reglab/statecodes huggingface dataset:
2023 Iowa Code › Title XIII - COMMERCE › Chapter 508 - LIFE INSURANCE COMPANIES › Section 508.2 - Articles — approval — bylaws.

508.2 Articles — approval — bylaws.
The articles of incorporation, and any subsequent amendments, of a company shall be filed with and approved by the commissioner of insurance before filing with the secretary of state. A company shall file with the commissioner bylaws and subsequent amendments to the bylaws within thirty days of adoption of the bylaws and amendments.
[S13, §1768; C24, 27, 31, 35, 39, §8644; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §508.2]
2009 Acts, ch 145, §5
Referred to in §508.4
2023 Iowa Code › Title XIII - COMMERCE › Chapter 508 - LIFE INSURANCE COMPANIES › Section 508.3 - Requirements of articles.

508.3 Requirements of articles.
Such articles shall show the name, location of principal place of business, object, amount of capital, if a stock company, and shall contain such other provisions as may be necessary to a full understanding of the nature of the business to be transacted and the plan upon which the same is to be conducted.
[S13, §1768; C24, 27, 31, 35, 39, §8645; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §508.3]
2023 Iowa Code › Title XIII - COMMERCE › Chapter 508 - LIFE INSURANCE COMPANIES › Section 508.4 - Approval of amendments to articles — bylaws.

508.4 Approval of amendments to articles — bylaws.
1. All amendments to the articles of incorporation of companies already organized under the laws of this state shall be approved in the same manner as provided in section 508.2.
2. A company shall file with the commissioner bylaws and subsequent amendments to such bylaws within thirty days of the adoption of such bylaws and amendments.
[C97, §1768; C24, 27, 31, 35, 39, §8646; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §508.4]
2000 Acts, ch 1023, §7; 2018 Acts, ch 1041, §127; 2019 Acts, ch 59, §181
2023 Iowa Code › Title XIII - COMMERCE › Chapter 508 - LIFE INSURANCE COMPANIES › Section 508.5 - Capital and surplus required.

508.5 Capital and surplus required.
1. A stock life insurance company shall not be authorized to transact business under this chapter with less than five million dollars of capital and surplus paid in cash or invested as provided by law. A stock life insurance company shall not increase its capital stock unless the amount of the increase is fully paid in cash. A stock life insurance company authorized to do business in Iowa that undergoes a change of control as defined under chapter 521A shall maintain the minimum capital and surplus requirements mandated by this section.
2. Notwithstanding subsection 1, a stock life insurance company, or any other life insurance company authorized to transact business under this chapter, shall comply with the minimum capital and surplus requirements of this chapter or chapter 521E, whichever is greater.
[C73, §1162; C97, §1769; C24, 27, 31, 35, 39, §8647; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §508.5]
90 Acts, ch 1234, §5; 95 Acts, ch 185, §7; 96 Acts, ch 1046, §1, 21; 98 Acts, ch 1057, §3
Referred to in §508.6, 508.9, 508.33A
2023 Iowa Code › Title XIII - COMMERCE › Chapter 508 - LIFE INSURANCE COMPANIES › Section 508.6 - Deposit of securities — certificate.

508.6 Deposit of securities — certificate.
Securities in the amount of the capital and surplus required under section 508.5 shall be deposited with the commissioner of insurance or at such places as the commissioner may designate. When the deposit is made and evidence furnished, by affidavit or otherwise, satisfactory to the commissioner, that the capital stock is all fully paid and the company possessed of the surplus required and that the company is the actual and unqualified owner of the securities representing the paid-up capital stock or other funds of the company, and all laws have been complied with, the commissioner shall issue the company the certificate provided for in this chapter.
[C73, §1162; C97, §1769; C24, 27, 31, 35, 39, §8648; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §508.6; 82 Acts, ch 1095, §1]
85 Acts, ch 228, §1
Referred to in §508.33A
2023 Iowa Code › Title XIII - COMMERCE › Chapter 508 - LIFE INSURANCE COMPANIES › Section 508.7 - Loans to officers.

508.7 Loans to officers.
Except as permitted in sections 508.8 and 508.8A, the capital or other funds shall not be loaned directly or indirectly to an officer, director, stockholder, or employee of the company or directly or indirectly to a relative of an officer or director of the company.
[C73, §1162; C97, §1769; C24, 27, 31, 35, 39, §8649; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §508.7; 81 Acts, ch 166, §1]
91 Acts, ch 213, §4
2023 Iowa Code › Title XIII - COMMERCE › Chapter 508 - LIFE INSURANCE COMPANIES › Section 508.8 - Insurance company officers — conflicts of interest — exceptions.

508.8 Insurance company officers — conflicts of interest — exceptions.
1. As used in this section, “employee” includes but is not limited to the officers of a life insurance company.
2. A director or officer of a life insurance company shall not receive, in addition to fixed salary or compensation, money or other valuable thing, either directly or indirectly, or through a substantial interest in another corporation or business unit, for negotiating, procuring, recommending or aiding in the purchase or sale of property, or loan, made by the insurer or an affiliate or subsidiary of the insurer; nor shall a director or officer be pecuniarily interested, either as principal, coprincipal, agent or beneficiary, either directly or indirectly, or through a substantial interest in another corporation or business unit, in the purchase, sale or loan. However, a life insurance company, in connection with the relocation of the place of employment of an employee including relocation upon the initial employment of the employee, may do either of the following:
a. Make a mortgage loan on real property owned by the employee which is to serve as the employee’s dwelling.
b. Acquire at not more than fair market value the dwelling which the employee vacates upon relocation.
[C24, 27, 31, 35, 39, §8650; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §508.8; 81 Acts, ch 166, §2]
2012 Acts, ch 1023, §103
Referred to in §508.7
2023 Iowa Code › Title XIII - COMMERCE › Chapter 508 - LIFE INSURANCE COMPANIES › Section 508.8A - Loans to employees.

508.8A Loans to employees.
1. A life insurance company having a ratio of statutory surplus to admitted assets of at least four percent may make, acquire, and hold loans to employees, officers, and directors under the following terms and conditions:
a. The company may make a mortgage loan on real property owned by an employee of the company which is to serve as the employee’s dwelling, provided the company is regularly and actively involved in making residential mortgage loans to the public.
b. The company may acquire a mortgage loan on real property owned by an employee of the company which is to serve as the employee’s dwelling, provided the company acquiring such loan is regularly and actively involved in acquiring residential mortgage loans not involving employees from sources in the secondary market.
c. The company may acquire a mortgage loan on real property owned by an employee, officer, or director which is included in a portfolio of mortgages initiated by others and acquired by the life insurance company. The mortgage loans in any such acquired portfolio of mortgage loans must satisfy both of the following conditions:
(1) More than seventy-five percent of the dollar value of the mortgage loans must be for real property that is owned by persons who are not employees, officers, or directors of the company.
(2) More than seventy-five percent of the mortgage loans must be for real property that is owned by persons who are not employees, officers, or directors of the company.
d. The company may continue to hold a mortgage loan on real estate which is assumed by an employee, officer, or director if the mortgage was originally properly made or acquired by the life insurance company, provided that all terms and conditions of the mortgage loan remain unchanged and the mortgage loan is serviced in accordance with customary servicing practices of prudent lending institutions.
e. The company may continue to hold a mortgage on real estate owned by an officer or director which was properly made or acquired by the company before the officer or director became an officer or director of the company, provided that all terms and conditions of the mortgage loan remain unchanged and the mortgage loan is serviced in accordance with customary servicing practices of prudent lending institutions.
2. As used in this section, “employee” does not include officers or directors of a life insurance company.
91 Acts, ch 213, §5
Referred to in §508.7
2023 Iowa Code › Title XIII - COMMERCE › Chapter 508 - LIFE INSURANCE COMPANIES › Section 508.9 - Mutual companies — conditions.

508.9 Mutual companies — conditions.
1. Level premium and natural premium life insurance companies organized under the laws of this state upon the mutual plan shall, before issuing policies, have actual applications on at least two hundred and fifty lives for an average amount of one thousand dollars each. A list of the applications giving the name, age, residence, amount of insurance, and annual premium of each applicant shall be filed with the commissioner of insurance, and a deposit made with the commissioner of an amount equal to three-fifths of the whole annual premium on the applications, in cash or the securities required by section 508.5. In addition, a deposit of cash or securities of the character provided by law for the investment of funds for life insurance companies in the sum of five million dollars shall be made with the commissioner, which shall constitute a security fund for the protection of policyholders. The contribution to the security fund shall not give to contributors to the fund or to other persons any voting or other power in the management of the affairs of the company. The security fund may be repaid to the contributors to the security fund with interest at six percent from the date of contribution, at any time, in whole or in part, if the repayment does not reduce the surplus of the company below the amount of five million dollars and then only if consent in writing for the repayment is obtained from the commissioner of insurance. Upon compliance with this section, the commissioner shall issue to the mutual company the certificate prescribed in this chapter. A mutual insurance company authorized to do business in Iowa that undergoes a change of control as defined in chapter 521A shall maintain the minimum surplus requirement mandated by this section.
2. Notwithstanding subsection 1, a mutual insurance company authorized to transact business under this chapter shall comply with the minimum surplus requirements of this section or chapter 521E, whichever is greater.
[C73, §1163; C97, §1770; C24, 27, 31, 35, 39, §8651; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §508.9]
90 Acts, ch 1234, §6; 92 Acts, ch 1162, §4; 95 Acts, ch 185, §8; 96 Acts, ch 1046, §2
2023 Iowa Code › Title XIII - COMMERCE › Chapter 508 - LIFE INSURANCE COMPANIES › Section 508.10 - Foreign companies — capital or surplus — investments.

508.10 Foreign companies — capital or surplus — investments.
1. A company incorporated by or organized under the laws of any other state or government shall not transact business in this state unless it is possessed of the actual amount of capital and surplus required of any company organized by the laws of this state, or, if it be a mutual company, of surplus equal in amount thereto.
2. An alien insurer, with the approval of the commissioner, may be treated as a domestic insurer of this state in whole or in part, and if so approved is deemed to be organized under the laws of this state and is an Iowa domestic insurer as provided by rules adopted by the commissioner. The approval of the commissioner may be based upon such factors as:
a. Maintenance of an appropriate trust account, surplus account, or other financial mechanism in this state.
b. Maintenance of all books and records of United States operations in this state.
c. Maintenance of a separate financial reporting system for its United States operations.
d. Any other provisions deemed necessary by the commissioner.
3. A foreign company authorized to do business in this state shall not assumptively reinsure a block of business which includes policyholders residing in this state to a company not authorized to do business in this state without the prior written approval of the commissioner.
[C73, §1164; C97, §1772; C24, 27, 31, 35, 39, §8652; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §508.10]
90 Acts, ch 1234, §69; 92 Acts, ch 1244, §47; 97 Acts, ch 186, §6; 2003 Acts, ch 145, §286; 2007 Acts, ch 137, §9
2023 Iowa Code › Title XIII - COMMERCE › Chapter 508 - LIFE INSURANCE COMPANIES › Section 508.12 - Redomestication of insurers.

508.12 Redomestication of insurers.
1. An insurer which is organized under the laws of any state and has created or will create jobs in this state or which is an affiliate or subsidiary of a domestic insurer, and is admitted to do business in this state for the purpose of writing insurance authorized by this chapter may become a domestic insurer by complying with section 490.905 or 491.33 and with all of the requirements of law relative to the organization and licensing of a domestic insurer of the same type and by designating its principal place of business in this state may become a domestic corporation and be entitled to like certificates of its corporate existence and license to transact business in this state, and be subject in all respects to the authority and jurisdiction thereof.
2. The certificates of authority, agent’s appointments and licenses, rates, and other items which are in existence at the time any insurer transfers its corporate domicile to this state, pursuant to this section, shall continue in full force and effect upon such transfer. For purposes of existing authorizations and all other corporate purposes, the insurer is deemed the same entity as it was prior to the transfer of its domicile. All outstanding policies of any transferring insurer shall remain in full force and effect and need not be endorsed as to any new name of the company or its new location unless so ordered by the commissioner of insurance.
[C75, 77, 79, 81, §508.12]
88 Acts, ch 1112, §503; 89 Acts, ch 288, §191; 2011 Acts, ch 66, §1; 2021 Acts, ch 165, §226, 230
Referred to in §508B.1
2023 Iowa Code › Title XIII - COMMERCE › Chapter 508 - LIFE INSURANCE COMPANIES › Section 508.13 - Annual certificate of authority.

508.13 Annual certificate of authority.
1. On receipt of an application for a certificate of authority or renewal of a certificate of authority, fees, the deposit provided in section 511.8, subsection 16, and the statement, and the statement and evidence of investment of foreign companies, the commissioner of insurance shall issue a certificate or a renewal of a certificate setting forth the corporate name of the company, its home office, that it has fully complied with the laws of the state and is authorized to transact the business of life insurance for the ensuing year, which certificate shall expire on the first day of June of the ensuing year, or sooner upon thirty days’ notice given by the commissioner, of the next annual valuation of its policies.
2. A company shall submit annually on or before March 1 a completed application for renewal of its certificate of authority. A certificate of authority shall expire on the first day of June next succeeding its issue and shall be renewed annually so long as the company transacts business in accordance with all legal requirements of the state.
3. A company that fails to timely file an application for renewal of its certificate of authority shall pay an administrative penalty of five hundred dollars to the treasurer of state for deposit as provided in section 505.7.
4. A copy of a certificate of authority, when certified by the commissioner, shall be admissible in evidence for or against a company, with the same effect as the original.
[C73, §1170; C97, §1775; C24, 27, 31, 35, 39, §8657; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §508.13]
88 Acts, ch 1112, §103; 2006 Acts, ch 1117, §31; 2009 Acts, ch 181, §66
2023 Iowa Code › Title XIII - COMMERCE › Chapter 508 - LIFE INSURANCE COMPANIES › Section 508.14 - Violation by domestic company — dissolution — administrative penalties.

508.14 Violation by domestic company — dissolution — administrative penalties.
1. Upon a failure of a company organized under the laws of this state to make the deposit provided in section 511.8, subsection 16, or file the statement in the time stated in section 508.11, or to file in a timely manner any financial statement required by rule of the commissioner of insurance, the commissioner of insurance shall notify the attorney general of the default, who shall at once apply to the district court of the county where the home office of the company is located for an order requiring the company to show cause, upon reasonable notice to be fixed by the court, why its business shall not be discontinued. If, upon the hearing, sufficient cause is not shown, the court shall decree its dissolution.
2. In lieu of a district court action authorized by this section, the commissioner may impose an administrative penalty of five hundred dollars upon the company. The right of the company to transact further new business in this state shall immediately cease until the requirements of this chapter have been fully complied with.
3. The commissioner may give notice to a company, which has failed to file evidence of deposit and all delinquent statements within the time fixed, that the company is in violation of this section. If the company fails to file evidence of deposit and all delinquent statements within ten days of the date of the notice, the company is subject to an additional administrative penalty of one hundred dollars for each day the failure continues.
4. Amounts received by the commissioner pursuant to subsections 2 and 3 shall be paid to the treasurer of state for deposit as provided in section 505.7.
[C73, §1171; C97, §1776; C24, 27, 31, 35, 39, §8658; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §508.14]
89 Acts, ch 321, §33; 97 Acts, ch 186, §7; 2009 Acts, ch 181, §67; 2020 Acts, ch 1063, §272
2023 Iowa Code › Title XIII - COMMERCE › Chapter 508 - LIFE INSURANCE COMPANIES › Section 508.15 - Violation by foreign company.

508.15 Violation by foreign company.
Companies organized and chartered by the laws of a foreign state or country, failing to file the evidence of investment and statement within the time fixed, or failing to timely file any financial statement required by rule of the commissioner of insurance, shall forfeit and pay five hundred dollars, to be collected in an action in the name of the state and paid to the treasurer of state for deposit as provided in section 505.7, and their right to transact further new business in this state shall immediately cease until the requirements of this chapter have been fully complied with. The commissioner may give notice to a company which has failed to file within the time fixed that the company is in violation of this section and if the company fails to file the evidence of investment and statement within ten days of the date of the notice the company shall forfeit and pay the additional sum of one hundred dollars for each day the failure continues, to be paid to the treasurer of state for deposit as provided in section 505.7.
[C73, §1171; C97, §1776; C24, 27, 31, 35, 39, §8659; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §508.15]
83 Acts, ch 185, §48, 62; 83 Acts, ch 186, §10105, 10201, 10204; 89 Acts, ch 321, §34; 91 Acts, ch 213, §6; 2009 Acts, ch 181, §68
2023 Iowa Code › Title XIII - COMMERCE › Chapter 508 - LIFE INSURANCE COMPANIES › Section 508.15A - Suspension and summary suspension.

508.15A Suspension and summary suspension.
The commissioner may do one or more of the following:
1. For a violation of Title XIII, subtitle 1, after a hearing provided pursuant to chapter 17A, order the suspension of the license or authority to transact the business of insurance within the state.
2. Upon three days’ notice, if the commissioner has reason to believe that there is imminent substantial risk to an insurer’s solvency, order the insurer to appear before the commissioner and show cause why its license or authority to do insurance business within the state should not be suspended. At the hearing to show cause, the commissioner may summarily suspend the license or authority of the insurer to do business within the state.
3. Summarily order an insurer to cease and desist from a violation, anticipated violation, or suspected violation of chapter 507B, 510, or 513A, if a hearing is provided pursuant to chapter 17A within thirty days of the summary cease and desist order.
91 Acts, ch 213, §7
2023 Iowa Code › Title XIII - COMMERCE › Chapter 508 - LIFE INSURANCE COMPANIES › Section 508.16 - Examination.

508.16 Examination.
The commissioner of insurance at any time may make a personal examination of the books, papers, securities, and business of any life insurance company doing business in this state, or authorize any other suitable person to make the same, and the commissioner or the person so authorized may examine under oath any officer or agent of the company, or others, relative to its business and management.
[C73, §1172; C97, §1777; C24, 27, 31, 35, 39, §8660; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §508.16]
2023 Iowa Code › Title XIII - COMMERCE › Chapter 508 - LIFE INSURANCE COMPANIES › Section 508.18 - Decree.

508.18 Decree.
The court, on the final hearing, may make the decree subject to the provisions of section 508.19 as to the appointment of a receiver, the disposition of the deposits of the company in the hands of the commissioner, and its dissolution, if a domestic company.
[C73, §1172; C97, §1777; C24, 27, 31, 35, 39, §8662; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §508.18]
2019 Acts, ch 24, §77
Referred to in §507.12, 508.19, 511.8(16)(b), 511.8(16)(d), 511.8(21)(b), 511.8(22)(b), 511.8(22)(c), 511.8(22)(d), 511.8(22)(e)
2023 Iowa Code › Title XIII - COMMERCE › Chapter 508 - LIFE INSURANCE COMPANIES › Section 508.19 - Securities.

508.19 Securities.
The securities that are on deposit of a defaulting or insolvent company, or a company against which proceedings are pending under section 508.18, shall vest in the state for the benefit of all policyholders of the company.
[C73, §1173; C97, §1778; C24, 27, 31, 35, 39, §8663; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §508.19]
85 Acts, ch 228, §2; 91 Acts, ch 26, §58
Referred to in §507.12, 508.18
2023 Iowa Code › Title XIII - COMMERCE › Chapter 508 - LIFE INSURANCE COMPANIES › Section 508.20 - Reinsurance securities — title vested in commissioner.

508.20 Reinsurance securities — title vested in commissioner.
The title to all securities deposited with the commissioner of insurance by any domestic life insurance company or association which has been, or hereafter shall be, reinsured by a foreign life insurance company, shall be vested in the commissioner for the use and benefit of only the policies of the company reinsured in force at the date of such reinsurance agreement.
[C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §508.20]
2023 Iowa Code › Title XIII - COMMERCE › Chapter 508 - LIFE INSURANCE COMPANIES › Section 508.21 - Amount to be deposited.

508.21 Amount to be deposited.
The reinsuring company shall at all times maintain such deposits in at least the amount of the net reserve, as determined by the commissioner of insurance, on all policies reinsured.
[C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §508.21]
2023 Iowa Code › Title XIII - COMMERCE › Chapter 508 - LIFE INSURANCE COMPANIES › Section 508.22 - Insolvency of company — procedure.

508.22 Insolvency of company — procedure.
In the event of insolvency or receivership of such reinsuring company or its successors, the commissioner shall be appointed by the district court of the state in and for Polk county as receiver of said insolvent reinsuring company, and shall proceed, subject to the court’s approval, to reinsure said policies in another life insurance company or to liquidate the deposits for the sole benefit of the reinsured policies, and pending liquidation or reinsurance, shall have the sole right to collect premiums due on such policies.
[C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §508.22]
2023 Iowa Code › Title XIII - COMMERCE › Chapter 508 - LIFE INSURANCE COMPANIES › Section 508.25 - Policy forms — approval.

508.25 Policy forms — approval.
It shall be unlawful for any insurance company transacting business within this state, under the provisions of this chapter, to write or use any form of policy or contract of insurance, on the life of any individual in this state, until a copy of such form of policy or contract has been filed with and approved by the commissioner of insurance.
[S13, §1783-a; C24, 27, 31, 35, 39, §8668; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §508.25]
2023 Iowa Code › Title XIII - COMMERCE › Chapter 508 - LIFE INSURANCE COMPANIES › Section 508.26 - Failure to file copy.

508.26 Failure to file copy.
Should any company decline to file a copy of its form of policies or contracts, the commissioner of insurance shall suspend its authority to transact business within the state until such forms of policies or contracts have been so filed and approved.
[S13, §1783-c; C24, 27, 31, 35, 39, §8669; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §508.26]
2023 Iowa Code › Title XIII - COMMERCE › Chapter 508 - LIFE INSURANCE COMPANIES › Section 508.28 - Approval by commissioner — contestability of policy.

508.28 Approval by commissioner — contestability of policy.
The commissioner of insurance shall decline to approve any such form of policy or contract of insurance unless the same shall, in all respects, conform to the laws of this state applicable thereto. The policy shall be incontestable after it shall have been in force during the lifetime of the insured for two years from its date, except for nonpayment of premiums.
[SS15, §1783-b; C24, 27, 31, 35, 39, §8671; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §508.28]
Referred to in §514G.106
2023 Iowa Code › Title XIII - COMMERCE › Chapter 508 - LIFE INSURANCE COMPANIES › Section 508.29 - Authority to write other insurance.

508.29 Authority to write other insurance.
1. Any life insurance company organized on the stock or mutual plan and authorized by its charter or articles of incorporation so to do, may in addition to such life insurance, insure, either individually or on the group plan, the health of persons and against personal injuries, disablement or death, resulting from traveling or general accidents by land or water, and insure employers against loss in consequence of accidents or casualties of any kind to employees or other persons, or to property resulting from any act of the employee or any accident or casualty to persons or property, or both, occurring in or connected with the transaction of their business, or from the operation of any machinery connected therewith, but nothing contained in this section shall be construed to authorize any life insurance company to insure against loss or injury to person, or property, or both, growing out of explosion or rupture of steam boilers. An insurer may contract with health care service providers and offer different levels of benefits to policyholders based upon the provider contracts.
2. A company insuring risks authorized by this section shall invest or hold in cash, funds equal to seventy-five percent of the aggregate reserves and policy and contract claims for such risks. Investments required by this subsection shall only be made in securities enumerated in section 511.8, and are subject to the same limitations as provided for the investment of legal reserve, and are subject to section 511.8, subsections 16, 17, and 21.
[S13, §1783-d; C24, 27, 31, 35, 39, §8672; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §508.29]
85 Acts, ch 239, §2; 92 Acts, ch 1162, §5; 2018 Acts, ch 1026, §156
Referred to in §508.31A
2023 Iowa Code › Title XIII - COMMERCE › Chapter 508 - LIFE INSURANCE COMPANIES › Section 508.31 - Annuities.

508.31 Annuities.
Any life insurance company organized on the stock or mutual plan may grant and sell annuities.
[C35, §8673-e1; C39, §8673.1; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §508.31]
2023 Iowa Code › Title XIII - COMMERCE › Chapter 508 - LIFE INSURANCE COMPANIES › Section 508.31A - Funding agreements.

508.31A Funding agreements.
1. A life insurance company organized under this chapter may issue funding agreements. The issuance of a funding agreement under this section is deemed to be doing insurance business. For purposes of this section, “funding agreement” means an agreement for an insurer to accept and accumulate funds and to make one or more payments at future dates in amounts that are not based on mortality or morbidity contingencies of the person to whom the funding agreement is issued. A funding agreement does not constitute life insurance, an annuity, or other insurance authorized by section 508.29, and does not constitute a security as defined in section 502.102.
2. a. Funding agreements may be issued to the following:
(1) A person authorized by a state or foreign country to engage in an insurance business or a subsidiary of such business.
(2) A person for the purpose of funding any of the following:
(a) Benefits under an employee benefit plan as defined in the federal Employee Retirement Income Security Act of 1974, 29 U.S.C. §1001 et seq., maintained in the United States or in a foreign country.
(b) Activities of an organization exempt from taxation pursuant to section 501(c) of the Internal Revenue Code, or any similar organization in any foreign country.
(c) A program of the United States government, another state government or political subdivision of such state, or of a foreign country, or any agency or instrumentality of any such government, political subdivision, or foreign country.
(d) An agreement providing for periodic payments in satisfaction of a claim.
(e) A program of an institution which has assets in excess of twenty-five million dollars.
(3) A person other than a natural person that has assets of at least twenty-five million dollars.
(4) A person other than a natural person for the purpose of providing collateral security for securities registered with the federal securities and exchange commission.
b. A funding agreement issued pursuant to paragraph “a”, subparagraph (1), (2), or (3), shall be for a total amount of not less than one million dollars.
c. An amount under a funding agreement shall not be guaranteed or credited except upon reasonable assumptions as to investment income and expenses and on a basis equitable to all holders of funding agreements of a given class. Such funding agreements shall not provide for payments to the insurer based on mortality or morbidity contingencies.
d. Amounts paid to the insurer pursuant to a funding agreement, and proceeds applied under optional modes of settlement, may be allocated by the insurer to one or more separate accounts pursuant to section 508A.1.
3. A funding agreement is a class 2 claim under section 507C.42, subsection 2.
4. The commissioner may adopt rules to implement funding agreements.
98 Acts, ch 1057, §4; 99 Acts, ch 3, §1, 2; 2002 Acts, ch 1111, §8; 2003 Acts, ch 91, §7; 2003 Acts, ch 179, §75;
2003 Acts, 1st Ex, ch 2, §28, 209
; 2004 Acts, ch 1086, §86
Referred to in §507C.42, 508C.3
2023 Iowa Code › Title XIII - COMMERCE › Chapter 508 - LIFE INSURANCE COMPANIES › Section 508.32 - Proceeds of policy held in trust.

508.32 Proceeds of policy held in trust.
1. As used in this section:
a. “Annuity contracts” and “life insurance policies” include accident and health insurance policies and contracts, and include undertakings, duties, and obligations incidental to or in furtherance of any such policies or contracts.
b. “Proceeds” includes additions and contributions.
c. “Trust” includes but is not limited to settlement options and contracts issued pursuant to policies or contracts, and funds held in a separate or segregated account in connection with pension or profit-sharing plans pursuant to agreements with the policyholders.
2. Any life insurance company organized under the provisions of this chapter and doing business in this state, shall have the power to hold in trust the premiums or consideration paid for, or the proceeds of any life insurance policy or annuity contract, either individual or group, issued by it, upon such terms and subject to such limitations as to revocation or control by the policyholder or beneficiary thereunder, as shall have been agreed to in writing by such company and the policyholder; provided that the trust provisions contemplated in this section shall in no manner subject the corporation to any of the provisions of the laws of Iowa relating to banks or trust companies; and provided further, that the trust or trusts for premiums or considerations may be invested by such company in the manner specified in the trust instruments or agreements and held in a separate or segregated account; and provided further, that the forms of such trust agreements for beneficiaries shall be first submitted to and approved by the commissioner of insurance.
3. Funds held by an insurance company as authorized by this section may be held in a separate account established pursuant to section 508A.1, except that section 508A.1, subsection 5, shall not be applicable to such account. However, funds held by an insurance company as authorized in this section shall not be chargeable with liabilities arising out of any other business the company may conduct.
4. An instrument or agreement issued or used by an insurance company as authorized by this section does not constitute a security as defined in section 502.102.
[C24, 27, 31, 35, 39, §8674; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §508.32]
97 Acts, ch 5, §1; 2018 Acts, ch 1041, §127; 2020 Acts, ch 1063, §273; 2021 Acts, ch 80, §320
2023 Iowa Code › Title XIII - COMMERCE › Chapter 508 - LIFE INSURANCE COMPANIES › Section 508.32A - Funds held in custodial or similar account.

508.32A Funds held in custodial or similar account.
1. A life insurance company organized under this chapter and doing business in this state may hold funds, including additions and contributions, as custodian in a custodial or similar account in conjunction with an accident and health insurance policy. Funds held by an insurance company as authorized by this section may be invested by such company in the manner specified in the account instrument or agreement, and may be held in a separate account established pursuant to section 508A.1. Funds held by an insurance company as authorized by this section shall not be chargeable with liabilities arising out of any other business the company may conduct.
2. An instrument or agreement issued or used by an insurance company as authorized by this section does not constitute a security as defined in section 502.102.
97 Acts, ch 5, §2; 2018 Acts, ch 1041, §127
2023 Iowa Code › Title XIII - COMMERCE › Chapter 508 - LIFE INSURANCE COMPANIES › Section 508.33 - Subsidiary companies acquired.

508.33 Subsidiary companies acquired.
Any life insurance company incorporated in this state may organize, or acquire by purchase, in whole or in part subsidiary insurance and investment companies in which it owns not less than fifty-one percent of the common stock, and notwithstanding any other provisions of this subtitle inconsistent herewith may do all of the following:
1. Invest funds from surplus for such purpose.
2. Make loans to such subsidiaries.
3. Permit all or part of its officers and directors to serve as officers or directors of such subsidiary companies.
[C66, 71, 73, 75, 77, 79, 81, §508.33]
2011 Acts, ch 34, §116
Referred to in §511.8(18)(b)
2023 Iowa Code › Title XIII - COMMERCE › Chapter 508 - LIFE INSURANCE COMPANIES › Section 508.34 - Required to be separate company.

508.34 Required to be separate company.
Any subsidiary company shall be a separate and distinct company, with neither the organizing or acquiring life company nor such subsidiary having any liability to the creditors, policyholders or stockholders, if any, of the other. The organizing or acquiring company may be either a mutual or stock company.
[C66, 71, 73, 75, 77, 79, 81, §508.34]
2023 Iowa Code › Title XIII - COMMERCE › Chapter 508 - LIFE INSURANCE COMPANIES › Section 508.35 - Qualifications to do business.

508.35 Qualifications to do business.
Any such subsidiary company organized by any such life insurance company shall comply with all the laws of the state of its incorporation pertaining to the organization and qualification to do business of its class or kind, and if incorporated outside of the state of Iowa shall be admitted to do business in this state only upon qualification under the laws of the state of Iowa relating to such foreign corporations.
[C66, 71, 73, 75, 77, 79, 81, §508.35]
2023 Iowa Code › Title XIII - COMMERCE › Chapter 508A - VARIABLE ANNUITIES AND LIFE INSURANCE › Section 508A.2 - Statement of variables.

508A.2 Statement of variables.
Any contract providing benefits payable in variable amounts delivered or issued for delivery in this state shall contain a statement of the essential features of the procedures to be followed by the insurance company in determining the dollar amount of such variable benefits. Any such contract under which the benefits vary to reflect investment experience, including a group contract and any certificate in evidence of variable benefits issued thereunder, shall state that such dollar amount will so vary and shall contain on its first page a statement to the effect that the benefits thereunder are on a variable basis.
[C75, 77, 79, 81, §508A.2]
2023 Iowa Code › Title XIII - COMMERCE › Chapter 508A - VARIABLE ANNUITIES AND LIFE INSURANCE › Section 508A.3 - License requirements.

508A.3 License requirements.
No company shall deliver or issue for delivery within this state variable contracts unless it is licensed or organized to do a life insurance or annuity business in this state, and the commissioner of insurance is satisfied that its condition or method of operation in connection with the issuance of such contracts will not render its operation hazardous to the public or its policyholders in this state. In this connection, the commissioner of insurance shall consider among other things:
1. The history and financial condition of the company;
2. The character, responsibility and fitness of the officers and directors of the company; and
3. The law and regulation under which the company is authorized in the state of domicile to issue variable contracts. The state of entry of an alien company shall be deemed its place of domicile for that purpose. If the company is a subsidiary of an admitted life insurance company, or affiliated with such company through common management or ownership, it may be deemed by the commissioner of insurance to have met the provisions of this section if either it or the parent or the affiliated company meets the requirements hereof.
[C75, 77, 79, 81, §508A.3]
2023 Iowa Code › Title XIII - COMMERCE › Chapter 508A - VARIABLE ANNUITIES AND LIFE INSURANCE › Section 508A.4 - Authority of commissioner.

508A.4 Authority of commissioner.
Notwithstanding any other provision of law, the commissioner of insurance shall have sole authority to regulate the issuance and sale of variable contracts, and to issue such reasonable rules and regulations as may be appropriate to carry out the purposes and provisions of this chapter.
[C75, 77, 79, 81, §508A.4]
2023 Iowa Code › Title XIII - COMMERCE › Chapter 508A - VARIABLE ANNUITIES AND LIFE INSURANCE › Section 508A.5 - Other provisions applicable.

508A.5 Other provisions applicable.
Except for section 508.37 and section 509.2, subsection 1, and except as otherwise provided in this chapter, all pertinent provisions of chapters 508, 509, 511, and 522B shall apply to separate accounts and contracts relating thereto. Any individual variable life insurance contract, delivered or issued for delivery in this state, shall contain nonforfeiture provisions appropriate to such a contract. Any group variable life insurance contract, delivered or issued for delivery in this state, shall contain a grace provision appropriate to such a contract. The reserve liability for variable contracts shall be established in accordance with actuarial procedures that recognize the variable nature of the benefits provided and any mortality guarantees.
[C75, 77, 79, 81, §508A.5]
2001 Acts, ch 16, §7, 37
2023 Iowa Code › Title XIII - COMMERCE › Chapter 508B - CONVERSION FROM MUTUAL COMPANY TO STOCK COMPANY › Section 508B.1 - Definitions.

508B.1 Definitions.
As used in this chapter, unless the context clearly indicates otherwise:
1. “Commissioner” means the commissioner of insurance.
2. “Mutual life insurance company” or “mutual company” means a level premium and natural premium life insurance company authorized under chapter 508 upon the mutual plan and includes a domestic company which meets the requirements of section 508.12.
3. a. “Plan of conversion” or “conversion plan” means a plan authorized by section 508B.3 and, in the case of plans authorized by section 508B.3, subsections 1 and 3, includes a procedure by which the mutual company’s participating policies and contracts in force on the effective date of the conversion plan are operated by the reorganized company as a closed block of participating business for the exclusive benefit of the policies and contracts included, for dividend purposes only; to which are allocated assets of the mutual company in an amount which together with anticipated revenue from the business is reasonably expected to be sufficient to support the business; and which includes, but is not limited to, provisions for payment of claims and reasonable expenses, and provisions for continuation of current payable dividend scales if the experience underlying the scales continues, and a procedure for appropriate adjustments in the scales if the experience changes. However, at the option of the mutual company, some or all classes of group policies and contracts shall not be placed in the closed block but shall continue to be eligible to receive dividends based on the experience of the class or classes.
b. If any amount of the policyholders’ consideration as specified in section 508B.3, subsection 3, paragraph “b”, for certain classes of policies or contracts is to be paid in the form of increased annual dividends to the policyholders in those classes, that amount is to be added to the assets allocated as provided in paragraph “a” and is to be paid to those classes.
4. “Policyholder” means a person, determined by the mutual company, who is the holder of a policy or annuity contract for the purposes of section 508B.3, subsection 1, 2, or 3.
5. “Policyholders’ membership interest” means all policyholders’ rights as members of the mutual company including, but not limited to, rights to vote and participate in any distribution of surplus whether or not incident to liquidation of the mutual company.
6. “Reorganized company” means the domestic stock company into which a mutual company has been converted, converted and merged, or converted and consolidated.
7. “Stock life insurance company” or “stock company” means a life insurance company authorized under chapter 508 upon the stock plan and includes a domestic company which meets the requirements of section 508.12.
85 Acts, ch 127, §1; 86 Acts, ch 1237, §30; 90 Acts, ch 1234, §7; 99 Acts, ch 165, §2
2023 Iowa Code › Title XIII - COMMERCE › Chapter 508B - CONVERSION FROM MUTUAL COMPANY TO STOCK COMPANY › Section 508B.2 - Mutual company becoming stock company — authorization.

508B.2 Mutual company becoming stock company — authorization.
1. A mutual life insurance company may become a stock life insurance company pursuant to a plan of conversion established and approved in the manner provided by this chapter.
2. A plan of conversion may provide that a mutual company may convert into a domestic stock company, convert and merge, or convert and consolidate with a domestic stock company, as provided in chapter 490 or 491, whichever is applicable. However, the mutual company is not required to comply with sections 491.102 through 491.105 or sections 490.1102 and 490.1104 relating to approval of merger or consolidation plans by boards of directors and shareholders, if at the time of approval of the plan of conversion the board of directors approves the merger or consolidation and if at the time of approval of the plan by policyholders as provided in section 508B.6, the policyholders approve the merger or consolidation. This chapter supersedes any conflicting provisions of chapters 521 and 521A. A mutual company may convert, merge, or consolidate as part of a plan of conversion in which a majority or all of the common shares of the stock company are acquired by another corporation, which may be a corporation organized for that purpose, or in which the new stock company consolidates with a stock company to form another stock company.
3. In lieu of selecting a plan of conversion provided for in this chapter, a mutual company may convert to a stock company pursuant to a plan approved by the commissioner. The commissioner or the mutual company may use any provisions or combination of provisions provided for a plan in this chapter and may adopt any other provisions which are not unfair or inequitable to the policyholders of the mutual company. If a mutual company selects this procedure for conversion purposes, the mutual company shall reimburse the state for expenses incurred by the division in connection with the conversion plan except for expenses that are normal operating expenses of the division.
85 Acts, ch 127, §2; 86 Acts, ch 1237, §31; 90 Acts, ch 1205, §35; 90 Acts, ch 1234, §8; 2002 Acts, ch 1154, §108, 125; 2018 Acts, ch 1041, §127
2023 Iowa Code › Title XIII - COMMERCE › Chapter 508B - CONVERSION FROM MUTUAL COMPANY TO STOCK COMPANY › Section 508B.4 - Eligible policyholders participation.

508B.4 Eligible policyholders participation.
The policyholders who are entitled to notice of and to vote upon approval of a plan of conversion and entitled to notice of a public hearing are the policyholders whose policies or contracts are in force on the date of adoption of the plan of conversion. Each policyholder whose policy has been in force for at least one year prior to the date is entitled to the consideration, if any, provided for the policyholder in the plan based on the policyholder’s membership interest determined pursuant to this chapter, but only if the policyholder’s membership interest arose from a policy or contract in force on the effective date of the conversion and such membership interest has been held continuously for at least one year prior to the date of adoption of the plan. For this purpose, any changes in status of, or premiums in excess of, those required on the policies or contracts occurring or made after the date one year prior to the date of adoption of the plan shall be disregarded.
85 Acts, ch 127, §4; 2000 Acts, ch 1023, §9