reglab/statecodes huggingface dataset:
2023 Iowa Code › Title XIII - COMMERCE › Chapter 521 - CONSOLIDATION, MERGER, AND REINSURANCE › Section 521.4 - Procedure — notice.

521.4 Procedure — notice.
The commission may hear and determine an application, and approve, disapprove, or require modification of a plan submitted under section 521.3 without notice and without public hearing. The commission may require a public hearing when necessary to conserve the interests of the members, policyholders, or shareholders of the affected company. In such cases the commission shall require the affected company to mail to all of its members, policyholders, or shareholders written notice of the public hearing stating that an application and plan have been filed with the commission, the nature of the plan, and the date, time, and place of the public hearing on the application and plan. The commission shall determine the number of days prior to the public hearing that notice is required to be given to the members or shareholders, which shall be no fewer than ten nor more than sixty days.
[S13, §1821-p; C24, 27, 31, 35, 39, §9107; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §521.4]
2006 Acts, ch 1117, §101
Referred to in §521.7
2023 Iowa Code › Title XIII - COMMERCE › Chapter 521 - CONSOLIDATION, MERGER, AND REINSURANCE › Section 521.5 - Commission created.

521.5 Commission created.
A commission consisting of the commissioner of insurance and the attorney general is hereby created to hear and determine the application and to approve, disapprove, or require modification of the plan prior to approval.
[S13, §1821-q; C24, 27, 31, 35, 39, §9108; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §521.5]
88 Acts, ch 1112, §702; 2006 Acts, ch 1117, §102
Referred to in §521.1
2023 Iowa Code › Title XIII - COMMERCE › Chapter 521 - CONSOLIDATION, MERGER, AND REINSURANCE › Section 521.6 - Examination.

521.6 Examination.
The commission may examine the affairs and condition of any company as it deems proper. The commission shall have the power to summon and compel the attendance and testimony of witnesses. The commission shall have the power to compel the production of books and papers before the commission, and may administer oaths.
[S13, §1821-q; C24, 27, 31, 35, 39, §9109; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §521.6]
2006 Acts, ch 1117, §103; 2007 Acts, ch 22, §92
2023 Iowa Code › Title XIII - COMMERCE › Chapter 521 - CONSOLIDATION, MERGER, AND REINSURANCE › Section 521.7 - Appearance by members, policyholders, or shareholders.

521.7 Appearance by members, policyholders, or shareholders.
When notice is given as provided in section 521.4, any member, policyholder, or shareholder of the affected company shall have the right to appear before the commission and be heard regarding the application and plan.
[S13, §1821-q; C24, 27, 31, 35, 39, §9110; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §521.7]
2006 Acts, ch 1117, §104
2023 Iowa Code › Title XIII - COMMERCE › Chapter 521 - CONSOLIDATION, MERGER, AND REINSURANCE › Section 521.8 - Authorization.

521.8 Authorization.
The commission, if satisfied that the interests of the members, policyholders, or shareholders of the affected company are properly protected and no reasonable objection to the application and plan exists, may approve, disapprove, or require modification of the proposed plan of consolidation, merger, or reinsurance prior to approval. The commission may make such order and disposition of the assets of any such company thereafter remaining as shall be just and equitable.
[S13, §1821-q; C24, 27, 31, 35, 39, §9111; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §521.8]
2006 Acts, ch 1117, §105
2023 Iowa Code › Title XIII - COMMERCE › Chapter 521 - CONSOLIDATION, MERGER, AND REINSURANCE › Section 521.10 - Election called.

521.10 Election called.
1. The commission may require an affected company to submit the plan of consolidation, merger, or reinsurance to a vote by its members. The plan shall be submitted at a meeting called for that purpose, upon not less than thirty days’ notice. Member approval of the plan requires the affirmative vote of two-thirds of all members voting in person, by ballot, or by proxy.
2. Approval by the members of a mutual company of a plan of merger or reinsurance is not required if all of the following conditions are satisfied:
a. The company will survive the merger or is the reinsurer.
b. At the time of the merger or reinsurance, the number of members of the surviving company is greater than the number of members of the affected company.
c. At the time of the merger or reinsurance, the surplus of the surviving company is greater than the surplus of the affected company.
[S13, §1821-q; C24, 27, 31, 35, 39, §9113; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §521.10]
2006 Acts, ch 1117, §106
2023 Iowa Code › Title XIII - COMMERCE › Chapter 521 - CONSOLIDATION, MERGER, AND REINSURANCE › Section 521.13 - Reinsurance transactions — exemption.

521.13 Reinsurance transactions — exemption.
Reinsurance as provided in sections 515.49, 518.17, 518A.44, and 520.21 is exempt from the requirements of this chapter.
[S13, §1821-s; C24, 27, 31, 35, 39, §9116; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §521.13]
97 Acts, ch 186, §24; 2006 Acts, ch 1117, §107
2023 Iowa Code › Title XIII - COMMERCE › Chapter 521 - CONSOLIDATION, MERGER, AND REINSURANCE › Section 521.14 - Expenses and costs — how paid.

521.14 Expenses and costs — how paid.
All expenses and costs incident to proceedings under this chapter shall be paid by the company filing the application and plan.
[S13, §1821-t; C24, 27, 31, 35, 39, §9117; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §521.14]
2006 Acts, ch 1117, §108
2023 Iowa Code › Title XIII - COMMERCE › Chapter 521 - CONSOLIDATION, MERGER, AND REINSURANCE › Section 521.16 - Applicability of section 521A.3.

521.16 Applicability of section 521A.3.
For an insurer subject to chapter 521A, the provisions of section 521A.3 shall also be applicable to a merger or consolidation subject to this chapter. As used in this section, “insurer” means the same as defined in section 521A.1.
95 Acts, ch 185, §43; 2006 Acts, ch 1117, §109; 2008 Acts, ch 1123, §41
2023 Iowa Code › Title XIII - COMMERCE › Chapter 521 - CONSOLIDATION, MERGER, AND REINSURANCE › Section 521.17 - Additional filing requirements — plans and articles of merger or consolidation.

521.17 Additional filing requirements — plans and articles of merger or consolidation.
A company filing a plan to merge or consolidate shall, in addition to and after meeting the requirements of this chapter, make all appropriate filings with and pay appropriate fees to the secretary of state required under chapter 490 or 491.
2006 Acts, ch 1117, §110
2023 Iowa Code › Title XIII - COMMERCE › Chapter 521 - CONSOLIDATION, MERGER, AND REINSURANCE › Section 521.18 - Articles of merger or consolidation — filing fees and approval.

521.18 Articles of merger or consolidation — filing fees and approval.
A company filing a plan to merge or consolidate under the provisions of this chapter shall file its articles of merger or consolidation with the commission for its approval. The fee for filing articles of merger or consolidation with the commission is fifty dollars.
2006 Acts, ch 1117, §111
2023 Iowa Code › Title XIII - COMMERCE › Chapter 521 - CONSOLIDATION, MERGER, AND REINSURANCE › Section 521.19 - Merger or consolidation effective with division.

521.19 Merger or consolidation effective with division.
A dividing insurer and the dividing insurer’s officers, directors, and shareholders shall have the authority to adopt and execute a plan of merger or consolidation on behalf of a resulting insurer, to execute and deliver documents, plans, certificates, and resolutions, and to make any filings on behalf of such resulting insurer. If provided in a plan of merger or consolidation, the merger or consolidation shall be effective simultaneously with the effectiveness of a division pursuant to 521I.10.
2019 Acts, ch 20, §19
2023 Iowa Code › Title XIII - COMMERCE › Chapter 521A - INSURANCE HOLDING COMPANY SYSTEMS › Section 521A.6A - Supervisory colleges — assessment of insurers.

521A.6A Supervisory colleges — assessment of insurers.
1. Power of commissioner. With respect to any insurer registered under section 521A.4 and in accordance with this section, the commissioner shall have the power to participate in a supervisory college for any domestic insurer that is part of an insurance holding company system with international operations in order to determine compliance by the insurer with this chapter. The powers of the commissioner with respect to supervisory colleges include but are not limited to the following:
a. Initiating the establishment of a supervisory college.
b. Clarifying the membership and participation of other supervisors in the supervisory college.
c. Clarifying the functions of the supervisory college and the role of other regulators, including the establishment of a group-wide supervisor.
d. Coordinating the ongoing activities of the supervisory college, including planning meetings, supervisory activities, and processes for information sharing.
e. Establishing a crisis management plan.
2. Expenses — assessment. Each registered insurer subject to this section shall be liable for and shall pay the reasonable expenses of the commissioner’s participation in a supervisory college in accordance with subsection 3, including reasonable travel expenses. For purposes of this section, a supervisory college may be convened as either a temporary or permanent forum for communication and cooperation between the regulators charged with the supervision of the insurer or its affiliates, and the commissioner may establish a regular assessment to the insurer for the payment of these expenses.
3. Supervisory college. In order to assess the business strategy, financial position, legal and regulatory position, risk exposure, risk management and governance processes, and as part of the examination of individual insurers in accordance with section 521A.6, the commissioner may participate in a supervisory college with other regulators charged with supervision of an insurer or its affiliates, including other state, federal, and international regulatory agencies. The commissioner may enter into agreements in accordance with section 521A.7, subsection 3, providing the basis for cooperation between the commissioner and the other regulatory agencies, and the activities of the supervisory college. Nothing in this section shall delegate to the supervisory college the authority of the commissioner to regulate or supervise the insurer or its affiliates within the commissioner’s jurisdiction.
2014 Acts, ch 1018, §19; 2016 Acts, ch 1122, §8, 9
Referred to in §521A.6B, 521A.7
2023 Iowa Code › Title XIII - COMMERCE › Chapter 521A - INSURANCE HOLDING COMPANY SYSTEMS › Section 521A.7A - Announcements to the public — prohibition.

521A.7A Announcements to the public — prohibition.
1. a. The group capital calculation and all supporting documentation filed pursuant to section 521A.4, subsection 13, and the liquidity stress test results and all supporting documentation filed pursuant to section 521A.4, subsection 14, shall be designated as regulatory tools utilized for the purpose of assessing group risks, and capital adequacy and group liquidity risks, respectively, and shall not be construed as a means to rank insurers or insurance holding company systems.
b. Except as otherwise required under this chapter, an insurer, broker, or other person engaged in the business of insurance shall be prohibited from making an announcement to the public. For purposes of this subsection, “announcement to the public” means the use, directly or indirectly, of any print media, broadcast media, electronic media, subscription internet site, internet site available to the public, or any other means to make a representation or statement related to any of the following:
(1) (a) An insurer’s or an insurer group’s filings made under section 521A.4, subsection 13, including a group capital calculation and any supporting documentation.
(b) Any component derived from an insurer’s or an insurer group’s group capital calculation or supporting documentation filed under subparagraph division (a).
(c) Any comparison of an insurer’s or an insurer group’s group capital calculation, group capital ratio, or other metric calculated or derived from the insurer’s or insurer group’s filings under subparagraph division (a).
(2) (a) An insurer’s or an insurer group’s filings made under section 521A.4, subsection 14, including the result of the liquidity stress test and any supporting documentation.
(b) Any component derived from the results of an insurer’s or an insurer group’s group liquidity stress test or supporting documentation filed under subparagraph division (a).
(c) Any comparison of an insurer’s or an insurer group’s liquidity stress test or other metric calculated or derived from the insurer’s or insurer group’s filings under subparagraph division (a).
2. If an insurer or an insurer group is able to demonstrate to the commissioner with substantial proof the material falsity or inappropriateness of an announcement made to the public under subsection 1, paragraph “b”, by an insurer, broker, or other person engaged in the business of insurance, the insurer or insurer group may publish an announcement in a written publication if the sole purpose of the announcement is to rebut the materially false or inappropriate announcement made to the public by the insurer, broker, or other person engaged in the business of insurance.
2022 Acts, ch 1050, §9
NEW section
2023 Iowa Code › Title XIII - COMMERCE › Chapter 521A - INSURANCE HOLDING COMPANY SYSTEMS › Section 521A.8 - Rules.

521A.8 Rules.
The commissioner may, upon notice and opportunity for all interested persons to be heard, issue such rules and orders as shall be necessary to carry out the provisions of this chapter.
[C71, 73, 75, 77, 79, 81, §521A.8]
2023 Iowa Code › Title XIII - COMMERCE › Chapter 521A - INSURANCE HOLDING COMPANY SYSTEMS › Section 521A.11 - Receivership.

521A.11 Receivership.
Whenever it appears to the commissioner that any person has committed a violation of this chapter which so impairs the financial condition of a domestic insurer as to threaten insolvency or make the further transaction of business by it hazardous to its policyholders, creditors, shareholders or the public, then the commissioner may proceed as provided in section 505.9 to take possession of the property of such domestic insurer and to conduct the business thereof.
[C71, 73, 75, 77, 79, 81, §521A.11]
2023 Iowa Code › Title XIII - COMMERCE › Chapter 521A - INSURANCE HOLDING COMPANY SYSTEMS › Section 521A.11A - Recovery.

521A.11A Recovery.
1. Subject to subsections 2 through 4, if an order for liquidation, conservation, or rehabilitation of a domestic insurer has been entered, the receiver appointed under the order may recover on behalf of the insurer either of the following if made within one year preceding the filing of the petition for liquidation, conservation, or rehabilitation:
a. From a parent corporation, holding company, affiliate, or other person who otherwise controlled the insurer, the amount of distributions, other than distributions of shares of the same class of stock, paid by the insurer on its capital stock.
b. Any payment in the form of a bonus, termination settlement, or extraordinary lump sum salary adjustment made by the insurer or a subsidiary of the insurer to a director, officer, agent, or employee.
2. A distribution is not recoverable if the parent holding company, affiliate, or other person shows that when the distribution was paid it was lawful and reasonable, and that the insurer did not know and could not reasonably have known that the distribution might adversely affect the ability of the insurer to fulfill its contractual obligations.
3. A parent corporation, holding company, affiliate, or other person who otherwise controlled the insurer or affiliate at the time the distributions were paid is liable only up to the amount of distributions or payments under subsection 1 that the person received. A person who otherwise controlled the insurer at the time the distributions were declared is liable only up to the amount of distributions the person would have received if the person had been paid immediately. If two or more persons are liable with respect to the same distributions, each shall be separately liable for their distributive share.
4. The maximum amount recoverable under this section shall be the amount needed in excess of all other available assets of the impaired or insolvent insurer to pay the contractual obligations of the impaired or insolvent insurer and to reimburse any guaranty funds.
5. To the extent that a person liable under subsection 3 is insolvent or otherwise fails to pay claims due from the person pursuant to this section, the person’s parent corporation, holding company, affiliate, or other person who otherwise controlled it at the time the distribution was paid, is separately liable for its share of any resulting deficiency in the amount recovered from the parent corporation, holding company, affiliate, or other person who otherwise controlled it.
86 Acts, ch 1102, §24; 87 Acts, ch 115, §67
2023 Iowa Code › Title XIII - COMMERCE › Chapter 521A - INSURANCE HOLDING COMPANY SYSTEMS › Section 521A.12 - Revocation, suspension, or nonrenewal of insurer’s license.

521A.12 Revocation, suspension, or nonrenewal of insurer’s license.
Whenever it appears to the commissioner that any person has committed a violation of this chapter which makes the continued operation of an insurer contrary to the interest of policyholders or the public, the commissioner may, after giving notice and an opportunity to be heard, determine to suspend, revoke or refuse to renew such insurer’s license or authority to do business in this state for such period as the commissioner finds is required for the protection of policyholders or the public. Any such determination shall be accompanied by specific findings of fact and conclusions of law.
[C71, 73, 75, 77, 79, 81, §521A.12]
2023 Iowa Code › Title XIII - COMMERCE › Chapter 521A - INSURANCE HOLDING COMPANY SYSTEMS › Section 521A.13 - Judicial review.

521A.13 Judicial review.
Judicial review of the actions of the commissioner may be sought in accordance with the terms of the Iowa administrative procedure Act, chapter 17A.
[C71, 73, 75, 77, 79, 81, §521A.13]
2003 Acts, ch 44, §114
2023 Iowa Code › Title XIII - COMMERCE › Chapter 521B - CREDIT FOR REINSURANCE › Section 521B.3 - Reduction from liability for reinsurance ceded by a domestic insurer to an assuming insurer.

521B.3 Reduction from liability for reinsurance ceded by a domestic insurer to an assuming insurer. Repealed by 2013 Acts, ch 39, §7, 8, 11.
2023 Iowa Code › Title XIII - COMMERCE › Chapter 521B - CREDIT FOR REINSURANCE › Section 521B.101 - Purpose — legislative intent.

521B.101 Purpose — legislative intent.
1. The purpose of this chapter is to protect the interests of insureds, claimants, ceding insurers, assuming insurers, and the public generally.
2. The general assembly declares its intent to ensure adequate regulation of insurers and reinsurers and adequate protection for those to whom insurers and reinsurers owe obligations.
3. The general assembly declares that the matters contained in this chapter are fundamental to the business of insurance in accordance with 15 U.S.C. §1011 – 1012.
2013 Acts, ch 39, §1, 11
2023 Iowa Code › Title XIII - COMMERCE › Chapter 521B - CREDIT FOR REINSURANCE › Section 521B.101A - Definitions.

521B.101A Definitions.
For purposes of this chapter, unless the context otherwise requires:
1. “Commissioner” means the commissioner of insurance.
2. “NAIC” means the national association of insurance commissioners.
2020 Acts, ch 1008, §1, 27
Section applies to all cessions under reinsurance agreements that have an inception, anniversary, or renewal date on or after July 1, 2020; 2020 Acts, ch 1008, §27
2023 Iowa Code › Title XIII - COMMERCE › Chapter 521B - CREDIT FOR REINSURANCE › Section 521B.103 - Limited credit allowed other domestic ceding insurers.

521B.103 Limited credit allowed other domestic ceding insurers.
1. An asset or a reduction from liability for reinsurance ceded by a domestic insurer to an assuming insurer not meeting the requirements of section 521B.102, shall be allowed in an amount not exceeding the liabilities carried by the ceding insurer. The commissioner may adopt rules pursuant to section 521B.105 specifying requirements related to the valuation of assets or reserve credits, the amount and forms of security supporting reinsurance arrangements described in section 521B.105, and the circumstances pursuant to which credit shall be reduced or eliminated. The reduction shall be in the amount of funds held by or on behalf of the ceding insurer, including funds held in trust for the ceding insurer, under a reinsurance contract with the assuming insurer as security for the payment of obligations under the reinsurance contract, if the security is held in the United States subject to withdrawal solely by, and under the exclusive control of, the ceding insurer, or in the case of a trust, held in a qualified United States financial institution as defined in section 521B.104, subsection 2.
2. The security may be in the form of any of the following:
a. Cash.
b. A security listed by the securities valuation office of the NAIC, including those securities deemed exempt from filing as defined by the purposes and procedures manual of the securities valuation office and those securities qualifying as admitted assets.
c. (1) Clean, irrevocable, unconditional letters of credit, issued or confirmed by a qualified United States financial institution, as defined in section 521B.104, subsection 1, effective no later than December 31 of the year for which the filing is being made, and in the possession of, or in trust for, the ceding insurer on or before the filing date of the ceding insurer’s annual statement.
(2) A letter of credit meeting applicable standards of issuer acceptability as of the date of the issuance or confirmation of the letter of credit shall, notwithstanding the issuing or confirming institution’s subsequent failure to meet applicable standards of issuer acceptability, continue to be acceptable as security until the expiration, extension, renewal, modification, or amendment of the letter of credit, whichever occurs first.
d. Any other form of security acceptable to the commissioner.
2013 Acts, ch 39, §3, 11; 2017 Acts, ch 7, §6; 2020 Acts, ch 1008, §20, 27
Referred to in §521B.102, 521B.104
2020 amendment applies to all cessions under reinsurance agreements that have an inception, anniversary, or renewal date on or after July 1, 2020; 2020 Acts, ch 1008, §27
2023 Iowa Code › Title XIII - COMMERCE › Chapter 521B - CREDIT FOR REINSURANCE › Section 521B.104 - Qualified United States financial institutions.

521B.104 Qualified United States financial institutions.
1. For purposes of section 521B.103, subsection 2, paragraph “c”, a “qualified United States financial institution” means an institution that meets all of the following requirements:
a. Is organized, or in the case of a United States office of a foreign banking organization is licensed, under the laws of the United States or of any state of the United States.
b. Is regulated, supervised, and examined by United States federal or state authorities having regulatory authority over banks and trust companies.
c. Has been determined by either the commissioner or the securities valuation office of the NAIC to meet the standards of financial condition and standing as are considered necessary and appropriate to regulate the quality of financial institutions whose letters of credit will be acceptable to the commissioner.
2. For purposes of those provisions of this chapter specifying the institutions that are eligible to act as a fiduciary of a trust, a “qualified United States financial institution” means an institution that meets all of the following requirements:
a. Is organized, or in the case of a United States branch or agency office of a foreign banking organization is licensed, under the laws of the United States or of any state of the United States, and has been granted authority to operate with fiduciary powers.
b. Is regulated, supervised, and examined by United States federal or state authorities having regulatory authority over banks and trust companies.
2013 Acts, ch 39, §4, 11; 2014 Acts, ch 1092, §118; 2020 Acts, ch 1008, §21, 27
Referred to in §515E.3A, 521B.102, 521B.103
2020 amendment to subsection 1, paragraph c applies to all cessions under reinsurance agreements that have an inception, anniversary, or renewal date on or after July 1, 2020; 2020 Acts, ch 1008, §27
2023 Iowa Code › Title XIII - COMMERCE › Chapter 521B - CREDIT FOR REINSURANCE › Section 521B.105 - Rules.

521B.105 Rules.
1. The commissioner may adopt rules pursuant to chapter 17A as necessary or convenient to administer this chapter.
2. The commissioner is further authorized to adopt rules pursuant to chapter 17A that are applicable to reinsurance arrangements as follows:
a. A rule adopted pursuant to this subsection is applicable only to reinsurance arrangements relating to any of the following:
(1) Life insurance policies with guaranteed nonlevel gross premiums or guaranteed nonlevel benefits.
(2) Universal life insurance policies with provisions allowing a policyholder to keep a policy in force over a secondary guarantee period.
(3) Variable annuities with guaranteed death or living benefits.
(4) Long-term care insurance policies.
(5) Other life and health insurance and annuity products as to which the NAIC adopts model regulatory requirements with respect to credit for reinsurance.
b. A rule adopted pursuant to paragraph “a”, and applicable to policies described in paragraph “a”, subparagraph (1) or (2), is applicable to any reinsurance contract containing either of the following:
(1) Policies issued on or after January 1, 2015.
(2) Policies issued prior to January 1, 2015, if risk pertaining to such policies is ceded in connection with the reinsurance contract, in whole or in part, on or after January 1, 2015.
c. A rule adopted pursuant to this subsection may require the ceding insurer, in calculating the amounts or forms of security required to be held under rules adopted under this subsection, to use the valuation manual as defined in section 508.36, including all amendments adopted by the NAIC and in effect on the date as of which the calculation is made, to the extent applicable.
3. A rule adopted pursuant to this section is not applicable to cessions to an assuming insurer that meets any of the following requirements:
a. Meets the conditions set forth in section 521B.102, subsection 7.
b. Is certified in Iowa.
c. Maintains at least two hundred fifty million dollars in capital and surplus when determined in accordance with the accounting practices and procedures manual of the NAIC, including all amendments adopted by the NAIC, but excluding the impact of any permitted or prescribed practices; and meets either of the following requirements:
(1) Is licensed in at least twenty-six states.
(2) Is licensed in at least ten states, and is licensed or accredited in a total of at least thirty-five states.
4. The commissioner’s authority to adopt rules pursuant to subsection 2 does not limit the commissioner’s general authority to adopt rules pursuant to subsection 1.
2013 Acts, ch 39, §5, 11; 2017 Acts, ch 7, §7, 8; 2020 Acts, ch 1008, §22 – 27
Referred to in §521B.102, 521B.103
2017 amendment to section applies retroactively to January 1, 2015, as to specified reinsurance contracts described in subsection 2, paragraph b;
2017 Acts, ch 7, §8
2020 amendments to section apply to all cessions under reinsurance agreements that have an inception, anniversary, or renewal date on or after July 1, 2020; 2020 Acts, ch 1008, §27
2023 Iowa Code › Title XIII - COMMERCE › Chapter 521B - CREDIT FOR REINSURANCE › Section 521B.107 - Service of process made on the commissioner as the agent for service of process.

521B.107 Service of process made on the commissioner as the agent for service of process.
Service of process made on the commissioner as the agent for service of process shall be made as provided in section 505.30.
2018 Acts, ch 1018, §13
2023 Iowa Code › Title XIII - COMMERCE › Chapter 521C - REINSURANCE INTERMEDIARIES › Section 521C.4 - Required contract provisions — reinsurance intermediary-brokers.

521C.4 Required contract provisions — reinsurance intermediary-brokers.
Transactions between a reinsurance intermediary-broker and the insurer that the reinsurance intermediary-broker represents in such capacity shall only be entered into pursuant to a written authorization, specifying the responsibilities of each party. The authorization shall, at a minimum, contain provisions that satisfy all of the following requirements:
1. The insurer may terminate the authority of the reinsurance intermediary-broker at any time.
2. The reinsurance intermediary-broker shall render accounts to the insurer accurately detailing all material transactions, including information necessary to support all commissions, charges, and other fees received by or owing to the reinsurance intermediary-broker, and shall remit all funds due to the insurer within thirty days of receipt.
3. All funds collected for the account of the insurer shall be held by the reinsurance intermediary-broker in a fiduciary capacity in a bank, as defined in section 524.103.
4. The reinsurance intermediary-broker shall comply with section 521C.5.
5. The reinsurance intermediary-broker shall comply with the written standards established by the insurer for the cession or retrocession of all risks.
6. The reinsurance intermediary-broker shall disclose to the insurer any relationship with any reinsurer to which business will be ceded or retroceded.
91 Acts, ch 26, §22
2023 Iowa Code › Title XIII - COMMERCE › Chapter 521C - REINSURANCE INTERMEDIARIES › Section 521C.5 - Books and records — reinsurance intermediary-brokers.

521C.5 Books and records — reinsurance intermediary-brokers.
1. For a minimum of ten years after expiration of each contract of reinsurance transacted by the reinsurance intermediary-broker, the reinsurance intermediary-broker shall keep a complete record for each transaction showing all of the following:
a. The type of contract, limits, underwriting restrictions, classes or risks, and territory.
b. The period of coverage, including effective and expiration dates, cancellation provisions, and notice required of cancellation.
c. The reporting and settlement requirements of balances.
d. The rate used to compute the reinsurance premium.
e. The names and addresses of assuming reinsurers.
f. The rates of all reinsurance commissions, including the commissions on any retrocessions handled by the reinsurance intermediary-broker.
g. All related correspondence and memoranda.
h. Proof of placement.
i. The details regarding retrocessions handled by the reinsurance intermediary-broker including the identity of retrocessionaires and percentage of each contract assumed or ceded.
j. Financial records, including but not limited to premium and loss accounts.
k. If the reinsurance intermediary-broker procures a reinsurance contract on behalf of a licensed ceding insurer one or both of the following shall be included in the record:
(1) Directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk.
(2) If placed through a representative of the assuming reinsurer, other than an employee, written evidence that the assuming reinsurer has delegated binding authority to the representative.
2. The insurer has a right of access and the right to copy and audit all accounts and records maintained by the reinsurance intermediary-broker related to its business in a form usable by the insurer.
91 Acts, ch 26, §23
Referred to in §521C.4
2023 Iowa Code › Title XIII - COMMERCE › Chapter 521C - REINSURANCE INTERMEDIARIES › Section 521C.6 - Duties of insurers utilizing the services of a reinsurance intermediary-broker.

521C.6 Duties of insurers utilizing the services of a reinsurance intermediary-broker.
1. An insurer shall not engage the services of a person, firm, association, or corporation to act as a reinsurance intermediary-broker on its behalf unless the person is licensed as required by section 521C.3, subsection 1.
2. An insurer shall not employ an individual who is employed by a reinsurance intermediary-broker with which the insurer transacts business, unless such reinsurance intermediary-broker is under common control with the insurer and subject to chapter 521A relating to the regulation of insurance company holding systems.
3. The insurer shall annually obtain a copy of statements of the financial condition of each reinsurance intermediary-broker with which the insurer transacts business.
91 Acts, ch 26, §24
2023 Iowa Code › Title XIII - COMMERCE › Chapter 521C - REINSURANCE INTERMEDIARIES › Section 521C.8 - Prohibited acts.

521C.8 Prohibited acts.
The reinsurance intermediary-manager shall not do any of the following:
1. Bind retrocessions on behalf of the reinsurer, except that the reinsurance intermediary-manager may bind facultative retrocessions pursuant to obligatory facultative agreements if the contract with the reinsurer contains reinsurance underwriting guidelines for such retrocessions. The guidelines shall include a list of reinsurers with which the automatic agreements are in effect, and for each reinsurer, the coverages and amounts or percentages that may be reinsured, and commission schedules.
2. Commit the reinsurer to participate in reinsurance syndicates.
3. Appoint any producer without assuring that the producer is licensed to transact the type of reinsurance for which the producer is appointed.
4. Without prior approval of the reinsurer, pay or commit the reinsurer to pay a claim, or a net amount of retrocessions, that exceeds the lesser of an amount specified by the reinsurer or one percent of the reinsurer’s policyholder’s surplus as of December 31 of the last complete calendar year.
5. Collect any payment from a retrocessionaire or commit the reinsurer to any claim settlement with a retrocessionaire, without prior approval of the reinsurer. If prior approval is given, a report must be promptly forwarded to the reinsurer.
6. Jointly employ an individual who is employed by the reinsurer.
7. Appoint an agent of a reinsurance intermediary-manager.
91 Acts, ch 26, §26
2023 Iowa Code › Title XIII - COMMERCE › Chapter 521C - REINSURANCE INTERMEDIARIES › Section 521C.9 - Duties of reinsurers utilizing the services of a reinsurance intermediary-manager.

521C.9 Duties of reinsurers utilizing the services of a reinsurance intermediary-manager.
1. A reinsurer shall not engage the services of a person to act as a reinsurance intermediary-manager on its behalf unless the person is licensed as required by section 521C.3, subsection 2.
2. The reinsurer shall annually obtain a copy of statements of the financial condition of each reinsurance intermediary-manager whom the reinsurer has engaged pursuant to subsection 1. The statements of financial condition shall be prepared by an independent certified accountant in a form acceptable to the commissioner.
3. If a reinsurance intermediary-manager establishes loss reserves, the reinsurer shall annually obtain the opinion of an actuary attesting to the adequacy of loss reserves established for losses incurred and outstanding on business produced by the reinsurance intermediary-manager. This opinion shall be in addition to any other required loss reserve certification.
4. Binding authority for all retrocessional contracts or participation in reinsurance syndicates shall rest with an officer of the reinsurer who shall not be affiliated with the reinsurance intermediary-manager.
5. Within thirty days of termination of a contract with a reinsurance intermediary-manager, the reinsurer shall provide written notification of the termination to the commissioner.
6. A reinsurer shall not appoint to its board of directors any officer, director, employee, controlling shareholder, or an agent of a producer of its reinsurance intermediary-manager. This subsection shall not apply to relationships governed by chapter 521A relating to the regulation of insurance company holding systems or, if applicable, governed by chapter 510A relating to the regulation of producer controlled property and casualty insurers.
91 Acts, ch 26, §27
Referred to in §521C.7
2023 Iowa Code › Title XIII - COMMERCE › Chapter 521C - REINSURANCE INTERMEDIARIES › Section 521C.10 - Examination authority.

521C.10 Examination authority.
1. A reinsurance intermediary is subject to examination by the commissioner. The commissioner shall have access to all books, bank accounts, and records of the reinsurance intermediary in a form usable to the commissioner.
2. A reinsurance intermediary-manager may be examined as if it were the reinsurer.
91 Acts, ch 26, §28
2023 Iowa Code › Title XIII - COMMERCE › Chapter 521C - REINSURANCE INTERMEDIARIES › Section 521C.11 - Penalties and liabilities.

521C.11 Penalties and liabilities.
1. a. A reinsurance intermediary or other person found by the commissioner, after a hearing conducted in accordance with chapter 17A, to have not materially complied with a provision of this chapter is subject to one or more of the following:
(1) For each separate violation, a civil penalty in an amount not exceeding five thousand dollars.
(2) Revocation or suspension of the license of the reinsurance intermediary.
b. If the commissioner finds that such noncompliance has resulted in a loss or damage to the insurer or reinsurer, the commissioner may bring a civil action on behalf of the insurer or reinsurer, and the policyholders and creditors of the insurer or reinsurer, seeking the recovery of compensatory damages for the benefit of the insurer or reinsurer, and the policyholders and creditors of the insurer or reinsurer, or seeking other relief as appropriate.
c. If an order of rehabilitation or liquidation has been entered pursuant to chapter 507C, and the receiver appointed under the order determines that the reinsurance intermediary or any other person has not materially complied with a provision of this chapter and such noncompliance has resulted in a loss or damage to the insurer or reinsurer, the receiver may bring a civil action on behalf of the insurer or reinsurer seeking the recovery of damages for the benefit of the insurer or reinsurer, or seeking other appropriate sanction or relief.
2. A decision, determination, or order of the commissioner made or entered pursuant to subsection 1 is subject to judicial review pursuant to chapter 17A.
3. This section does not affect the right of the commissioner to impose any other penalties provided in this subtitle.
4. This chapter shall not in any manner limit or restrict the rights of policyholders, claimants, creditors, or other third parties, or confer any rights to such persons.
91 Acts, ch 26, §29; 91 Acts, ch 213, §31; 94 Acts, ch 1176, §15; 2012 Acts, ch 1023, §157
2023 Iowa Code › Title XIII - COMMERCE › Chapter 521C - REINSURANCE INTERMEDIARIES › Section 521C.13 - Service of process made on the commissioner as the agent for service of process.

521C.13 Service of process made on the commissioner as the agent for service of process.
Service of process made on the commissioner as the agent for service of process shall be made as provided in section 505.30.
2018 Acts, ch 1018, §14
2023 Iowa Code › Title XIII - COMMERCE › Chapter 521D - DISCLOSURE OF MATERIAL TRANSACTIONS › Section 521D.2 - Report.

521D.2 Report.
1. An insurer domiciled in this state shall file a report with the commissioner disclosing material acquisitions and dispositions of assets, or material nonrenewals, cancellations, or revisions of ceded reinsurance agreements unless such acquisitions and dispositions of assets, or material nonrenewals, cancellations, or revisions of ceded reinsurance agreements have been submitted to the commissioner for review, approval, or information purposes pursuant to other provisions of this subtitle or pursuant to other requirements. The report shall be filed not later than fifteen days after the end of the calendar year in which the material acquisition or disposition of assets, or material nonrenewal, cancellation, or revision of ceded reinsurance agreements occurs.
2. The insurer shall also file a copy of the report required to be filed with the commissioner pursuant to subsection 1, including any exhibits or other attachments filed as part of the report, with the national association of insurance commissioners.
3. a. All reports obtained by or disclosed to the commissioner and the national association of insurance commissioners pursuant to this chapter are confidential and shall not be subject to subpoena and shall not be made public by the commissioner, the national association of insurance commissioners, or any other person without the prior written consent of the insurer to which it pertains, unless the commissioner, after giving such insurer notice and providing an opportunity to be heard, determines that the interest of policyholders, shareholders, or the public will be served by the publication or disclosure of the report, in which event the commissioner may publish or disclose all or any part of the report as deemed appropriate.
b. Notwithstanding this subsection, the commissioner or the national association of insurance commissioners may provide the report to the insurance regulatory agencies of other states.
94 Acts, ch 1176, §17; 2012 Acts, ch 1023, §157
Referred to in §521D.3, 521D.4
2023 Iowa Code › Title XIII - COMMERCE › Chapter 521D - DISCLOSURE OF MATERIAL TRANSACTIONS › Section 521D.3 - Report of acquisition and disposition of assets — information required — scope.

521D.3 Report of acquisition and disposition of assets — information required — scope.
1. An acquisition or disposition of assets need not be reported pursuant to section 521D.2 if the acquisition or disposition is not material. For purposes of this chapter, a material acquisition, or the aggregate of any series of related acquisitions, or a disposition, or the aggregate of any series of related dispositions, during any thirty-day period, is one that is nonrecurring, is not in the ordinary course of business, and involves more than five percent of the reporting insurer’s total admitted assets as reported in its most recent statutory statement filed with the insurance division of the insurer’s state of domicile.
2. For purposes of this chapter, an asset acquisition includes every purchase, lease, exchange, merger, consolidation, succession, or other acquisition, other than the construction or development of real property by or for the reporting insurer or the acquisition of materials for such purpose. For purposes of this chapter, an asset disposition includes every sale, lease, exchange, merger, consolidation, mortgage, hypothecation, assignment, whether for the benefit of creditors or otherwise, abandonment, destruction, or other disposition.
3. A report of a material acquisition or disposition of assets shall include all of the following:
a. Date of the transaction.
b. Manner of the acquisition or disposition.
c. Description of the assets involved.
d. Nature and amount of the consideration given or received.
e. Purpose of, or reason for, the transaction.
f. Manner by which the amount of consideration was determined.
g. Gain or loss recognized or realized as a result of the transaction.
h. Name or names of the person or persons from whom the assets were acquired or to whom they were disposed.
4. An insurer is required to report material acquisitions and dispositions on a nonconsolidated basis unless the insurer is part of a consolidated group of insurers which utilizes a pooling arrangement or one hundred percent reinsurance agreement that affects the solvency and integrity of the insurer’s reserves, and such insurer ceded substantially all of its direct and assumed business to the pool. An insurer is deemed to have ceded substantially all of its direct and assumed business to a pool if the insurer has less than one million dollars total direct plus assumed written premiums during a calendar year that are not subject to a pooling arrangement, and the net income of the business not subject to the pooling arrangement represents less than five percent of the insurer’s capital and surplus.
94 Acts, ch 1176, §18
2023 Iowa Code › Title XIII - COMMERCE › Chapter 521E - RISK-BASED CAPITAL REQUIREMENTS FOR INSURERS › Section 521E.2 - Risk-based capital reports.

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