reglab/housing_qa huggingface dataset:
IA Code § 521C.4 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 521C - REINSURANCE INTERMEDIARIES|Section 521C.4 - Required contract provisions — reinsurance intermediary-brokers.

521C.4 Required contract provisions — reinsurance intermediary-brokers.   Transactions between a reinsurance intermediary-broker and the insurer that the reinsurance intermediary-broker represents in such capacity shall only be entered into pursuant to a written authorization, specifying the responsibilities of each party. The authorization shall, at a minimum, contain provisions that satisfy all of the following requirements:   1. The insurer may terminate the authority of the reinsurance intermediary-broker at any time.   2. The reinsurance intermediary-broker shall render accounts to the insurer accurately detailing all material transactions, including information necessary to support all commissions, charges, and other fees received by or owing to the reinsurance intermediary-broker, and shall remit all funds due to the insurer within thirty days of receipt.   3. All funds collected for the account of the insurer shall be held by the reinsurance intermediary-broker in a fiduciary capacity in a bank, as defined in section 524.103.   4. The reinsurance intermediary-broker shall comply with section 521C.5.   5. The reinsurance intermediary-broker shall comply with the written standards established by the insurer for the cession or retrocession of all risks.   6. The reinsurance intermediary-broker shall disclose to the insurer any relationship with any reinsurer to which business will be ceded or retroceded.  91 Acts, ch 26, §22
IA Code § 521C.5 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 521C - REINSURANCE INTERMEDIARIES|Section 521C.5 - Books and records — reinsurance intermediary-brokers.

521C.5 Books and records — reinsurance intermediary-brokers.   1. For a minimum of ten years after expiration of each contract of reinsurance transacted by the reinsurance intermediary-broker, the reinsurance intermediary-broker shall keep a complete record for each transaction showing all of the following:   a. The type of contract, limits, underwriting restrictions, classes or risks, and territory.   b. The period of coverage, including effective and expiration dates, cancellation provisions, and notice required of cancellation.   c. The reporting and settlement requirements of balances.   d. The rate used to compute the reinsurance premium.   e. The names and addresses of assuming reinsurers.   f. The rates of all reinsurance commissions, including the commissions on any retrocessions handled by the reinsurance intermediary-broker.   g. All related correspondence and memoranda.   h. Proof of placement.   i. The details regarding retrocessions handled by the reinsurance intermediary-broker including the identity of retrocessionaires and percentage of each contract assumed or ceded.   j. Financial records, including but not limited to premium and loss accounts.   k. If the reinsurance intermediary-broker procures a reinsurance contract on behalf of a licensed ceding insurer one or both of the following shall be included in the record:   (1) Directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk.   (2) If placed through a representative of the assuming reinsurer, other than an employee, written evidence that the assuming reinsurer has delegated binding authority to the representative.   2. The insurer has a right of access and the right to copy and audit all accounts and records maintained by the reinsurance intermediary-broker related to its business in a form usable by the insurer.  91 Acts, ch 26, §23  Referred to in §521C.4
IA Code § 521C.6 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 521C - REINSURANCE INTERMEDIARIES|Section 521C.6 - Duties of insurers utilizing the services of a reinsurance intermediary-broker.

521C.6 Duties of insurers utilizing the services of a reinsurance intermediary-broker.   1. An insurer shall not engage the services of a person, firm, association, or corporation to act as a reinsurance intermediary-broker on its behalf unless the person is licensed as required by section 521C.3, subsection 1.   2. An insurer shall not employ an individual who is employed by a reinsurance intermediary-broker with which the insurer transacts business, unless such reinsurance intermediary-broker is under common control with the insurer and subject to chapter 521A relating to the regulation of insurance company holding systems.   3. The insurer shall annually obtain a copy of statements of the financial condition of each reinsurance intermediary-broker with which the insurer transacts business.  91 Acts, ch 26, §24
IA Code § 521C.8 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 521C - REINSURANCE INTERMEDIARIES|Section 521C.8 - Prohibited acts.

521C.8 Prohibited acts.   The reinsurance intermediary-manager shall not do any of the following:   1. Bind retrocessions on behalf of the reinsurer, except that the reinsurance intermediary-manager may bind facultative retrocessions pursuant to obligatory facultative agreements if the contract with the reinsurer contains reinsurance underwriting guidelines for such retrocessions. The guidelines shall include a list of reinsurers with which the automatic agreements are in effect, and for each reinsurer, the coverages and amounts or percentages that may be reinsured, and commission schedules.   2. Commit the reinsurer to participate in reinsurance syndicates.   3. Appoint any producer without assuring that the producer is licensed to transact the type of reinsurance for which the producer is appointed.   4. Without prior approval of the reinsurer, pay or commit the reinsurer to pay a claim, or a net amount of retrocessions, that exceeds the lesser of an amount specified by the reinsurer or one percent of the reinsurer’s policyholder’s surplus as of December 31 of the last complete calendar year.   5. Collect any payment from a retrocessionaire or commit the reinsurer to any claim settlement with a retrocessionaire, without prior approval of the reinsurer. If prior approval is given, a report must be promptly forwarded to the reinsurer.   6. Jointly employ an individual who is employed by the reinsurer.   7. Appoint an agent of a reinsurance intermediary-manager.  91 Acts, ch 26, §26
IA Code § 521C.9 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 521C - REINSURANCE INTERMEDIARIES|Section 521C.9 - Duties of reinsurers utilizing the services of a reinsurance intermediary-manager.

521C.9 Duties of reinsurers utilizing the services of a reinsurance intermediary-manager.   1. A reinsurer shall not engage the services of a person to act as a reinsurance intermediary-manager on its behalf unless the person is licensed as required by section 521C.3, subsection 2.   2. The reinsurer shall annually obtain a copy of statements of the financial condition of each reinsurance intermediary-manager whom the reinsurer has engaged pursuant to subsection 1. The statements of financial condition shall be prepared by an independent certified accountant in a form acceptable to the commissioner.   3. If a reinsurance intermediary-manager establishes loss reserves, the reinsurer shall annually obtain the opinion of an actuary attesting to the adequacy of loss reserves established for losses incurred and outstanding on business produced by the reinsurance intermediary-manager. This opinion shall be in addition to any other required loss reserve certification.   4. Binding authority for all retrocessional contracts or participation in reinsurance syndicates shall rest with an officer of the reinsurer who shall not be affiliated with the reinsurance intermediary-manager.   5. Within thirty days of termination of a contract with a reinsurance intermediary-manager, the reinsurer shall provide written notification of the termination to the commissioner.   6. A reinsurer shall not appoint to its board of directors any officer, director, employee, controlling shareholder, or an agent of a producer of its reinsurance intermediary-manager. This subsection shall not apply to relationships governed by chapter 521A relating to the regulation of insurance company holding systems or, if applicable, governed by chapter 510A relating to the regulation of producer controlled property and casualty insurers.  91 Acts, ch 26, §27  Referred to in §521C.7
IA Code § 521C.10 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 521C - REINSURANCE INTERMEDIARIES|Section 521C.10 - Examination authority.

521C.10 Examination authority.   1. A reinsurance intermediary is subject to examination by the commissioner. The commissioner shall have access to all books, bank accounts, and records of the reinsurance intermediary in a form usable to the commissioner.   2. A reinsurance intermediary-manager may be examined as if it were the reinsurer.  91 Acts, ch 26, §28
IA Code § 521C.11 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 521C - REINSURANCE INTERMEDIARIES|Section 521C.11 - Penalties and liabilities.

521C.11 Penalties and liabilities.   1. a. A reinsurance intermediary or other person found by the commissioner, after a hearing conducted in accordance with chapter 17A, to have not materially complied with a provision of this chapter is subject to one or more of the following:   (1) For each separate violation, a civil penalty in an amount not exceeding five thousand dollars.   (2) Revocation or suspension of the license of the reinsurance intermediary.   b. If the commissioner finds that such noncompliance has resulted in a loss or damage to the insurer or reinsurer, the commissioner may bring a civil action on behalf of the insurer or reinsurer, and the policyholders and creditors of the insurer or reinsurer, seeking the recovery of compensatory damages for the benefit of the insurer or reinsurer, and the policyholders and creditors of the insurer or reinsurer, or seeking other relief as appropriate.   c. If an order of rehabilitation or liquidation has been entered pursuant to chapter 507C, and the receiver appointed under the order determines that the reinsurance intermediary or any other person has not materially complied with a provision of this chapter and such noncompliance has resulted in a loss or damage to the insurer or reinsurer, the receiver may bring a civil action on behalf of the insurer or reinsurer seeking the recovery of damages for the benefit of the insurer or reinsurer, or seeking other appropriate sanction or relief.   2. A decision, determination, or order of the commissioner made or entered pursuant to subsection 1 is subject to judicial review pursuant to chapter 17A.   3. This section does not affect the right of the commissioner to impose any other penalties provided in this subtitle.   4. This chapter shall not in any manner limit or restrict the rights of policyholders, claimants, creditors, or other third parties, or confer any rights to such persons.  91 Acts, ch 26, §29; 91 Acts, ch 213, §31; 94 Acts, ch 1176, §15; 2012 Acts, ch 1023, §157
IA Code § 521C.12 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 521C - REINSURANCE INTERMEDIARIES|Section 521C.12 - Rules.

521C.12 Rules.   The commissioner may adopt rules, pursuant to chapter 17A, as necessary or convenient for the administration of this chapter.  91 Acts, ch 26, §30
IA Code § 521C.13 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 521C - REINSURANCE INTERMEDIARIES|Section 521C.13 - Service of process made on the commissioner as the agent for service of process.

521C.13 Service of process made on the commissioner as the agent for 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.  2018 Acts, ch 1018, §14
IA Code § 521D.1 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 521D - DISCLOSURE OF MATERIAL TRANSACTIONS|Section 521D.1 - Title.

521D.1 Title.   This chapter shall be known and may be cited as the “Disclosure of Material Transactions Act”.  94 Acts, ch 1176, §16
IA Code § 521D.2 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 521D - DISCLOSURE OF MATERIAL TRANSACTIONS|Section 521D.2 - Report.

521D.2 Report.   1. An insurer domiciled in this state shall file a report with the commissioner disclosing material acquisitions and dispositions of assets, or material nonrenewals, cancellations, or revisions of ceded reinsurance agreements unless such acquisitions and dispositions of assets, or material nonrenewals, cancellations, or revisions of ceded reinsurance agreements have been submitted to the commissioner for review, approval, or information purposes pursuant to other provisions of this subtitle or pursuant to other requirements. The report shall be filed not later than fifteen days after the end of the calendar year in which the material acquisition or disposition of assets, or material nonrenewal, cancellation, or revision of ceded reinsurance agreements occurs.   2. The insurer shall also file a copy of the report required to be filed with the commissioner pursuant to subsection 1, including any exhibits or other attachments filed as part of the report, with the national association of insurance commissioners.   3. a. All reports obtained by or disclosed to the commissioner and the national association of insurance commissioners pursuant to this chapter are confidential and shall not be subject to subpoena and shall not be made public by the commissioner, the national association of insurance commissioners, or any other person without the prior written consent of the insurer to which it pertains, unless the commissioner, after giving such insurer notice and providing an opportunity to be heard, determines that the interest of policyholders, shareholders, or the public will be served by the publication or disclosure of the report, in which event the commissioner may publish or disclose all or any part of the report as deemed appropriate.   b. Notwithstanding this subsection, the commissioner or the national association of insurance commissioners may provide the report to the insurance regulatory agencies of other states.  94 Acts, ch 1176, §17; 2012 Acts, ch 1023, §157  Referred to in §521D.3, 521D.4
IA Code § 521D.3 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 521D - DISCLOSURE OF MATERIAL TRANSACTIONS|Section 521D.3 - Report of acquisition and disposition of assets — information required — scope.

521D.3 Report of acquisition and disposition of assets — information required — scope.   1. An acquisition or disposition of assets need not be reported pursuant to section 521D.2 if the acquisition or disposition is not material. For purposes of this chapter, a material acquisition, or the aggregate of any series of related acquisitions, or a disposition, or the aggregate of any series of related dispositions, during any thirty-day period, is one that is nonrecurring, is not in the ordinary course of business, and involves more than five percent of the reporting insurer’s total admitted assets as reported in its most recent statutory statement filed with the insurance division of the insurer’s state of domicile.   2. For purposes of this chapter, an asset acquisition includes every purchase, lease, exchange, merger, consolidation, succession, or other acquisition, other than the construction or development of real property by or for the reporting insurer or the acquisition of materials for such purpose. For purposes of this chapter, an asset disposition includes every sale, lease, exchange, merger, consolidation, mortgage, hypothecation, assignment, whether for the benefit of creditors or otherwise, abandonment, destruction, or other disposition.   3. A report of a material acquisition or disposition of assets shall include all of the following:   a. Date of the transaction.   b. Manner of the acquisition or disposition.   c. Description of the assets involved.   d. Nature and amount of the consideration given or received.   e. Purpose of, or reason for, the transaction.   f. Manner by which the amount of consideration was determined.   g. Gain or loss recognized or realized as a result of the transaction.   h. Name or names of the person or persons from whom the assets were acquired or to whom they were disposed.   4. An insurer is required to report material acquisitions and dispositions on a nonconsolidated basis unless the insurer is part of a consolidated group of insurers which utilizes a pooling arrangement or one hundred percent reinsurance agreement that affects the solvency and integrity of the insurer’s reserves, and such insurer ceded substantially all of its direct and assumed business to the pool. An insurer is deemed to have ceded substantially all of its direct and assumed business to a pool if the insurer has less than one million dollars total direct plus assumed written premiums during a calendar year that are not subject to a pooling arrangement, and the net income of the business not subject to the pooling arrangement represents less than five percent of the insurer’s capital and surplus.  94 Acts, ch 1176, §18
IA Code § 521E.2 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 521E - RISK-BASED CAPITAL REQUIREMENTS FOR INSURERS|Section 521E.2 - Risk-based capital reports.

521E.2 Risk-based capital reports.   1. A domestic insurer, on or prior to the filing date, shall prepare and submit to the commissioner a report of the insurer’s risk-based capital level as of the end of the calendar year immediately preceding the filing date, in a form and containing the information required by the risk-based capital instructions. A domestic insurer shall also file its risk-based capital report with both of the following:   a. The national association of insurance commissioners.   b. The insurance commissioner in each state in which the insurer is authorized to do business, if such insurance commissioner has notified the insurer of its request in writing. Upon receipt of the written request, the insurer shall file its risk-based capital report with the requesting commissioner by no later than the later of the following:   (1) Fifteen days from the receipt of the written request.   (2) The filing date.   2. A life and health insurer’s risk-based capital shall be determined pursuant to the formula set forth in the risk-based capital instructions. The formula shall take into account all of the following, and may be adjusted, as deemed appropriate by the commissioner, for the covariance between the following:   a. The risk with respect to the insurer’s assets.   b. The risk of adverse insurance experience with respect to the insurer’s liabilities and obligations.   c. The interest rate risk with respect to the insurer’s business.   d. All other business risks and other relevant risks as identified in the risk-based capital instructions, determined in each case by applying the factors in the manner provided for in the risk-based capital instructions.   3. A property and casualty insurer’s risk-based capital shall be determined pursuant to the formula set forth in the risk-based capital instructions. The formula shall take into account all of the following, and may be adjusted, as deemed appropriate by the commissioner, for the covariance between the following:   a. Asset risk.   b. Credit risk.   c. Underwriting risk.   d. All other business risks and other relevant risks as identified in the risk-based capital instructions, determined in each case by applying the factors in the manner provided for in the risk-based capital instructions.   4. An insurer shall seek to maintain capital above the risk-based capital levels required by this chapter.   5. A risk-based capital report filed by a domestic insurer which in the judgment of the commissioner is inaccurate, shall be adjusted by the commissioner to correct the inaccuracy. The commissioner shall notify the insurer of the adjustment. The notice shall contain a statement of the reason for the adjustment.  96 Acts, ch 1046, §10  Referred to in §521E.1, 521E.10
IA Code § 521E.5 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 521E - RISK-BASED CAPITAL REQUIREMENTS FOR INSURERS|Section 521E.5 - Authorized-control-level event.

521E.5 Authorized-control-level event.   1. “Authorized-control-level event” means any of the following:   a. The filing of a risk-based capital report by the insurer which indicates that the insurer’s total adjusted capital is greater than or equal to its mandatory-control-level risk-based capital but less than its authorized-control-level risk-based capital.   b. Notification by the commissioner to an insurer of an adjusted risk-based capital report that indicates the event in paragraph “a”, provided the insurer does not challenge the adjusted risk-based capital report and request a hearing pursuant to section 521E.7.   c. After a hearing pursuant to section 521E.7, notification by the commissioner to the insurer that the commissioner has rejected the insurer’s challenge of the adjusted risk-based capital report indicating the event in paragraph “a”.   d. Failure of the insurer to respond to a corrective order in a manner satisfactory to the commissioner, unless the insurer has challenged the corrective order pursuant to section 521E.7.   e. Failure of the insurer to respond to the corrective order in a manner satisfactory to the commissioner after the insurer has challenged the corrective order pursuant to section 521E.7, and the commissioner, after a hearing pursuant to section 521E.7, has rejected the challenge or modified the corrective order.   2. In the event of an authorized-control-level event the commissioner shall do either of the following:   a. Take action as required pursuant to section 521E.4 in the same manner as if a regulatory-action-level event has occurred.   b. Take action as necessary to cause the insurer to be placed under supervision or other regulatory control under chapter 507C, if the commissioner deems such action to be in the best interests of the policyholders and creditors of the insurer and of the public. If the commissioner takes action pursuant to this paragraph, the authorized-control-level event is deemed sufficient grounds for the commissioner to take action pursuant to chapter 507C, and the commissioner has the rights, powers, and duties with respect to the insurer as set forth in chapter 507C. If the commissioner takes action under this paragraph pursuant to an adjusted risk-based capital report, the insurer is entitled to the protections afforded to insurers under the provisions of chapter 17A relating to summary proceedings.  96 Acts, ch 1046, §13