reglab/housing_qa huggingface dataset:
IA Code § 520.6 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 520 - RECIPROCAL OR INTERINSURANCE CONTRACTS|Section 520.6 - Service of process.

520.6 Service of process.   Service of process made on the commissioner as the agent for service of process shall be made as provided in section 505.30.  [C24, 27, 31, 35, 39, §9088; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §520.6]  2018 Acts, ch 1018, §11  Referred to in §520.7, 520.14
IA Code § 520.7 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 520 - RECIPROCAL OR INTERINSURANCE CONTRACTS|Section 520.7 - Judgment — satisfaction.

520.7 Judgment — satisfaction.   A judgment rendered in any such case where service of process has been made under section 520.6 upon the commissioner of insurance, shall be valid and binding against any and all such subscribers as their interests appear and such judgment may be satisfied out of the funds in the possession of the attorney belonging to such subscribers.  [C24, 27, 31, 35, 39, §9089; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §520.7]  2019 Acts, ch 59, §190  Referred to in §520.14
IA Code § 520.8 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 520 - RECIPROCAL OR INTERINSURANCE CONTRACTS|Section 520.8 - Reports — limitations on risks.

520.8 Reports — limitations on risks.   There shall be filed with the commissioner of insurance by such attorney whenever the commissioner of insurance shall so require, a statement under oath of such attorney showing the maximum amount of indemnity upon a single risk, and, except as to workers’ compensation insurance, no subscriber shall assume on any single risk an amount greater than ten percent of the net worth of such subscriber.  [C24, 27, 31, 35, 39, §9090; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §520.8]  Referred to in §520.14
IA Code § 520.9 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 520 - RECIPROCAL OR INTERINSURANCE CONTRACTS|Section 520.9 - Standard of solvency.

520.9 Standard of solvency.   1. There shall at all times be maintained as assets a sum in cash, or in securities of the kind designated by the laws of the state where the principal office is located for the investment of funds of insurance companies, equal to one hundred percent of the net unearned premiums or deposits collected and credited to the account of subscribers, or assets equal to fifty percent of the net annual deposits collected and credited to the account of subscribers on policies having one year or less to run and pro rata on those for longer periods; in addition to which there shall be maintained in cash, or in such securities, assets sufficient to discharge all liabilities on all outstanding losses arising under policies issued, the same to be calculated in accordance with the laws of the state relating to similar reserves for companies insuring similar risks; provided that where the assets on hand available for the payment of losses other than determined losses, do not equal five million dollars, all liability for each determined loss or claim deferred for more than one year, shall be provided for by a special deposit in a trust company or bank having fiduciary powers of the state in which the principal office is located, to be used in payment of compensation benefits for disability; such deposit to be a trust fund and applicable only to the purposes stated, or such liability may be reinsured in authorized companies with a surplus of at least five million dollars. For the purpose of such reserves, net deposits shall be construed to mean the advance payments of subscribers after deducting the amount specifically provided in the subscribers’ agreements for expenses. If at any time the assets so held in cash or such securities shall be less than required above, or less than five million dollars, the subscribers or their attorney for them shall make up the deficiency within thirty days after notice from the commissioner of insurance to do so. In computing the assets required by this section, the amount specified in section 520.4, subsection 7, shall be included.   2. Notwithstanding subsection 1, a person issuing reciprocal contracts and authorized to transact business under this chapter shall comply with the minimum surplus requirements of this section or chapter 521E, whichever is greater.  [C24, 27, 31, 35, 39, §9091; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §520.9]  88 Acts, ch 1111, §16; 96 Acts, ch 1046, §8; 2007 Acts, ch 137, §20  Referred to in §85.65A, 520.9A, 520.14
IA Code § 520.9A (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 520 - RECIPROCAL OR INTERINSURANCE CONTRACTS|Section 520.9A - Solvency standard — transition.

520.9A Solvency standard — transition.   Notwithstanding section 520.9, a reciprocal or interinsurance insurer authorized to transact business in this state prior to July 1, 1988, may continue in operation provided that the insurer contributes an additional ten percent of the previous year ending capital and surplus to capital and surplus each year. If an insurer fails to contribute the additional ten percent, the commissioner of insurance may revoke the insurer’s authorization to do business in this state. The insurance commissioner may waive this requirement for just cause shown.  88 Acts, ch 1111, §17  Referred to in §520.14
IA Code § 520.10 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 520 - RECIPROCAL OR INTERINSURANCE CONTRACTS|Section 520.10 - Annual report — examination — penalties.

520.10 Annual report — examination — penalties.   1. Such attorney shall, within the time limited for filing the annual statement by insurance companies transacting the same kind of business, make a report, under oath, to the commissioner of insurance for each calendar year, showing the financial condition of affairs at the office where such contracts are issued and shall, at any and all times, furnish such additional information and reports as may be required; provided, however, that the attorney shall not be required to furnish the names and addresses of any subscribers except in case of an unpaid final judgment. The business affairs, records, and assets of any such organization shall be subject to examination by the commissioner of insurance at any reasonable time, and such examination shall be at the expense of the organization examined.   2. A certificate of authority of a reciprocal or interinsurance insurer authorized under this chapter shall be renewed annually in accordance with section 520.12 so long as the insurer transacts its business in accordance with all legal requirements.   3. The commissioner shall refuse to renew the certificate of authority of a reciprocal or interinsurance insurer that fails to comply with the provisions of this chapter and the insurer’s right to transact new business in this state shall immediately cease until the insurer has so complied.   4. A reciprocal or interinsurance insurer that fails to timely file the report required under subsection 1 is in violation of this section and shall pay an administrative penalty of five hundred dollars to the treasurer of state for deposit as provided in section 505.7.   5. The commissioner may give notice to a reciprocal or interinsurance insurer that the insurer has not timely filed the report required under subsection 1 and is in violation of this section. If the insurer fails to file the required report and comply with this section within ten days of the date of the notice, the insurer shall pay an additional administrative penalty of one hundred dollars for each day that the failure continues to the treasurer of state for deposit as provided in section 505.7.  [C24, 27, 31, 35, 39, §9092; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §520.10]  2006 Acts, ch 1117, §96; 2009 Acts, ch 181, §86  Referred to in §520.14, 520.15
IA Code § 520.11 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 520 - RECIPROCAL OR INTERINSURANCE CONTRACTS|Section 520.11 - Implied powers of corporations.

520.11 Implied powers of corporations.   Any corporation now or hereafter organized under the laws of this state shall, in addition to the rights, powers, and franchises specified in its articles of incorporation, have full power and authority to exchange insurance contracts of the kind and character herein mentioned. The right to exchange such contracts is hereby declared to be incidental to the purposes for which such corporations are organized and as fully granted as the rights and powers expressly conferred.  [C24, 27, 31, 35, 39, §9093; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §520.11]  Referred to in §520.14
IA Code § 520.12 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 520 - RECIPROCAL OR INTERINSURANCE CONTRACTS|Section 520.12 - Certificate of authority — renewal — penalties.

520.12 Certificate of authority — renewal — penalties.   1. Upon compliance with the requirements of this chapter, the commissioner of insurance shall issue a certificate of authority or a license to the attorney, authorizing the attorney to make such contracts of insurance, which license shall specify the kind or kinds of insurance and shall contain the name of the attorney, the location of the principal office and the name or designation under which such contracts of insurance are issued. The certificate of authority shall expire on the first day of June next succeeding its issue, and shall be renewed annually as long as the company transacts business in accordance with the requirements of law. A copy of the certificate, when certified by the commissioner of insurance, shall be admissible in evidence for or against a company with the same effect as the original.   2. A reciprocal or interinsurance insurer shall submit annually, on or before March 1, a completed application for renewal of the insurer’s certificate of authority. An insurer that fails to timely file an application for renewal shall pay an administrative fee of five hundred dollars to the treasurer of state for deposit as provided in section 505.7.  [C24, 27, 31, 35, 39, §9094; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §520.12]  88 Acts, ch 1112, §110; 2006 Acts, ch 1117, §97; 2009 Acts, ch 181, §87  Referred to in §520.10, 520.14, 520.15
IA Code § 520.13 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 520 - RECIPROCAL OR INTERINSURANCE CONTRACTS|Section 520.13 - Fidelity or surety bonds executed.

520.13 Fidelity or surety bonds executed.   Fidelity or surety bonds executed by a reciprocal or interinsurance exchange pursuant to authority given by the commissioner of insurance shall be received and accepted as company or corporate bonds, provided, however, that such reciprocal companies before being permitted to qualify for writing fidelity or surety bonds shall be required to maintain a surplus of three hundred thousand dollars.  [C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §520.13]  Referred to in §520.14
IA Code § 520.14 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 520 - RECIPROCAL OR INTERINSURANCE CONTRACTS|Section 520.14 - Violations — exceptions.

520.14 Violations — exceptions.   It shall be unlawful for an attorney to exchange contracts of insurance of the kind and character specified in this chapter, or for an attorney or representative of the attorney to solicit or negotiate any applications for the same without the attorney having first complied with the provisions of sections 520.2 through 520.13. For the purpose of organization and upon issuance of permit by the commissioner of insurance, powers of attorney and applications for such contracts may be solicited without compliance with the provisions of this chapter, but an attorney, agent, or other person shall not make any such contracts of indemnity until all of the provisions of this chapter shall have been complied with.  [C24, 27, 31, 35, 39, §9095; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §520.14]  2004 Acts, ch 1110, §59; 2009 Acts, ch 133, §169
IA Code § 520.15 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 520 - RECIPROCAL OR INTERINSURANCE CONTRACTS|Section 520.15 - Refusal or revocation of certificate.

520.15 Refusal or revocation of certificate.   In addition to the penalties provided in sections 520.10 and 520.12, and where not otherwise provided, the penalty for failure or refusal to comply with any of the terms and provisions of this chapter, upon the part of the attorney, shall be the refusal, suspension, or revocation of certificate of authority or license by the commissioner of insurance and the public announcement of the commissioner’s act, after due notice and opportunity for hearing has been given such attorney so that the attorney may appear and show cause why such action should not be taken.  [C24, 27, 31, 35, 39, §9096; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §520.15]  2020 Acts, ch 1063, §292  Section amended
IA Code § 520.16 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 520 - RECIPROCAL OR INTERINSURANCE CONTRACTS|Section 520.16 - Bonds.

520.16 Bonds.   Where the principal office of the attorney in fact is located in this state the attorney shall give a fidelity bond to the subscribers thereof, personal or surety, in such sum as the commissioner of insurance shall deem sufficient, no less, however, than ten thousand dollars, which bond shall be approved by and deposited with the commissioner of insurance.  [C24, 27, 31, 35, 39, §9097; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §520.16]
IA Code § 520.17 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 520 - RECIPROCAL OR INTERINSURANCE CONTRACTS|Section 520.17 - Additional security — refusal.

520.17 Additional security — refusal.   Should the commissioner of insurance consider the surety on said bond, or the amount thereof, insufficient, the commissioner may require additional security or an increase in the amount of the bond. If such additional security or increase be not furnished within thirty days after notice to furnish the same, the commissioner of insurance may revoke the certificate of authority.  [C24, 27, 31, 35, 39, §9098; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §520.17]
IA Code § 520.18 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 520 - RECIPROCAL OR INTERINSURANCE CONTRACTS|Section 520.18 - Foreign attorney — bonds.

520.18 Foreign attorney — bonds.   Where the principal office of the attorney is located in another state, there shall be filed with the commissioner of insurance, in connection with the declaration, provided for by section 520.4, certified copies of all such bonds given by such attorney as security for the funds of subscribers.  [C24, 27, 31, 35, 39, §9099; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §520.18]
IA Code § 520.19 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 520 - RECIPROCAL OR INTERINSURANCE CONTRACTS|Section 520.19 - Annual tax — fees.

520.19 Annual tax — fees.   In lieu of all other taxes, licenses, charges, and fees whatsoever, such attorney shall annually pay to the commissioner the same fees as are paid by mutual companies transacting the same kind of business, and an annual tax based upon the applicable percentage stated in section 432.1, subsection 4, calculated upon the gross premiums or deposits collected from subscribers in this state during the preceding calendar year, after deducting therefrom returns, or cancellations, and all amounts returned to subscribers or credited to their accounts as savings, and the amount returned upon canceled policies and rejected applications covering property situated or on business done within this state.  [C24, 27, 31, 35, 39, §9100; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §520.19]  88 Acts, ch 1112, §305; 2005 Acts, ch 70, §47
IA Code § 520.20 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 520 - RECIPROCAL OR INTERINSURANCE CONTRACTS|Section 520.20 - Form of policy — construction.

520.20 Form of policy — construction.   The attorney may insert in any form of policy prescribed by the laws of this state any provisions or conditions required by the plan of reciprocal or interinsurance, provided the same shall not be inconsistent with or in conflict with any law of this state. Such policy, in lieu of conforming to the language and form prescribed by such law, shall be held to conform thereto in substance if such policy includes a provision or endorsement reciting that the policy shall be construed as if in the language and form prescribed by such law. Any such policy or endorsement shall first be filed with and approved by the commissioner of insurance.  [C24, 27, 31, 35, 39, §9101; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §520.20]
IA Code § 520.21 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 520 - RECIPROCAL OR INTERINSURANCE CONTRACTS|Section 520.21 - Reinsurance.

520.21 Reinsurance.   Such attorney shall not effect any reinsurance on risks in this state unless the insurance carrier granting such reinsurance shall be licensed in this state.  [C24, 27, 31, 35, 39, §9102; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §520.21]  Referred to in §521.13
IA Code § 520.23 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 520 - RECIPROCAL OR INTERINSURANCE CONTRACTS|Section 520.23 - Deposit of securities by reciprocal or interinsurance exchanges.

520.23 Deposit of securities by reciprocal or interinsurance exchanges.   If the commissioner of insurance or chief insurance officer of any other state or territory of the United States, claiming to proceed under existing or future laws of any such state or territory, shall require reciprocal or interinsurance exchanges of this state or the agents thereof to make any deposit of securities in such other state or territory for the protection of policyholders or otherwise or to make payment of taxes, fines, penalties, certificates of authority, license fees or otherwise or subject them to any restrictions, obligations, conditions, or penalties, greater than are required or imposed by the laws of the state of Iowa relating to reciprocal or interinsurance exchanges, from such exchanges of such other states or territories by the then existing laws of this state, then and in every such case all such reciprocal or interinsurance exchanges of such other states or territories shall be and they are hereby required to make like deposits for like purposes with the insurance division of this state and to pay to the commissioner of insurance taxes, fines, penalties, certificates of authority, license fees and otherwise in an amount equal to the amount of such charges and payments, and shall be subjected to the same restrictions, obligations, conditions, or penalties imposed by the commissioner of insurance or chief insurance officer of such other states under and by virtue of law, upon reciprocal or interinsurance exchanges of this state and the agents thereof.  [C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §520.23]
IA Code § 521.1 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 521 - CONSOLIDATION, MERGER, AND REINSURANCE|Section 521.1 - Definitions.

521.1 Definitions.   For the purposes of this chapter:   1. “Affected company” or “affected mutual company” means the company being merged with and into the surviving company.   2. “Commission” means the commission created in section 521.5.   3. “Commissioner” means the commissioner of insurance.   4. “Company” means a company or association organized under chapter 508, 514B, 515, 518, 518A, or 520, and includes a mutual insurance holding company organized pursuant to section 521A.14.   5. “Dividing insurer” means the same as defined in section 521I.1.   6. “Resulting insurer” means the same as defined in section 521I.1.  [S13, §1821-m; C24, 27, 31, 35, 39, §9104; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §521.1]  89 Acts, ch 83, §75; 95 Acts, ch 185, §41; 2006 Acts, ch 1117, §98; 2007 Acts, ch 22, §91; 2011 Acts, ch 70, §39; 2019 Acts, ch 20, §18  Referred to in §521.2
IA Code § 521.2 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 521 - CONSOLIDATION, MERGER, AND REINSURANCE|Section 521.2 - Consolidation, merger, and reinsurance.

521.2 Consolidation, merger, and reinsurance.   1. One or more domestic mutual insurance companies organized under chapter 491 may merge or consolidate with a domestic or foreign mutual insurance company as provided in this chapter.   2. One or more domestic insurance companies organized under chapter 490 may merge with a domestic or foreign insurance company as provided in chapter 490 with the approval of the commission pursuant to this chapter.   3. The provisions of this chapter shall not be applicable to the merger or consolidation of a domestic mutual company with a stock company pursuant to chapter 508B or chapter 515G.   4. A domestic insurance company shall not assume or reinsure the whole or any part of the risks of any other company, except as provided in this chapter. However, this chapter shall not be construed to prevent any company, as defined in section 521.1, from reinsuring a fractional part of any risk.   5. One or more foreign or domestic stock insurance companies may merge into a domestic mutual insurance company organized under chapter 491 as provided in this chapter.   6. One or more domestic health maintenance organizations or limited service organizations formed under chapter 514B may merge into a domestic insurance company organized under chapter 490 or chapter 491 as provided in this chapter.   7. Sections 491.102 through 491.105 shall not be applicable to a merger or consolidation of a domestic mutual insurance company pursuant to this chapter.  [S13, §1821-n; C24, 27, 31, 35, 39, §9105; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §521.2]  95 Acts, ch 185, §42; 2006 Acts, ch 1117, §99; 2007 Acts, ch 137, §21; 2009 Acts, ch 145, §51; 2011 Acts, ch 70, §40, 41  Referred to in §508.33A
IA Code § 521.3 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 521 - CONSOLIDATION, MERGER, AND REINSURANCE|Section 521.3 - Submission of plan and application to commissioner of insurance.

521.3 Submission of plan and application to commissioner of insurance.   Any company proposing to consolidate, merge, or enter into any reinsurance contract with another company shall file a plan and an application in support of the plan with the commissioner. The plan shall set forth the terms of the proposed contract of consolidation, merger, or reinsurance, along with any other information requested by the commissioner.  [S13, §1821-o; C24, 27, 31, 35, 39, §9106; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §521.3]  2006 Acts, ch 1117, §100  Referred to in §521.4
IA Code § 521.4 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 521 - CONSOLIDATION, MERGER, AND REINSURANCE|Section 521.4 - Procedure — notice.

521.4 Procedure — notice.   The commission may hear and determine an application, and approve, disapprove, or require modification of a plan submitted under section 521.3 without notice and without public hearing. The commission may require a public hearing when necessary to conserve the interests of the members, policyholders, or shareholders of the affected company. In such cases the commission shall require the affected company to mail to all of its members, policyholders, or shareholders written notice of the public hearing stating that an application and plan have been filed with the commission, the nature of the plan, and the date, time, and place of the public hearing on the application and plan. The commission shall determine the number of days prior to the public hearing that notice is required to be given to the members or shareholders, which shall be no fewer than ten nor more than sixty days.  [S13, §1821-p; C24, 27, 31, 35, 39, §9107; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §521.4]  2006 Acts, ch 1117, §101  Referred to in §521.7
IA Code § 521.5 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 521 - CONSOLIDATION, MERGER, AND REINSURANCE|Section 521.5 - Commission created.

521.5 Commission created.   A commission consisting of the commissioner of insurance and the attorney general is hereby created to hear and determine the application and to approve, disapprove, or require modification of the plan prior to approval.  [S13, §1821-q; C24, 27, 31, 35, 39, §9108; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §521.5]  88 Acts, ch 1112, §702; 2006 Acts, ch 1117, §102  Referred to in §521.1