1063, §293  Subsections 2 and 3 amended
IA Code § 521I.6 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 521I - DIVISION OF DOMESTIC STOCK INSURERS|Section 521I.6 - Abandoning plan of division.

521I.6 Abandoning plan of division.   1. A dividing insurer may abandon the dividing insurer’s plan of division in any of the following circumstances:   a. After the dividing insurer has approved the plan of division without any action by the shareholders and in accordance with any procedures set forth in the plan of division, or if no such procedures are set forth in the plan of division, in a manner determined by the board of directors of the dividing insurer.   b. After the dividing insurer has filed a certificate of division with the secretary of state pursuant to section 521I.10, the dividing insurer may file a signed certificate of abandonment with the secretary of state and file a copy with the commissioner. The certificate of abandonment shall be effective on the date the certificate of abandonment is filed with the secretary of state.   2. A dividing insurer shall not abandon the dividing insurer’s plan of division after the plan of division becomes effective under section 521I.10, subsection 2.   3. If a dividing insurer elects to abandon the dividing insurer’s plan of division, the dividing insurer shall notify the commissioner.  2019 Acts, ch 20, §6; 2020 Acts, ch 1063, §294  Subsection 2 amended
IA Code § 521I.7 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 521I - DIVISION OF DOMESTIC STOCK INSURERS|Section 521I.7 - Approval of plan of division — articles of incorporation and bylaws.

521I.7 Approval of plan of division — articles of incorporation and bylaws.   1. A dividing insurer shall not file a plan of division with the commissioner until such plan of division has been approved in accordance with all provisions of the dividing insurer’s articles of incorporation and bylaws. If the dividing insurer’s articles of incorporation and bylaws do not provide for approval of a plan of division, the dividing insurer shall not file the plan of division with the commissioner unless such plan of division has been approved in accordance with all provisions of the dividing insurer’s articles of incorporation and bylaws that provide for approval of a merger.   2. If a provision of a dividing insurer’s articles of incorporation or bylaws adopted before July 1, 2019, requires that a specific number of or a percentage of the board of directors or shareholders propose or adopt a plan of merger or impose other procedures for the proposal or adoption of a plan of merger, the dividing insurer shall adhere to such provision in proposing or adopting a plan of division. If any such provision of the articles of incorporation or bylaws is amended on or after July 1, 2019, the amended provision shall apply to a division occurring after adoption of the amendment only in accordance with the express terms of the provision as amended.  2019 Acts, ch 20, §7; 2020 Acts, ch 1063, §295  Referred to in §521I.8  Subsection 2 amended
IA Code § 521I.9 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 521I - DIVISION OF DOMESTIC STOCK INSURERS|Section 521I.9 - Confidentiality.

521I.9 Confidentiality.   A dividing insurer may submit a written request to the commissioner that confidentiality be maintained regarding all business, financial, actuarial, and other proprietary information submitted to, obtained by, or disclosed to the commissioner in connection with the dividing insurer’s plan of division. The commissioner shall make a determination regarding the dividing insurer’s request prior to issuing a notice of a public hearing pursuant to section 521I.8, subsection 2. If the commissioner grants the dividing insurer’s request in whole or in part, such information as the commissioner determines shall remain confidential, shall not be available for public inspection, and shall not be subject to chapter 22. The plan of division shall not be confidential and shall be available for public inspection.  2019 Acts, ch 20, §9
IA Code § 521I.10 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 521I - DIVISION OF DOMESTIC STOCK INSURERS|Section 521I.10 - Certificate of division.

521I.10 Certificate of division.   1. If the commissioner approves a dividing insurer’s plan of division pursuant to section 521I.8, an officer or duly authorized representative of the dividing insurer shall sign a certificate of division that sets forth all of the following:   a. The name of the dividing insurer.   b. A statement disclosing whether the dividing insurer survived the division. If the dividing insurer survived the division, the certificate of division shall include any amendments to the dividing insurer’s articles of incorporation or bylaws as approved as part of the plan of division.   c. The name of each resulting insurer that is created by the division.   d. The date on which the division is effective.   e. A statement that the division was approved by the commissioner under section 521I.8.   f. A statement that the dividing insurer provided reasonable notice to each reinsurer that is a party to a reinsurance contract allocated in the plan of division.   g. The resulting insurer’s articles of incorporation and bylaws for each resulting insurer created by the division. The articles of incorporation and bylaws of each resulting insurer must comply with the applicable requirements of the laws of this state. The articles of incorporation and bylaws may state the name or address of an incorporator, may be signed, and may include any provision that is not required in a restatement of the articles of incorporation or bylaws.   h. A reasonable description of the capital, surplus, other assets and liabilities, including policy liabilities, of the dividing insurer that are to be allocated to each resulting insurer.   2. A dividing insurer’s certificate of division is effective on the date the dividing insurer files the certificate with the secretary of state and provides a concurrent copy to the commissioner, or on another date as specified in the plan of division, whichever is later. However, the certificate of division shall become effective not later than ninety calendar days after it is filed with the secretary of state. A division shall be effective when the relevant certificate of division is effective.  2019 Acts, ch 20, §10  Referred to in §521.19, 521I.5, 521I.6, 521I.11
IA Code § 521I.13 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 521I - DIVISION OF DOMESTIC STOCK INSURERS|Section 521I.13 - Shareholder appraisal rights.

521I.13 Shareholder appraisal rights.   If a dividing insurer does not survive a division, an objecting shareholder of the dividing insurer is entitled to appraisal rights and to obtain payment of the fair value of such shareholder’s shares in the same manner and to the extent provided for a corporation as a party to a merger pursuant to section 490.1302.  2019 Acts, ch 20, §13  Referred to in §521I.11
IA Code § 521I.14 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 521I - DIVISION OF DOMESTIC STOCK INSURERS|Section 521I.14 - Rules.

521I.14 Rules.   The commissioner may adopt rules pursuant to chapter 17A to administer this chapter.  2019 Acts, ch 20, §14
IA Code § 521I.15 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 521I - DIVISION OF DOMESTIC STOCK INSURERS|Section 521I.15 - Enforcement.

521I.15 Enforcement.   The commissioner may take any action under the commissioner’s authority to enforce compliance with this chapter.  2019 Acts, ch 20, §15
IA Code § 522.1 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 522 - INSURER RISK AND SOLVENCY ASSESSMENTS|Section 522.1 - Purpose and scope — legislative intent.

522.1 Purpose and scope — legislative intent.   1. The purpose of this chapter is to require insurers to maintain a risk management framework and complete an own risk and solvency assessment and to provide guidance and instructions for the filing of own risk and solvency assessment reports with the commissioner.   2. The general assembly finds and declares that own risk and solvency assessment summary reports will contain confidential and sensitive information related to an insurer’s or insurance group’s identification of risks material and relevant to the insurer or insurance group filing the report. This information will include proprietary and trade secret information that has the potential for harm and competitive disadvantage to the insurer or insurance group if the information is made public. It is the intent of the general assembly that own risk and solvency assessment summary reports filed with the commissioner are confidential documents, shall be shared only as provided in this chapter and to assist the commissioner in the performance of the commissioner’s duties, and shall not be subject to public disclosure.  2013 Acts, ch 40, §1, 11
IA Code § 522.2 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 522 - INSURER RISK AND SOLVENCY ASSESSMENTS|Section 522.2 - Definitions.

522.2 Definitions.   1. “Affiliate”, or a person affiliated with a specific person, means the same as defined in section 521A.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.  2013 Acts, ch 40, §2, 11
IA Code § 522.3 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 522 - INSURER RISK AND SOLVENCY ASSESSMENTS|Section 522.3 - Risk management framework.

522.3 Risk management framework.   An insurer shall maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing, and reporting on the insurer’s material and relevant risks. This requirement is satisfied if the insurance group of which the insurer is a member maintains a risk management framework applicable to the operations of the insurer.  2013 Acts, ch 40, §3, 11
IA Code § 522.4 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 522 - INSURER RISK AND SOLVENCY ASSESSMENTS|Section 522.4 - Own risk and solvency assessment requirement.

522.4 Own risk and solvency assessment requirement.   1. Subject to section 522.6, an insurer, or the insurance group of which the insurer is a member, shall regularly conduct an own risk and solvency assessment consistent and comparable with the assessment process contained in the own risk and solvency assessment guidance manual.   2. An own risk and solvency assessment shall be conducted at least annually, but an assessment shall also be conducted at any time when there are significant changes to the risk profile of an insurer or the insurance group of which the insurer is a member.  2013 Acts, ch 40, §4, 11
IA Code § 522.5 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 522 - INSURER RISK AND SOLVENCY ASSESSMENTS|Section 522.5 - Own risk and solvency assessment summary report.

522.5 Own risk and solvency assessment summary report.   1. a. Beginning in 2015, an insurer shall annually submit to the commissioner an own risk and solvency assessment summary report or any combination of reports that together contain the information described in the own risk and solvency assessment guidance manual that is applicable to the insurer or the insurance group of which the insurer is a member.   b. If the insurer is a member of an insurance group, the insurer shall submit the report or reports required by this section to the state commissioner that is the lead state commissioner of the insurance group of which the insurer is a member, as determined by the procedures contained in the financial analysis handbook adopted by the national association of insurance commissioners.   c. The own risk and solvency assessment summary report shall be filed after the insurer or the insurance group of which the insurer is a member conducts the insurer’s or insurance group’s strategic planning process. The insurer or insurance group shall notify the commissioner as to the date that the summary report will be filed.   2. The own risk and solvency assessment summary report shall include the signature of the insurer’s or insurance group’s chief risk officer or another executive having responsibility for the oversight of the insurer’s enterprise risk management process, attesting that to the best of that person’s belief and knowledge the insurer applies the enterprise risk management process described in the summary report and that a copy of the summary report has been provided to the insurer’s or insurance group’s board of directors or the appropriate committee of that board.   3. An insurer may comply with subsection 1 by submitting the most recent and substantially similar report provided by the insurer or another member of the insurance group of which the insurer is a member to the commissioner of insurance of another state or to a supervisor or regulator of a foreign jurisdiction, if that report provides information that is comparable to the information described in the own risk and solvency assessment guidance manual. Any such report that is submitted in a language other than English must be accompanied by a translation of that report into the English language.  2013 Acts, ch 40, §5, 11  Referred to in §522.6, 522.9
IA Code § 522.7 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 522 - INSURER RISK AND SOLVENCY ASSESSMENTS|Section 522.7 - Contents of own risk and solvency assessment summary report.

522.7 Contents of own risk and solvency assessment summary report.   1. The own risk and solvency assessment summary report shall be prepared consistent with the own risk and solvency assessment guidance manual, subject to the requirements of subsection 2. Documentation and supporting information shall be maintained and made available upon examination of an insurer or upon request of the commissioner.   2. The review of an own risk and solvency assessment summary report, and any additional requests for information, shall be made using procedures similar to the procedures currently used in the analysis and examination of multistate or global insurers and insurance groups.  2013 Acts, ch 40, §7, 11
IA Code § 522.9 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 522 - INSURER RISK AND SOLVENCY ASSESSMENTS|Section 522.9 - Penalties.

522.9 Penalties.   1. If an insurer fails, without just cause, to file an own risk and solvency assessment summary report by the filing date stipulated to the commissioner pursuant to section 522.5, subsection 1, the commissioner shall, after notice and hearing, impose a penalty of five hundred dollars for each day after the stipulated date that the summary report is not filed. The penalties shall be collected by the commissioner and deposited in the general fund of the state. The maximum penalty which may be imposed under this section is fifty thousand dollars.   2. The commissioner may reduce the penalty to be imposed if the insurer demonstrates to the commissioner that imposition of the penalty would constitute a financial hardship to the insurer.  2013 Acts, ch 40, §9, 11
IA Code § 522.10 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 522 - INSURER RISK AND SOLVENCY ASSESSMENTS|Section 522.10 - Severability.

522.10 Severability.   If any provision of this chapter, or the application of this chapter to any person or circumstance, is held invalid, such holding shall not affect the provisions or applications of this chapter which can be given effect without the invalid provision or application, and to that end the provisions of this chapter are severable.  2013 Acts, ch 40, §10, 11
IA Code § 522A.1 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 522A - SALE OF INSURANCE BY VEHICLE RENTAL COMPANIES|Section 522A.1 - Purpose.

522A.1 Purpose.   The purpose of this chapter is to provide for the limited licensing of rental companies when a motor vehicle rental company sells travel or automobile-related insurance products or coverage in connection with and incidental to the rental of vehicles.  99 Acts, ch 143, §1
IA Code § 522A.2 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 522A - SALE OF INSURANCE BY VEHICLE RENTAL COMPANIES|Section 522A.2 - Definitions.

522A.2 Definitions.   As used in this chapter, unless the context otherwise requires:   1. “Commissioner” means the commissioner of insurance appointed pursuant to section 505.2.   2. “Counter employee” means any employee at least eighteen years of age employed by a rental company that offers the products described in this chapter.   3. “Limited licensee” means a person at least eighteen years of age or an entity authorized to sell certain insurance coverages relating to the rental of vehicles.   4. “Rental agreement” means any written agreement setting forth the terms and conditions governing the use of a vehicle provided by a rental company for rental.   5. “Rental company” means any person or entity in the business of primarily providing vehicles intended for the private transportation of passengers to the public under a rental agreement for a period not to exceed ninety days.   6. “Rental period” means the term of the rental agreement.   7. “Renter” means any person obtaining the use of a vehicle from a rental company under the terms of a rental agreement for a period not to exceed ninety days.   8. “Vehicle” means a motor vehicle under section 321.1 used for the private transportation of passengers, including passenger vans, minivans, and sport utility vehicles, or used for the transportation of cargo with a gross vehicle weight of less than twenty-six thousand and one pounds and not requiring the operator to possess a commercial driver’s license, including cargo vans, pickup trucks, and trucks.  99 Acts, ch 143, §2
IA Code § 522A.4 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 522A - SALE OF INSURANCE BY VEHICLE RENTAL COMPANIES|Section 522A.4 - Term of limited license.

522A.4 Term of limited license.   A limited license issued pursuant to this chapter is valid for three years and may be renewed without examination if the renewal application is received in a timely manner.  99 Acts, ch 143, §4
IA Code § 522A.5 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 522A - SALE OF INSURANCE BY VEHICLE RENTAL COMPANIES|Section 522A.5 - Fees.

522A.5 Fees.   The fee for a counter employee license shall be fifty dollars per counter employee. In no case shall any combined fees exceed one thousand dollars in any calendar year for any one rental company or limited license or licensee or renewal license. The fees collected under this section shall be deposited as provided in section 505.7.  99 Acts, ch 143, §5; 2009 Acts, ch 181, §89
IA Code § 522A.6 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 522A - SALE OF INSURANCE BY VEHICLE RENTAL COMPANIES|Section 522A.6 - Vendor qualifications.

522A.6 Vendor qualifications.   If a qualified vendor is available, the commissioner shall utilize the qualified vendor closest in proximity to where the counter employee is employed to meet the requirements in section 522A.3. A vendor shall have at least two years teaching experience relating to the topic of the products described in this chapter. For purposes of this section, the commissioner may approve a rental company that meets the requirements of this section as a qualifying vendor to administer the requirements in section 522A.3.  99 Acts, ch 143, §6  Referred to in §522A.3
IA Code § 522A.7 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 522A - SALE OF INSURANCE BY VEHICLE RENTAL COMPANIES|Section 522A.7 - Rules.

522A.7 Rules.   The commissioner shall adopt rules necessary for the administration of this chapter.  99 Acts, ch 143, §7
IA Code § 522B.2 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 522B - LICENSING OF INSURANCE PRODUCERS|Section 522B.2 - License required.

522B.2 License required.   1. A person shall not sell, solicit, or negotiate insurance in this state for any line of insurance unless the person is licensed as an insurance producer for that line of insurance as provided in this chapter.   2. A person offering to the public, for a fee or commission, to engage in the business of offering any advice, counsel, or service with respect to the benefits, advantages, or disadvantages promised under any policy of insurance must also be licensed as an insurance producer.  2001 Acts, ch 16, §16, 37  Referred to in §522B.17A