reglab/housing_qa huggingface dataset:
IA Code § 521G.3 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 521G - PROTECTED CELL COMPANIES|Section 521G.3 - Definitions.

521G.3 Definitions.   For purposes of this chapter, unless the context otherwise requires:   1. “Domestic insurer” means an insurer domiciled in this state and organized under chapter 508 or 515.   2. “Fair value” of an asset or liability means the amount at which that asset or liability could be bought or incurred, or sold or settled, in a current transaction between willing parties, other than in a forced or liquidation sale, and as determined under section 521G.4.   3. “Fully funded” means, with respect to any exposure attributed to a protected cell, that the fair value of the protected cell assets, on the date on which the insurance securitization is effected, equals or exceeds the maximum possible exposure attributable to the protected cell with respect to such exposures.   4. “General account” means the assets and liabilities of a protected cell company other than protected cell assets and protected cell liabilities.   5. “Indemnity trigger” means a transaction term by which relief of the issuer’s obligation to repay investors is triggered by its incurring a specified level of losses under its insurance or reinsurance contracts.   6. “Nonindemnity trigger” means a transaction term by which relief of the issuer’s obligation to repay investors is triggered solely by some event or condition other than the individual protected cell company incurring a specified level of losses under its insurance or reinsurance contracts.   7. “Protected cell” means an identified pool of assets and liabilities of a protected cell company segregated and insulated as provided under this chapter from the remainder of the protected cell company’s assets and liabilities.   8. “Protected cell account” means a specifically identified bank or custodial account established by a protected cell company for the purpose of segregating the protected cell assets of one protected cell from the protected cell assets of other protected cells and from the assets of the protected cell company’s general account.   9. “Protected cell assets” means all assets, contract rights, and general intangibles, identified with and attributable to a specific protected cell of a protected cell company.   10. “Protected cell company” means a domestic insurer that has one or more protected cells.   11. “Protected cell company insurance securitization” means the issuance of a debt instrument, the proceeds from which support the exposures attributed to a protected cell, by a protected cell company where repayment of principal or interest, or both, to investors pursuant to the transaction terms is contingent upon the occurrence or nonoccurrence of an event with respect to which the protected cell company is exposed to loss under insurance or reinsurance contracts which the protected cell company has issued.   12. “Protected cell liabilities” means all liabilities and other obligations identified with and attributable to a specific protected cell of a protected cell company.  2000 Acts, ch 1046, §3
IA Code § 521G.4 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 521G - PROTECTED CELL COMPANIES|Section 521G.4 - Determination of fair value — valuation technique.

521G.4 Determination of fair value — valuation technique.   A quoted market price in an active market is deemed to be the best evidence of fair value of an asset and shall be used as the basis for the measurement of fair value, if available. If a quoted market price is available, the fair value is the product of the number of trading units times the quoted market price. If a quoted market price is not available, the estimate of fair value shall be based on the best information available. The estimate of fair value shall consider the price for similar assets and liabilities and the results of a valuation technique to the extent available in the circumstances. For purposes of this section, “valuation technique” includes, but is not limited to, the present value of estimated expected future cash flows using a discount rate commensurate with the risks involved, option-pricing models, matrix pricing, option-adjusted spread models, and fundamental analysis. A valuation technique for measuring financial assets and liabilities and servicing assets and liabilities shall be consistent with the objective of measuring fair value. A valuation technique shall incorporate assumptions that a market participant would use in estimating value, future revenue, and future expenses, including assumptions about interest rates, default, prepayment, and volatility. In measuring financial liabilities and servicing liabilities at fair value by discounting estimated future cash flows, discount rates shall be used at which those liabilities could be settled in an open and competitive transaction. An estimate of expected future cash flow, if used to estimate fair value, shall be the best estimate based on reasonable and supportable assumptions and projections. All available evidence shall be considered in developing an estimate of expected future cash flow. The weight given to the evidence shall be commensurate with the extent to which the evidence can be verified objectively. If a range is estimated for either the amount or timing of possible cash flows, the likelihood of possible outcomes shall be considered in determining the best estimate of such future cash flows.  2000 Acts, ch 1046, §4  Referred to in §521G.3
IA Code § 521G.7 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 521G - PROTECTED CELL COMPANIES|Section 521G.7 - Creditors and other claimants of protected cell companies.

521G.7 Creditors and other claimants of protected cell companies.   1. a. Protected cell assets shall only be available to a creditor of the protected cell company that is a creditor with respect to that protected cell. Such a creditor shall have recourse to the protected cell assets attributable to that protected cell, to the exclusion of other creditors of the protected cell company that are not creditors with respect to that protected cell. Such other creditors shall have no recourse to the protected cell assets attributable to that protected cell. A creditor with respect to a protected cell does not have recourse against the protected cell assets of other protected cells or the assets of the protected cell company’s general account.   b. Protected cell assets shall only be available to creditors of a protected cell company after all protected cell liabilities have been extinguished or otherwise provided for pursuant to the plan of operation relating to that protected cell.   2. An obligation of a protected cell company to a person which arises from a transaction, or is otherwise imposed, with respect to a protected cell, is subject to both of the following:   a. The obligation to a person shall extend only to the protected cell assets attributable to that protected cell, and with respect to that obligation, such person is entitled to recourse only against the protected cell assets attributable to that protected cell.   b. The obligation to a person shall not extend to the protected cell assets of another protected cell or the assets of the protected cell company’s general account, and with respect to that obligation, such person is not entitled to recourse against the protected cell assets of any other protected cell or the assets of the protected cell company’s general account.   3. An obligation of a protected cell company that relates solely to the general account shall extend only to the assets of the protected cell company’s general account, and the creditor, with respect to that obligation, is entitled to recourse against only the assets of the protected cell company’s general account.   4. A protected cell is not subject to any requirements relating to a guaranty fund or guaranty association, and shall not be assessed by or otherwise be required to contribute to any guaranty fund or guaranty association in this state with respect to the activities, assets, or obligations of a protected cell. This section does not affect the activities or obligations of a protected cell company’s general account.   5. The establishment of one or more protected cells, by itself, does not constitute any of the following:   a. A fraudulent conveyance.   b. An intent by the protected cell company to defraud creditors.   c. The transaction of business by the protected cell company for a fraudulent purpose.  2000 Acts, ch 1046, §7
IA Code § 521G.8 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 521G - PROTECTED CELL COMPANIES|Section 521G.8 - Supervision, rehabilitation, or liquidation of a protected cell company.

521G.8 Supervision, rehabilitation, or liquidation of a protected cell company.   Upon an order of supervision, rehabilitation, or liquidation of a protected cell company, a receiver shall manage a protected cell company’s assets and liabilities, including protected cell assets and protected cell liabilities, as provided in this chapter.   An amount recoverable by a receiver under a protected cell company insurance securitization shall not be reduced or diminished as a result of the entry of an order of supervision, rehabilitation, or liquidation with respect to the protected cell company, notwithstanding contrary provisions in a contract or other document governing the protected cell company insurance securitization.  2000 Acts, ch 1046, §8
IA Code § 521G.9 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 521G - PROTECTED CELL COMPANIES|Section 521G.9 - Securitization transactions not insurance.

521G.9 Securitization transactions not insurance.   A protected cell company insurance securitization is not an insurance or reinsurance contract. An investor in a protected cell company insurance securitization, by sole means of this investment, is not deemed to be transacting an insurance business in this state. An underwriter or selling agent, or a partner, director, officer, member, manager, employee, or agent of such underwriter or selling agent, participating in a protected cell company insurance securitization, is not deemed to be conducting an insurance or reinsurance agency, brokerage, intermediary, advisory, or consulting business as a result of such participation.  2000 Acts, ch 1046, §9
IA Code § 521G.10 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 521G - PROTECTED CELL COMPANIES|Section 521G.10 - Rules.

521G.10 Rules.   The commissioner shall adopt rules pursuant to chapter 17A as are necessary to administer this chapter.  2000 Acts, ch 1046, §10
IA Code § 521H.1 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 521H - CORPORATE GOVERNANCE ANNUAL DISCLOSURE|Section 521H.1 - Purpose and scope.

521H.1 Purpose and scope.   1. The purpose of this chapter is to do all of the following:   a. Provide the commissioner with a summary of an insurer’s or insurance group’s corporate governance structure, policies, and practices to permit the commissioner to gain and maintain an understanding of the insurer’s or insurance group’s corporate governance framework.   b. Outline the requirements for an insurer or insurance group to complete a corporate governance annual disclosure for submission to the commissioner.   c. Provide for the confidential treatment of the corporate governance annual disclosure and related information that contains confidential and sensitive information related to an insurer’s or insurance group’s internal operations and proprietary and trade secret information which, if made public, could potentially cause the insurer or insurance group competitive harm or disadvantage.   2. Nothing in this chapter shall be construed to prescribe or impose corporate governance standards or internal procedures beyond those which are required under applicable state corporate law. In addition, nothing in this chapter shall be construed to limit the commissioner’s authority under chapter 507, or the rights or obligations of third parties thereunder.   3. The requirements of this chapter shall apply to all insurers domiciled in this state.  2015 Acts, ch 27, §1, 9
IA Code § 521H.2 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 521H - CORPORATE GOVERNANCE ANNUAL DISCLOSURE|Section 521H.2 - Definitions.

521H.2 Definitions.   1. “Commissioner” means the commissioner of insurance.   2. “Corporate governance annual disclosure” or “disclosure” means a confidential report filed by an insurer or insurance group pursuant to the requirements of this chapter.   3. “Insurance group” means those insurers and affiliates included within an insurance holding company system.   4. “Insurance holding company system” means the same as defined in section 521A.1.   5. “Insurer” means the same as defined in section 521A.1.  2015 Acts, ch 27, §2, 9
IA Code § 521H.3 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 521H - CORPORATE GOVERNANCE ANNUAL DISCLOSURE|Section 521H.3 - Corporate governance annual disclosure requirement.

521H.3 Corporate governance annual disclosure requirement.   1. An insurer, or the insurance group of which the insurer is a member, shall, no later than June 1 of each calendar year, submit to the commissioner a corporate governance annual disclosure that contains the information described in section 521H.5. Notwithstanding any request from the commissioner made pursuant to subsection 2, if an insurer is a member of an insurance group, the insurer shall submit the disclosure required by this section to the commissioner of insurance of the lead state of the insurance group of which the insurer is a member, in accordance with the laws of the lead state, as determined by procedures contained in the financial analysis handbook adopted by the national association of insurance commissioners.   2. An insurer or insurance group that is not required to submit a corporate governance annual disclosure under this section shall do so upon the commissioner’s request.   3. Review of the corporate governance annual disclosure and any additional requests for information shall be made through the lead state as determined by procedures contained in the financial analysis handbook adopted by the national association of insurance commissioners.   4. Insurers or insurance groups that provide information substantially similar to the information required by this chapter in other documents provided to the commissioner, including proxy statements filed in conjunction with the form B insurance holding company system annual registration statement requirements as provided in section 521A.4, or other state or federal filings provided to the commissioner, are not required to duplicate that information in the corporate governance annual disclosure, but shall cross reference the document in which the information is included.  2015 Acts, ch 27, §3, 9
IA Code § 521H.4 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 521H - CORPORATE GOVERNANCE ANNUAL DISCLOSURE|Section 521H.4 - Rules.

521H.4 Rules.   The commissioner shall adopt rules pursuant to chapter 17A to administer this chapter.  2015 Acts, ch 27, §4, 9
IA Code § 521H.5 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 521H - CORPORATE GOVERNANCE ANNUAL DISCLOSURE|Section 521H.5 - Contents of corporate governance annual disclosure.

521H.5 Contents of corporate governance annual disclosure.   1. An insurer, or the insurance group of which the insurer is a member, shall have discretion over the responses to corporate governance annual disclosure inquiries, provided the corporate governance annual disclosure contains the material information necessary to permit the commissioner to gain an understanding of the insurer’s or insurance group’s corporate governance structure, policies, and practices. The commissioner may request additional information that the commissioner deems material and necessary to provide a clear understanding of the insurer’s or insurance group’s corporate governance policies, reporting or information systems, or the controls implementing such policies or systems.   2. The corporate governance annual disclosure shall be prepared consistent with rules adopted by the commissioner pursuant to chapter 17A. Documentation and supporting information prepared pursuant to this chapter and related rules shall be maintained and made available upon examination by or upon request of the commissioner.   3. The corporate governance annual disclosure shall include the signature of the insurer’s or insurance group’s chief executive officer or corporate secretary, attesting that to the best of that individual’s belief and knowledge the insurer or the insurance group has implemented the corporate governance practices described in the disclosure and that a copy of the disclosure has been provided to the insurer’s or the insurance group’s board of directors or the appropriate committee of the board.   4. a. For purposes of completing a corporate governance annual disclosure, an insurer or insurance group may report information regarding corporate governance at the ultimate controlling parent level, at an intermediate holding company level, or at the individual legal entity level, depending upon how the insurer or insurance group has structured its system of corporate governance.   b. An insurer or insurance group is encouraged to report information in the corporate governance annual disclosure at the level at which the insurer’s or insurance group’s risk tolerance is determined; at the level at which the earnings, capital, liquidity, operations, and reputation of the insurer or insurance group are overseen collectively and the level at which the supervision of these factors is coordinated and exercised; or at the level at which legal liability for failure of general corporate governance duties would be placed. If an insurer or insurance group determines the level of reporting based upon the criteria set forth in this paragraph, the insurer or insurance group shall indicate which of the three criteria was used to determine the level of reporting and explain any subsequent changes that are made in the level of reporting.  2015 Acts, ch 27, §5, 9  Referred to in §521H.3
IA Code § 521H.7 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 521H - CORPORATE GOVERNANCE ANNUAL DISCLOSURE|Section 521H.7 - Penalties.

521H.7 Penalties.   1. If an insurer or insurance group fails, without just cause, to timely file a corporate governance annual disclosure as required in this chapter, the commissioner shall, after notice and hearing, impose a penalty of five hundred dollars for each day’s delay. The penalty shall be collected by the commissioner and paid to the treasurer of state for deposit as provided in section 505.7. The maximum penalty which may be imposed under this section for any single failure is five thousand dollars.   2. The commissioner may reduce the penalty to be imposed if the insurer or insurance group demonstrates to the commissioner that imposition of the penalty would constitute a financial hardship to the insurer or insurance group.  2015 Acts, ch 27, §7, 9
IA Code § 521H.8 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 521H - CORPORATE GOVERNANCE ANNUAL DISCLOSURE|Section 521H.8 - Severability.

521H.8 Severability.   If any provision of this chapter other than section 521H.6, 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, with the exception of section 521H.6, are severable.  2015 Acts, ch 27, §8, 9
IA Code § 521I.1 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 521I - DIVISION OF DOMESTIC STOCK INSURERS|Section 521I.1 - Definitions.

521I.1 Definitions.   As used in this chapter, unless the context otherwise requires:   1. “Assets” means property whether real, personal, mixed, tangible, or intangible and any right or interest therein, including all rights under a contract or other agreement.   2. “Capital” means the capital stock component of a statutory surplus as defined in Iowa law.   3. “Commissioner” means the commissioner of insurance.   4. “Divide” or “division” means a transaction in which a domestic stock insurer splits into two or more resulting domestic stock insurers.   5. “Dividing insurer” means a domestic stock insurer that approves a plan of division.   6. “Domestic stock insurer” means a stock insurer domiciled and organized under the laws of this state pursuant to chapter 508, 514B, or 515, including domestic stock insurers affiliated with a mutual insurance holding company organized pursuant to section 521A.14, and including those insurers which confer membership rights in the mutual insurance holding company.   7. “Liability” means a secured or contingent debt or obligation arising in any manner.   8. “Resulting insurer” means a dividing domestic stock insurer that survives a division or a new domestic stock insurer that is created by a division.   9. “Shareholder” means the person in whose name shares are registered in the records of a corporation or the beneficial owner of shares to the extent of the rights granted by a nominee certificate on file with a corporation.   10. “Surplus” means total statutory surplus less capital stock calculated in accordance with the current national association of insurance commissioners’ accounting practices and procedures manual.   11. “Transfer” includes an assignment, assumption, conveyance, sale, lease, encumbrance, security interest, gift, or transfer by operation of law.  2019 Acts, ch 20, §1  Referred to in §521.1
IA Code § 521I.2 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 521I - DIVISION OF DOMESTIC STOCK INSURERS|Section 521I.2 - Plan of division — general requirements.

521I.2 Plan of division — general requirements.   A domestic stock insurer’s plan of division shall include all of the following:   1. The name of the domestic stock insurer seeking to divide.   2. The name of each resulting insurer created by the proposed division and for each resulting insurer a copy of all of the following:   a. Proposed articles of incorporation.   b. Proposed bylaws.   3. The manner of allocating assets and liabilities, including policy liabilities, between or among all resulting insurers.   4. The manner of distributing shares in the resulting insurers to the dividing insurer or the dividing insurer’s shareholders.   5. A description of all liabilities and all assets that the dividing insurer proposes to allocate to each resulting insurer, including the manner by which the dividing insurer proposes to allocate all reinsurance contracts.   6. All terms and conditions required by the laws of this state and the articles and bylaws of the dividing insurer.   7. All other terms and conditions of the division.  2019 Acts, ch 20, §2  Referred to in §521I.3, 521I.4
IA Code § 521I.3 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 521I - DIVISION OF DOMESTIC STOCK INSURERS|Section 521I.3 - Plan of division — dividing insurer to survive division.

521I.3 Plan of division — dividing insurer to survive division.   If a dividing insurer will survive a division, the plan of division shall include, in addition to the requirements pursuant to section 521I.2, all of the following:   1. All proposed amendments to the dividing insurer’s articles of incorporation and bylaws.   2. If the dividing insurer intends to cancel some but not all shares in the dividing insurer, the manner in which the dividing insurer intends to cancel such shares.   3. If the dividing insurer intends to convert some but not all shares in the dividing insurer into securities, obligations, money, other property, rights to acquire shares or securities, or any combination thereof, a statement disclosing the manner in which the dividing insurer intends to convert such shares.  2019 Acts, ch 20, §3