reglab/statecodes huggingface dataset:
2023 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
2023 Iowa Code › Title XIII - COMMERCE › Chapter 521E - RISK-BASED CAPITAL REQUIREMENTS FOR INSURERS › Section 521E.6 - Mandatory-control-level event.

521E.6 Mandatory-control-level event.
1. “Mandatory-control-level event” means any of the following events:
a. The filing of a risk-based capital report which indicates that an insurer’s total adjusted capital is less than its mandatory-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”.
2. In the event of a mandatory-control-level event the commissioner shall do the following:
a. With respect to a life insurer, take action as necessary to place the insurer under supervision or other regulatory control under chapter 507C. If the commissioner takes action pursuant to this paragraph, the mandatory-control-level event is deemed sufficient grounds for the commissioner to take action pursuant to chapter 507C, and the commissioner shall have the rights, powers, and duties with respect to the insurer as set forth in chapter 507C. If the commissioner takes action pursuant to an adjusted risk-based capital report, the insurer is entitled to the protections of chapter 17A pertaining to summary proceedings. Notwithstanding the provisions of this paragraph, the commissioner may forego any action pursuant to this paragraph for up to ninety days after the mandatory-control-level event if the commissioner finds a reasonable expectation exists that the mandatory-control-level event may be eliminated within the ninety-day period.
b. With respect to a property and casualty insurer, take action as necessary to place the insurer under supervision or other regulatory control under chapter 507C, or, in the case of an insurer which is no longer writing business and which is running off its existing business, the commissioner may allow the insurer to continue its run-off under the supervision of the commissioner. In either event, the mandatory-control-level event is deemed sufficient grounds for the commissioner to take action under chapter 507C and the commissioner shall have the rights, powers, and duties with respect to the insurer as set forth in chapter 507C. If the commissioner takes action pursuant to an adjusted risk-based capital report, the insurer is entitled to the protections of chapter 17A pertaining to summary proceedings. Notwithstanding the provisions of this paragraph, the commissioner may forego action for up to ninety days after the mandatory-control-level event if the commissioner finds a reasonable expectation exists that the mandatory-control-level event may be eliminated within the ninety-day period.
96 Acts, ch 1046, §14
2023 Iowa Code › Title XIII - COMMERCE › Chapter 521E - RISK-BASED CAPITAL REQUIREMENTS FOR INSURERS › Section 521E.7 - Confidential hearings.

521E.7 Confidential hearings.
1. An insurer shall notify the commissioner of the insurer’s request for a confidential hearing within five days after the occurrence of any of the following:
a. Notification to an insurer by the commissioner of an adjusted risk-based capital report.
b. Notification to an insurer by the commissioner of both of the following:
(1) The insurer’s risk-based capital plan or revised risk-based capital plan is unsatisfactory.
(2) That the notification pursuant to this paragraph constitutes a regulatory-action-level event with respect to the insurer.
c. Notification to an insurer by the commissioner that the insurer has failed to adhere to its risk-based capital plan or revised risk-based capital plan and that the failure has a substantial adverse effect on the ability of the insurer to eliminate the company-action-level event in accordance with its risk-based capital plan or revised risk-based capital plan.
d. Notification to an insurer by the commissioner of a corrective order with respect to the insurer.
2. An insurer receiving a notification pursuant to subsection 1 is entitled to a confidential hearing before the insurance division, at which the insurer may challenge a determination or action by the commissioner. Upon receipt of the insurer’s request for a hearing, the commissioner shall set a date for the hearing, which shall be not less than ten or more than thirty days after the date of the insurer’s request.
96 Acts, ch 1046, §15
Referred to in §521E.3, 521E.4, 521E.5, 521E.6
2023 Iowa Code › Title XIII - COMMERCE › Chapter 521E - RISK-BASED CAPITAL REQUIREMENTS FOR INSURERS › Section 521E.9 - Supplemental provisions — rules — exemption.

521E.9 Supplemental provisions — rules — exemption.
1. The provisions of this chapter are supplemental to any other provisions of the laws of this state, and shall not preclude or limit any other powers or duties of the commissioner under such laws, including, but not limited to, chapter 507C.
2. The commissioner may adopt rules pursuant to chapter 17A necessary for the administration of this chapter.
3. The commissioner may exempt from the application of this chapter any domestic property and casualty insurer which satisfies all of the following:
a. Writes direct business only in this state.
b. Writes direct annual premiums of one million dollars or less.
c. Does not assume reinsurance in excess of five percent of direct premiums written.
96 Acts, ch 1046, §17
2023 Iowa Code › Title XIII - COMMERCE › Chapter 521E - RISK-BASED CAPITAL REQUIREMENTS FOR INSURERS › Section 521E.10 - Foreign insurers.

521E.10 Foreign insurers.
1. a. A foreign insurer, upon the written request of the commissioner, shall submit to the commissioner a risk-based capital report as of the end of the calendar year just ended by the later of the following:
(1) The filing date.
(2) Fifteen days after the request is received by the foreign insurer.
b. A foreign insurer, upon the written request of the commissioner, shall promptly submit to the commissioner a copy of any risk-based capital plan that is filed with the insurance commissioner of any other state.
2. In the event of a company-action-level event, regulatory-action-level event, or authorized-control-level event with respect to a foreign insurer as determined under the risk-based capital statute applicable in the state of domicile of the insurer, or, if no risk-based capital statute is in force in that state, under the provisions of this chapter, and if the insurance commissioner of the state of domicile of the foreign insurer fails to require the foreign insurer to file a risk-based capital plan in the manner specified under that state’s risk-based capital statute, or, if no risk-based capital statute is in force in that state, pursuant to section 521E.2, the commissioner may require the foreign insurer to file a risk-based capital plan with the commissioner. The failure of the foreign insurer to file a risk-based capital plan with the commissioner shall be sufficient grounds for the commissioner to order the insurer to cease and desist from writing new insurance business in this state.
3. In the event of a mandatory-control-level event with respect to a foreign insurer, if a domiciliary receiver has not been appointed with respect to the foreign insurer under the rehabilitation and liquidation statute applicable in the state of domicile of the foreign insurer, the commissioner may make application to the district court as permitted under chapter 507C with respect to the liquidation of property of foreign insurers found in this state, and the occurrence of the mandatory-control-level event shall be considered adequate grounds for the application.
96 Acts, ch 1046, §18; 2012 Acts, ch 1023, §157
2023 Iowa Code › Title XIII - COMMERCE › Chapter 521E - RISK-BASED CAPITAL REQUIREMENTS FOR INSURERS › Section 521E.11 - Immunity.

521E.11 Immunity.
No liability shall arise on the part of, and no cause of action shall arise against, the commissioner or the insurance division or its employees or agents for an action taken in the exercise of powers or performance of duties under this chapter.
96 Acts, ch 1046, §19
2023 Iowa Code › Title XIII - COMMERCE › Chapter 521E - RISK-BASED CAPITAL REQUIREMENTS FOR INSURERS › Section 521E.12 - Effect of notices.

521E.12 Effect of notices.
Notice by the commissioner to an insurer which may result in regulatory action under this chapter is effective upon being sent if transmitted by certified mail, or in the case of any other transmission is effective upon the insurer’s receipt of the notice.
96 Acts, ch 1046, §20
2023 Iowa Code › Title XIII - COMMERCE › Chapter 521F - RISK-BASED CAPITAL REQUIREMENTS FOR HEALTH ORGANIZATIONS › Section 521F.1 - Purpose.

521F.1 Purpose.
The purpose of this chapter is to establish minimum capital requirements for health organizations that will provide protection related to the risks to which an individual health organization may be subject including, but not limited to, the health organization’s assets risk, underwriting risk, credit risk, and other business risk.
2000 Acts, ch 1050, §1
2023 Iowa Code › Title XIII - COMMERCE › Chapter 521F - RISK-BASED CAPITAL REQUIREMENTS FOR HEALTH ORGANIZATIONS › Section 521F.3 - Risk-based capital reports.

521F.3 Risk-based capital reports.
1. A domestic health organization, on or prior to the filing date, shall prepare and submit to the commissioner a report of the health organization’s risk-based capital levels 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 health organization shall also file its risk-based capital report with the insurance commissioner in each state in which the health organization is authorized to do business, if such insurance commissioner has notified the health organization of its request in writing. Upon receipt of the written request, the health organization shall file its risk-based capital report with the requesting commissioner by no later than the later of the following:
a. Fifteen days from the receipt of the written request.
b. The filing date.
2. a. A health organization’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:
(1) Assets risk.
(2) Credit risk.
(3) Underwriting risk.
(4) All other business risks and other relevant risks as identified in the risk-based capital instructions.
b. The risk factors shall be applied in the manner set forth in the risk-based capital instructions.
3. A health organization shall seek to maintain capital above the risk-based capital levels required by this chapter.
4. A risk-based capital report filed by a domestic health organization which in the judgment of the commissioner is inaccurate shall be adjusted by the commissioner to correct the inaccuracy. The commissioner shall notify the health organization of the adjustment. The notice shall contain a statement of the reason for the adjustment.
2000 Acts, ch 1050, §3; 2000 Acts, ch 1232, §79
Referred to in §521F.2
2023 Iowa Code › Title XIII - COMMERCE › Chapter 521F - RISK-BASED CAPITAL REQUIREMENTS FOR HEALTH ORGANIZATIONS › Section 521F.6 - Authorized-control-level event.

521F.6 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 health organization which indicates that the health organization’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 a health organization of an adjusted risk-based capital report that indicates the event in paragraph “a”, provided the health organization does not challenge the adjusted risk-based capital report and request a hearing pursuant to section 521F.8.
c. After a hearing pursuant to section 521F.8, notification by the commissioner to the health organization that the commissioner has rejected the health organization’s challenge of the adjusted risk-based capital report indicating the event in paragraph “a”.
d. Failure of the health organization to respond to a corrective order in a manner satisfactory to the commissioner, unless the health organization has challenged the corrective order pursuant to section 521F.8.
e. Failure of the health organization to respond to a corrective order in a manner satisfactory to the commissioner after the health organization has challenged the corrective order pursuant to section 521F.8, and the commissioner, after a hearing pursuant to section 521F.8, 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 521F.5 in the same manner as if a regulatory-action-level event has occurred.
b. Take action as necessary to cause the health organization 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 health organization and of the public. If the commissioner takes such 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 health organization as set forth in chapter 507C. If the commissioner takes action under this paragraph pursuant to an adjusted risk-based capital report, the health organization is entitled to the protections of chapter 17A pertaining to summary proceedings.
2000 Acts, ch 1050, §6
2023 Iowa Code › Title XIII - COMMERCE › Chapter 521F - RISK-BASED CAPITAL REQUIREMENTS FOR HEALTH ORGANIZATIONS › Section 521F.7 - Mandatory-control-level event.

521F.7 Mandatory-control-level event.
1. “Mandatory-control-level event” means any of the following:
a. The filing of a risk-based capital report which indicates that a health organization’s total adjusted capital is less than its mandatory-control-level risk-based capital.
b. Notification by the commissioner to a health organization of an adjusted risk-based capital report that indicates the event in paragraph “a”, provided the health organization does not challenge the adjusted risk-based capital report and request a hearing pursuant to section 521F.8.
c. After a hearing pursuant to section 521F.8, notification by the commissioner to the health organization that the commissioner has rejected the health organization’s challenge of the adjusted risk-based capital report indicating the event in paragraph “a”.
2. In the event of a mandatory-control-level event, the commissioner shall take action as necessary to place the health organization under supervision or other regulatory control pursuant to chapter 507C. If the commissioner takes action pursuant to this subsection, the mandatory-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 health organization as are set forth in chapter 507C. If the commissioner takes action pursuant to an adjusted risk-based capital report, the health organization is entitled to the protections of chapter 17A pertaining to summary proceedings. Notwithstanding this subsection, the commissioner may forego action for up to ninety days after the mandatory-control-level event if the commissioner finds a reasonable expectation exists that the mandatory-control-level event may be eliminated within the ninety-day period.
2000 Acts, ch 1050, §7
2023 Iowa Code › Title XIII - COMMERCE › Chapter 521F - RISK-BASED CAPITAL REQUIREMENTS FOR HEALTH ORGANIZATIONS › Section 521F.8 - Confidential hearings.

521F.8 Confidential hearings.
1. A health organization receiving a notification pursuant to subsection 2 is entitled to a confidential hearing before the insurance division, at which the health organization may challenge a determination or action by the commissioner. Upon receipt of the health organization’s request for a hearing, the commissioner shall set a date for the hearing, which shall be not less than ten and not more than thirty days after the date of the health organization’s request.
2. A health organization shall notify the commissioner of the health organization’s request for a confidential hearing within five days after the occurrence of any of the following:
a. Notification to a health organization by the commissioner of an adjusted risk-based capital report.
b. Notification to a health organization by the commissioner of both of the following:
(1) That the health organization’s risk-based capital plan or revised risk-based capital plan is unsatisfactory.
(2) That the notification pursuant to this paragraph constitutes a regulatory-action-level event with respect to the health organization.
c. Notification to a health organization by the commissioner that the health organization has failed to adhere to its risk-based capital plan or revised risk-based capital plan and that the failure has a substantial adverse effect on the ability of the health organization to eliminate the company-action-level event in accordance with its risk-based capital plan or revised risk-based capital plan.
d. Notification to a health organization by the commissioner of a corrective order with respect to the health organization.
2000 Acts, ch 1050, §8; 2000 Acts, ch 1232, §81
Referred to in §521F.4, 521F.5, 521F.6, 521F.7
2023 Iowa Code › Title XIII - COMMERCE › Chapter 521F - RISK-BASED CAPITAL REQUIREMENTS FOR HEALTH ORGANIZATIONS › Section 521F.10 - Supplemental provisions — rules — exemption.

521F.10 Supplemental provisions — rules — exemption.
1. This chapter shall not preclude or limit any other powers or duties of the commissioner under insurance laws including but not limited to chapter 507C.
2. The commissioner may adopt rules pursuant to chapter 17A as are necessary for the administration of this chapter.
3. The commissioner may exempt from filing a risk-based capital report a domestic health organization which writes direct business only in this state and satisfies any of the following:
a. Writes direct annual premiums of one hundred thousand dollars or less, and does not assume reinsurance in excess of five percent of direct annual premiums written.
b. Is authorized to do business pursuant to chapter 514 and writes direct annual premiums of one hundred thousand dollars or less.
c. Is a limited health service organization that covers fewer than five hundred lives.
2000 Acts, ch 1050, §10
2023 Iowa Code › Title XIII - COMMERCE › Chapter 521F - RISK-BASED CAPITAL REQUIREMENTS FOR HEALTH ORGANIZATIONS › Section 521F.11 - Foreign health organizations.

521F.11 Foreign health organizations.
1. A foreign health organization, upon the written request of the commissioner, shall submit to the commissioner a risk-based capital report for the previous calendar year just ended by the later of the following:
a. The filing date.
b. Fifteen days after the request is received by the foreign health organization.
2. A foreign health organization, upon the written request of the commissioner, shall promptly submit to the commissioner a copy of any risk-based capital plan that is filed with the insurance commissioner of any other state.
3. The commissioner may require a foreign health organization to file a risk-based capital plan under either of the following circumstances:
a. In the event of a company-action-level event, regulatory-action-level event, or authorized-control-level event as determined under the risk-based capital statute applicable in the state of domicile of the foreign health organization, or, if no risk-based capital statute is in force in that state, under this chapter.
b. The insurance commissioner of the state of domicile of the foreign health organization fails to require the foreign health organization to file a risk-based capital plan in the manner specified under that state’s risk-based capital statute, or, if no risk-based capital statute is in force in that state, pursuant to this chapter.
4. The failure of the foreign health organization to file a risk-based capital plan is sufficient grounds to order the health organization to cease and desist from writing new insurance business in this state.
5. In the event of a mandatory-control-level event with respect to a foreign health organization, if a domiciliary receiver has not been appointed with respect to the foreign health organization under the rehabilitation and liquidation statute applicable in the state of domicile of the foreign health organization, the commissioner may make application to the district court as permitted under chapter 507C with respect to the liquidation of property of foreign health organizations found in this state, and the occurrence of the mandatory-control-level event shall be considered adequate grounds for the application.
2000 Acts, ch 1050, §11
2023 Iowa Code › Title XIII - COMMERCE › Chapter 521F - RISK-BASED CAPITAL REQUIREMENTS FOR HEALTH ORGANIZATIONS › Section 521F.12 - Immunity.

521F.12 Immunity.
Liability shall not arise on the part of and a cause of action shall not arise against the commissioner or the insurance division or its employees or agents for an action taken in the exercise of powers or performance of duties under this chapter.
2000 Acts, ch 1050, §12
2023 Iowa Code › Title XIII - COMMERCE › Chapter 521F - RISK-BASED CAPITAL REQUIREMENTS FOR HEALTH ORGANIZATIONS › Section 521F.13 - Notices.

521F.13 Notices.
Notice by the commissioner to a health organization which may result in regulatory action under this chapter is effective upon being sent if transmitted by certified mail, or, in the case of any other transmission, is effective upon the health organization’s receipt of the notice.
2000 Acts, ch 1050, §13
2023 Iowa Code › Title XIII - COMMERCE › Chapter 521G - PROTECTED CELL COMPANIES › Section 521G.2 - Purpose.

521G.2 Purpose.
The purpose of this chapter is to authorize the establishment of protected cells by a domestic insurer authorized to transact the business of insurance under chapter 508 or 515, as a means of accessing alternative sources of capital and achieving the benefits of insurance securitization. Investors in fully funded insurance securitization transactions provide funds that are available to pay the insurer’s insurance obligations or to repay the investors, or both. Protected cells are intended to achieve more efficiencies with respect to such insurance securitization.
2000 Acts, ch 1046, §2
2023 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
2023 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
2023 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
2023 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.
1. 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.
2. 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; 2021 Acts, ch 76, §150
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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