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Iowa Administrative Code › Agency 191 - Insurance Division › Life and Health Insurance › Chapter 44 - Smoker/nonsmoker Mortality Tables for Use in Determining Minimum Reserve Liabilities and Nonforfeiture Benefits › Rule 191-44.2 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
"1980 CSO Table, with or without Ten-Year
				  SelectMortaUty Factor"
means that mortality table, consisting of
				  separate rates of mortality for male and female lives, developed by the Society
				  of Actuaries Committee to Recommend New Mortality Tables for Valuation of
				  Standard Individual Ordinary Life Insurance, incorporated in the 1980 NAIC
				  Amendments to the Model Standard Valuation Law and Standard Nonforfeiture Law
				  for Life Insurance, and referred to in those models as the Commissioners 1980
				  Standard Ordinary Mortality Table, with or without Ten-Year Select Mortality
				  Factors. The same select factors will be used for both smokers and nonsmokers
				  tables.
"1980 CET Table"
means that mortality table
				  consisting of separate rates of mortality for male and female lives, developed
				  by the Society of Actuaries Committee to Recommend New Mortality Tables for
				  Valuation of Standard Individual Ordinary Life Insurance, incorporated in the
				  1980 NAIC Amendments to the Model Standard Nonforfeiture Law for Life
				  Insurance, and referred to in those models as the Commissioners 1980 Extended
				  Term Insurance Table.
"1958 CSO Table"
means that mortality table
				  developed by the Society of Actuaries Special Committee on New Mortality
				  Tables, incorporated in the NAIC Model Standard Nonforfeiture Law for Life
				  Insurance, and referred to in that model as the Commissioners 1958 Standard
				  Ordinary Mortality Table.
"1958 CET Table"
means that mortality table
				  developed by the Society of Actuaries Special Committee on New Mortality
				  Tables, incorporated in the NAIC Model Standard Nonforfeiture Law for Life
				  Insurance, and referred to in that model as the Commissioners 1958 Extended
				  Term Insurance Table.
"Smoker and nonsmoker mortality tables"
means those mortality tables with separate rates of mortality for smokers and
				  nonsmokers derived from the tables defined in the first four paragraphs of this
				  rule which were developed by the Society of Actuaries Task Force on
				  Smoker/Nonsmoker Mortality and the California Insurance Department staff and
				  recommended by the NAIC Technical Staff Actuarial Group.
"Composite mortality tables"
means those
				  mortality tables defined in the first four paragraphs of this rule as they were
				  originally published with rates of mortality that do not distinguish between
				  smokers and nonsmokers.
Iowa Administrative Code › Agency 191 - Insurance Division › Life and Health Insurance › Chapter 44 - Smoker/nonsmoker Mortality Tables for Use in Determining Minimum Reserve Liabilities and Nonforfeiture Benefits › Rule 191-44.3 - Alternate Tables

Current through Register Vol. 47, No. 3, July 24, 2024
(1) In
				determining minimum reserve liabilities and minimum cash surrender values and
				amounts of paid-up nonforfeiture benefits for any policy of insurance delivered
				or issued for delivery in this state after the operative date of Iowa Code
				section
				508.37(7)
"k"
for that policy form and before January 1, 1989, at the
				option of the company and subject to the conditions stated in rule
				191-44.4 (508):
a. The 1958 CSO Smoker and Nonsmoker
				Mortality Tables may be substituted for the 1980 CSO Table, with or without
				Ten-Year Select Mortality Factors, and
b. The 1958 CET Smoker and Nonsmoker
				Mortality Tables may be substituted for the 1980 CET Table.
For any category of insurance issued on female lives with
				  minimum reserve liabilities and minimum cash surrender values and amounts of
				  paid-up nonforfeiture benefits determined using the 1958 CSO or 1958 CET Smoker
				  and Nonsmoker Mortality Tables, such minimum values may be calculated according
				  to an age not more than six years younger than the actual age of the insured.
				  Further, the substitution of the 1958 CSO or 1958 CET Smoker and Nonsmoker
				  Mortality Tables is available only if made for each policy of insurance on a
				  policy form delivered or issued for delivery on or after the operative date for
				  that policy form and before a date not later than January 1, 1989.
Iowa Administrative Code › Agency 191 - Insurance Division › Life and Health Insurance › Chapter 44 - Smoker/nonsmoker Mortality Tables for Use in Determining Minimum Reserve Liabilities and Nonforfeiture Benefits › Rule 191-44.4 - Conditions

Current through Register Vol. 47, No. 3, July 24, 2024
For each plan of insurance with separate rates for smokers
				  and nonsmokers an insurer may:
1. Use
				composite mortality tables to determine minimum reserve liabilities and minimum
				cash surrender values and amounts of paid-up nonforfeiture benefits,
2. Use smoker and nonsmoker mortality tables
				to determine the valuation net premiums and additional minimum reserves, if
				any, required by Iowa Code section
				50836(3).
"a"
(1) and use composite mortality tables to determine the
				basic minimum reserves, minimum cash surrender values and amounts of paid-up
				nonforfeiture benefits, or
3. Use
				smoker and nonsmoker mortality tables to determine minimum reserve liabilities
				and minimum cash surrender values and amounts of paid-up nonforfeiture
				benefits.
Iowa Administrative Code › Agency 191 - Insurance Division › Life and Health Insurance › Chapter 44 - Smoker/nonsmoker Mortality Tables for Use in Determining Minimum Reserve Liabilities and Nonforfeiture Benefits › Rule 191-44.5 - Separability

Current through Register Vol. 47, No. 3, July 24, 2024
If any provision of this chapter or the application of this
				  chapter to any person or circumstance is for any reason held to be invalid, the
				  remainder of this chapter and the application of the remaining provisions to
				  other persons or circumstances shall not be affected.
Iowa Administrative Code › Agency 191 - Insurance Division › Life and Health Insurance › Chapter 44 - Smoker/nonsmoker Mortality Tables for Use in Determining Minimum Reserve Liabilities and Nonforfeiture Benefits › Rule 191-44.6 - 2001 Cso Mortality Table

Current through Register Vol. 47, No. 3, July 24, 2024
The 2001 CSO Mortality Table shall be used for purposes of
				  this chapter pursuant to the requirements of 191-Chapter 91.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Holding Company Systems › Chapter 45 - Insurance Holding Company Systems › Rule 191-45.1 - Purpose

Current through Register Vol. 47, No. 3, July 24, 2024
The purpose of these rules is to set forth rules and
				  procedural requirements which the commissioner deems necessary to carry out the
				  provisions of Iowa Code chapter 521 A. The information called for by these
				  rules is hereby declared to be necessary and appropriate in the public interest
				  and for the protection of policyholders in this state.
This rule is intended to implement Iowa Code section
				  52IA.8.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Holding Company Systems › Chapter 45 - Insurance Holding Company Systems › Rule 191-45.2 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
In addition to the definitions in Iowa Code section
				  521A.1 and
				  191-1.1 (502,505), the following
				  rules apply to this chapter, unless otherwise required by the context:
"Executive officer"
means any individual
				  charged with active management and control in an executive capacity (including
				  a president, vice-president, treasurer, secretary, controller, and any other
				  individual performing functions corresponding to those performed by the
				  foregoing officers) of a person, whether incorporated or unincorporated.
"Foreign insurer"
shall include an alien
				  insurer except where clearly noted otherwise.
"Ultimate controlling person"
means that
				  person who is not controlled by any other person.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Holding Company Systems › Chapter 45 - Insurance Holding Company Systems › Rule 191-45.3 - Subsidiaries of Domestic Insurers

Current through Register Vol. 47, No. 3, July 24, 2024
The authority to invest in subsidiaries under Iowa Code
				  section
				  521A2(3).
				  is in addition to any authority to invest in subsidiaries which may be
				  contained in any other provision of the insurance code.
An investment by a subsidiary under Iowa Code section
				  52IA.2(3) "c" may cause the total investment of the insurer to exceed any of
				  the limitations contained in any of the individual Iowa Code provisions
				  referred to in section 52IA.2(3) "c" provided that it does not exceed the
				  aggregate amount which could be invested under all of those provisions with
				  respect to the type of asset involved.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Holding Company Systems › Chapter 45 - Insurance Holding Company Systems › Rule 191-45.4 - Control Acquisition of Domestic Insurer

Current through Register Vol. 47, No. 3, July 24, 2024
Any person required to file a statement pursuant to Iowa Code
				  section
				  521A3.
				  entitled "Acquisition of control of or merger with domestic insurer," shall
				  furnish all the information requested on FORM A hereto annexed and hereby made
				  a part of these rules.
(1) If the
				person being acquired is a "domestic insurer" solely because of the provisions
				of Iowa Code section 521 A.3(1), the name of the domestic insurer on the cover
				page should be as follows: "ABC Insurance Company, a Subsidiary of XYZ Holding
				Company."
(2) Where a domestic
				insurer, including any other person controlling a domestic insurer, unless such
				other person is either directly or through its affiliate primarily engaged in
				business other than the business of insurance is being acquired, references to
				"the insurer" contained in FORM A shall refer to both the domestic subsidiary
				insurer and the person being acquired.
(3) The applicant shall promptly advise the
				commissioner of any changes in the information so furnished arising subsequent
				to the date upon which such information was furnished but prior to the
				commissioner's disposition of the application.
(4) Exemptions. No statement need be filed
				and no approval by the commissioner is required pursuant to Iowa Code section
				52IA.3 if the company being acquired is considered a domestic insurer solely by
				reason of Iowa Code section 52IA.3(1) and provided such acquisition is subject
				to disclosure requirements in said company's state of domicile substantially
				similar to those imposed by Iowa Code section 52IA.3.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Holding Company Systems › Chapter 45 - Insurance Holding Company Systems › Rule 191-45.5 - Registration of Insurers

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Annual registration.
Any insured required to file an annual
				registration statement pursuant to Iowa Code section
				521A4.
				shall furnish all the information required on Form B hereto annexed and hereby
				made a part of these rules.
(2)
Amendment to Form B.
An amendment to Form B shall be filed
				within 15 days after the end of any month in which there is a material change
				to the information provided in the annual registration statement. Amendments
				shall be filed in the Form B format with only those items which are being
				amended reported. Each amendment shall include at the top of the cover page
				"Amendment No. [insert number] to Form B for [insert year]" and shall indicate
				the date of the change and not the date of the original filing.
(3)
Summary registration.
An
				insurer required to file an annual registration statement pursuant to Iowa Code
				section
				521A4.
				is also required to furnish information required on Form C, hereby made a part
				of these rules. Form C shall include all amendments for the statement
				period.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Holding Company Systems › Chapter 45 - Insurance Holding Company Systems › Rule 191-45.6 - Alternative and Consolidated Registrations

Current through Register Vol. 47, No. 3, July 24, 2024
Any authorized insurer may file a registration statement on
				  behalf of any affiliated insurer or insurers which are required to register
				  under section 521 A.4. A registration statement may include information
				  regarding any insurer in the insurance holding company system even if such
				  insurer is not authorized to do business in this state. In lieu of filing a
				  registration statement on FORM B, the authorized insurer may file a copy of the
				  registration statement or similar report which it is required to file in its
				  state of domicile, provided:
1. The
				statement or report contains substantially similar information required to be
				furnished on FORM B; and
2. The
				filing insurer is the principal insurance company in the insurance holding
				company system.
(1) The question of whether
				the filing insurer is the principal insurance company in the insurance holding
				company system is a question of fact and an insurer filing a registration
				statement or report in lieu of FORM B on behalf of an affiliated insurer shall
				set forth a simple statement of facts which will substantiate the filing
				insurer's claim that it, in fact, is the principal insurer in the insurance
				holding company system.
(2) With
				the prior approval of the commissioner, an unauthorized insurer may follow any
				of the procedures which could be done by an authorized insurer under subrule
				45.6(1).
Any insurer may take advantage of the provisions of Iowa Code
				  section 52IA.4(7) or 52IA.4(8) without obtaining the prior approval of the
				  commissioner The commissioner, however, reserves the right to require
				  individual filings if the commissioner deems such filings necessary in the
				  interest of clarity, ease of administration or the public
				  good.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Holding Company Systems › Chapter 45 - Insurance Holding Company Systems › Rule 191-45.7 - Exemptions

Current through Register Vol. 47, No. 3, July 24, 2024
A foreign or alien insurer otherwise subject to Iowa Code
				  section
				  521A4.,
				  shall not be required to register pursuant to that section if it is admitted in
				  the domiciliary state of the principal insurer (as that term is defined in
				  45.6(1)) and in said state if subject to disclosure requirements and standards
				  adopted by the statute or rules which are substantially the same as those
				  contained in Iowa Code section 52IA.4, provided, the commissioner may require a
				  copy of the registration statement or other information filed with the
				  domiciliary state.
(1) The state of
				entry of an alien insurer shall be deemed to be its domiciliary state for the
				purposes of these rules.
(2) Any
				insurer not otherwise exempt or excepted from Iowa Code section 52IA.4 may
				apply for an exemption from the requirements of said section by submitting a
				statement to the commissioner setting forth its reasons for being
				exempt.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Holding Company Systems › Chapter 45 - Insurance Holding Company Systems › Rule 191-45.8 - Disclaimers and Termination of Registration

Current through Register Vol. 47, No. 3, July 24, 2024
A disclaimer of affiliation or a request for termination of
				  registration claiming that a person does not, or will not upon the taking of
				  some proposed action, control another person (hereinafter referred to as the
				  "subject") shall contain the following information:
(1) The number of authorized, issued and
				outstanding voting securities of the subject;
(2) With respect to the person whose control
				is denied and all affiliates of such person, the number and percentage of
				shares of the subject's voting securities which are held of record or known to
				be beneficially owned, and the number of such shares concerning which there is
				a right to acquire, directly or indirectly;
(3) All material relationships and bases for
				affiliation between the subject and the person whose control is denied and all
				affiliates of such person;
(4) A
				statement explaining why such person should not be considered to control the
				subject.
A request for termination of registration shall be deemed to
				  have been granted unless the commissioner, within 30 days after receipt of the
				  request, notifies the registrant otherwise.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Holding Company Systems › Chapter 45 - Insurance Holding Company Systems › Rule 191-45.9 - Transactions Subject to Prior Notice-notice Filing

Current through Register Vol. 47, No. 3, July 24, 2024
(1) An insurer required to give notice of a
				proposed transaction pursuant to Iowa Code section
				521A5. shall furnish
				the required information on Form D, hereby made a part of these
				rules.
(2) Agreements for
				cost-sharing services and management services shall, at a minimum and as
				applicable:
a. Identify the person providing
				services and the nature of such services;
b. Set forth the methods to allocate
				costs;
c. Require timely
				settlement, not less frequently than on a quarterly basis, and compliance with
				the requirements in the Accounting Practices and Procedures Manual;
d. Prohibit advancement of funds by the
				insurer to the affiliate except to pay for services defined in the
				agreement;
e. State that the
				insurer will maintain oversight for functions provided to the insurer by the
				affiliate and that the insurer will monitor services annually for quality
				assurance;
f. Define books and
				records of the insurer to include all books and records developed or maintained
				under or related to the agreement;
g. Specify that all books and records of the
				insurer are and shall remain the property of the insurer and are subject to
				control of the insurer;
h. State
				that all funds and invested assets of the insurer are the exclusive property of
				the insurer, held for the benefit of the insurer, and subject to the control of
				the insurer;
i. Include standards
				for termination of the agreement with and without cause;
j. Include provisions for indemnification of
				the insurer in the event of gross negligence or willful misconduct on the part
				of the affiliate providing the services;
k. Specify that if the insurer is placed in
				receivership or seized by the commissioner under the state receivership Act:
(1) All of the rights of the insurer under
				the agreement extend to the receiver or the commissioner; and
(2) All books and records will immediately be
				made available to the receiver or the commissioner and shall be turned over to
				the receiver or the commissioner immediately upon the receiver's or the
				commissioner's request;
l. Specify that the affiliate has no
				automatic right to terminate the agreement if the insurer is placed in
				receivership pursuant to Iowa Code chapter 507C; and
m. Specify that the affiliate will continue
				to maintain any systems, programs, or other infrastructure notwithstanding a
				seizure by the commissioner under Iowa Code chapter 507C, and will make them
				available to the receiver for so long as the affiliate continues to receive
				timely payment for services rendered.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Holding Company Systems › Chapter 45 - Insurance Holding Company Systems › Rule 191-45.10 - Extraordinary Dividends and Other Distributions

Current through Register Vol. 47, No. 3, July 24, 2024
(1) Requests for approval of extraordinary
				dividends or any other extraordinary distribution to shareholders shall include
				the following:
a. The date established for
				payment of the dividend;
b. The
				amount of the proposed dividend;
c.
				A statement as to whether the dividend is to be in cash or other property and,
				if in property, a description thereof of its cost, and its fair market value
				together with an explanation of the basis for valuation;
d. A copy of the calculations used to
				determine that the proposed dividend is extraordinary, including the amounts
				and dates of all dividends (including regular dividends) paid within the period
				of 24 consecutive months ending on the date fixed for payment of the proposed
				dividend for which approval is sought and commencing on the day after the same
				day of the same month in the second and immediately preceding years;
e. A balance sheet and statement of income
				for the period intervening from the last annual statement filed with the
				commissioner and the end of the month preceding the month in which the request
				for dividend approval is submitted;
f. A brief statement as to the effect of the
				proposed dividend upon the insurer's surplus and the reasonableness of surplus
				in relation to the insurer's outstanding liabilities and the adequacy of
				surplus relative to the insurer's financial needs.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Holding Company Systems › Chapter 45 - Insurance Holding Company Systems › Rule 191-45.11 - Enterprise Risk Report

Current through Register Vol. 47, No. 3, July 24, 2024
The ultimate controlling person of an insurer required to
				  file an enterprise risk report pursuant to Iowa Code section 521 A.4(12) shall
				  furnish the required information on Form F, hereby made a part of these
				  rules.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Holding Company Systems › Chapter 45 - Insurance Holding Company Systems › Rule 191-45.12 - Forms-additional Information and Exhibits

Current through Register Vol. 47, No. 3, July 24, 2024
In addition to the information expressly required to be
				  included in Form A, Form B, Form C, Form D, and Form F, the commissioner may
				  request such further material information, if any, as may be necessary to make
				  the information contained therein not misleading. The person filing may also
				  file such exhibits as the person may desire in addition to those expressly
				  required by the statement. The exhibits shall be marked as to indicate clearly
				  the subject matter to which they refer. Changes to Form A, B, C, D, or F shall
				  include on the top of the cover page the phrase: "Change No. [insert number]
				  to" and shall indicate the date of the change and not the date of the original
				  filing.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Holding Company Systems › Chapter 46 - Mutual Holding Companies › Rule 191-46.1 - Purpose

Current through Register Vol. 47, No. 3, July 24, 2024
This chapter is intended to implement the provisions of Iowa
				  Code section 521 A. 14 to provide for:
(1) The formation of a mutual insurance
				holding company through an application process subject to regulation by the
				division. A domestic mutual insurance company may reorganize by forming a
				mutual insurance holding company based upon a mutual plan. The reorganized
				insurance company shall continue, without interruption, its corporate existence
				as a stock insurance company subsidiary to the mutual insurance holding company
				or as a stock insurance company subsidiary to an intermediate holding company
				which is subsidiary to the mutual insurance holding company.
(2) The reorganization of a domestic mutual
				insurance company by merging its policyholders' membership interests into a
				mutual insurance holding company and continuing, without interruption, the
				corporate existence of the reorganized insurance company as a stock insurance
				company subsidiary to the mutual insurance holding company or as a stock
				insurance company subsidiary to an intermediate holding company which is a
				subsidiary to the mutual insurance holding company through an application
				process subject to regulation by the division.
(3) An application process for the approval
				of an initial sale of the shares of the capital stock of a reorganized domestic
				insurance company or an intermediate holding company, subject to the approval
				of the division.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Holding Company Systems › Chapter 46 - Mutual Holding Companies › Rule 191-46.3 - Application-contents-process

Current through Register Vol. 47, No. 3, July 24, 2024
(1) An application
				shall be designated as either:
a. A limited
				application, or
b. A standard
				application.
The filing of a limited application shall not preclude the
				  subsequent filing of an application for approval of an initial sale of stock as
				  provided in rule 46.9(521 A).
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Holding Company Systems › Chapter 46 - Mutual Holding Companies › Rule 191-46.4 - Plan of Reorganization

Current through Register Vol. 47, No. 3, July 24, 2024
(1) A
				limited application plan of reorganization shall include provisions:
a. Establishing a mutual insurance holding
				company with at least one stock insurance company subsidiary or one
				intermediary stock holding company with a stock insurance company subsidiary,
				the shares of which shall be held exclusively by the mutual insurance holding
				company.
b. Protecting the
				interests of existing policyholders.
c. Ensuring immediate membership in the
				mutual insurance holding company of all existing policyholders of the
				reorganizing domestic mutual insurance company.
d. Describing a plan providing for membership
				interests of future policyholders.
e. Describing the number of members of the
				board of directors of the mutual insurance holding company required to be
				policyholders.
f. Demonstrating
				that, in the event of proceedings under Iowa Code chapter 507C involving a
				stock insurance company subsidiary of the mutual insurance holding company
				which resulted from the reorganization of a domestic mutual insurance company,
				the assets of the mutual insurance holding company will be available to satisfy
				the policyholder obligations of the stock insurance company.
g. Describing a plan how any accumulation or
				prospective accumulation of earnings by the mutual insurance holding company
				which is or would be in excess of that determined by the board of directors of
				the mutual insurance holding company to be necessary shall inure to the
				exclusive benefit of the policyholders of its insurance company subsidiaries
				who are members.
h. Describing the
				nature and content of the annual report and financial statement to be sent to
				each member.
i. For other matters,
				as the applicant deems appropriate.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Holding Company Systems › Chapter 46 - Mutual Holding Companies › Rule 191-46.5 - Duties of the Commissioner

Current through Register Vol. 47, No. 3, July 24, 2024
(1) The
				commissioner shall at all times retain jurisdiction over the mutual insurance
				holding company and its intermediate holding company subsidiaries with stock
				insurance company subsidiaries.
(2)
				Following the hearing provided in 46.3(3) the commissioner shall, by order,
				approve, conditionally approve, or deny an application. The commissioner may
				require, as a condition of approval of the proposed reorganization, such
				modifications of the proposed plan of reorganization as the commissioner finds
				necessary. The applicant shall accept such required modifications by filing
				appropriate amendments to the proposed plan of reorganization with the
				commissioner within 30 days of the date of the order of the commissioner
				requiring such modifications. If the applicant does not accept such required
				modifications by failing to file the required amendments to the proposed plan
				of reorganization within 30 days, the proposed reorganization shall be deemed
				denied.
(3) An approval or
				conditional approval of a plan of reorganization shall expire if the
				reorganization is not completed within 180 days unless such time period is
				extended by the commissioner upon a showing of good cause.
(4) The commissioner may revoke approval or
				conditional approval of an applicant's plan of reorganization in the event the
				commissioner finds the applicant has failed to comply with the plan of
				reorganization. The commissioner may compel completion of a plan of
				reorganization pursuant to Iowa Code section
				521A9.
				imless the plan is abandoned in its entirety, in accordance with the
				applicant's provisions for governance. The commissioner shall retain
				jurisdiction over the applicant imtil a plan of reorganization has been
				completed.
(5) Upon completion of
				all elements of a plan of reorganization, the applicant shall provide a notice
				of completion to the commissioner
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Holding Company Systems › Chapter 46 - Mutual Holding Companies › Rule 191-46.6 - Regulation-compliance

Current through Register Vol. 47, No. 3, July 24, 2024
(1) Mutual
				insurance holding companies shall comply with the provisions of Iowa Code
				chapter 521A except as expressly provided herein.
(2) No regulatory standards are waived during
				the pendency of an application for a plan of reorganization.
(3) Mergers and acquisitions by a mutual
				insurance holding company must be approved by the commissioner pursuant to Iowa
				Code chapters 521 and 521 A. At such time as a mutual insurance holding company
				acquires or plans to acquire more than 50 percent of a stock insurance company,
				the mutual insurance holding company shall submit to the commissioner a plan
				describing any membership interests of policyholders.
(4) Each mutual insurance holding company
				shall supply to the insurance division, by April I of each year, an annual
				statement consisting of the following:
a. An
				income statement.
b. A balance
				sheet.
c. A cash flow
				statement.
d. Complete information
				on the status of any closed block formed as a part of a plan of
				reorganization.
e. An investment
				plan covering all assets.
f. A
				statement disclosing any intention to pledge, borrow against, alienate,
				hypothecate or in any way encumber the assets of the mutual insurance holding
				company.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Holding Company Systems › Chapter 46 - Mutual Holding Companies › Rule 191-46.7 - Reorganization of Domestic Mutual Insurer With Mutual Insurance Holding Company

Current through Register Vol. 47, No. 3, July 24, 2024
A domestic mutual insurance company may apply to reorganize
				  by merging its policyholders' membership interests into a mutual insurance
				  holding company by filing with the commissioner a joint application with the
				  mutual insurance holding company complying with the provisions of
				  191-46.3
				  (521A).
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Holding Company Systems › Chapter 46 - Mutual Holding Companies › Rule 191-46.8 - Reorganization of Foreign Mutual Insurer With Mutual Insurance Holding Company

Current through Register Vol. 47, No. 3, July 24, 2024
A foreign mutual insurance company, or a foreign health
				  service corporation, which if a domestic corporation would be organized under
				  Iowa Code chapter 514, may apply to reorganize by merging its policyholders'
				  membership interests into a mutual insurance holding company by filing with the
				  commissioner a joint application with the mutual insurance holding company
				  complying with the provisions of 191-46.3(521A).
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Holding Company Systems › Chapter 46 - Mutual Holding Companies › Rule 191-46.9 - Mergers of Mutual Insurance Holding Companies

Current through Register Vol. 47, No. 3, July 24, 2024
A mutual insurance holding company may apply to merge with
				  another mutual insurance holding company by filing with the commissioner a plan
				  of merger and complying with the provisions of Iowa Code chapters 521 and 521
				  A.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Holding Company Systems › Chapter 46 - Mutual Holding Companies › Rule 191-46.10 - Stock Offerings

Current through Register Vol. 47, No. 3, July 24, 2024
(1) No
				stock offering by a mutual insurance holding company, an insurance company
				subsidiary of a mutual insurance holding company, an intermediate holding
				company subsidiary of a mutual insurance holding company, or an insurance
				company subsidiary of an intermediate holding company subsidiary to a mutual
				insurance holding company shall occur without the prior approval of the
				commissioner The commissioner's approval may be obtained only through the
				application and hearing process described below.
(2) Every application for approval of a stock
				offering shall contain the following information:
a. A description of the stock intended to be
				offered by the applicant, including a description of all shareholder
				rights.
b. The total number of
				shares authorized to be issued, the estimated number the applicant requests
				permission to offer, and the intended date or range of dates for the
				offer
c. A justification for a
				uniform planned offering price or a justification of the method by which the
				offering price will be determined.
d. The name or names of any underwriter,
				syndicate member or placement agent involved and, if known, the name or names
				of each entity, person, or group of persons to whom the stock offering is to be
				made who will control 5 percent of the total outstanding class of shares, and
				the manner in which the offer is to be tendered. If any such entity or person
				is a corporation or business organization, the name of each member of its board
				of directors or equivalent management team shall be provided along with the
				name of each member of the board of directors of the offeror Copies of any
				filings with the Securities and Exchange Commission disclosing intended
				acquisitions of the stock shall be included in the application.
e. A description of stock subscription rights
				to be afforded members of the mutual insurance holding company in conjunction
				with the stock offering.
f. A
				detailed description of all expenses to be incurred in conjunction with the
				stock offering.
g. An explanation
				of how funds raised by the stock offering are to be used.
h. Any other information requested by the
				commissioner
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Holding Company Systems › Chapter 46 - Mutual Holding Companies › Rule 191-46.11 - Regulation of Holding Company System

Current through Register Vol. 47, No. 3, July 24, 2024
(1) A mutual insurance holding company, and
				its subsidiaries and affiliates, shall be subject to all provisions of Iowa
				Code chapter 521A, "Insurance Holding Company Systems." In addition to the
				provisions of that chapter, all material transactions, as that term is defined
				in Iowa Code chapters 52IA and 521D, between subsidiaries and affiliates of the
				mutual insurance holding company must be approved by a majority of the
				directors of the mutual insurance holding company as being
				both
(a)
fair and reasonable and
(b)
made on
				terms and conditions not less favorable than those available from unaffiliated
				third parties.
(2) If the
				commissioner finds, after notice and hearing, that activities within a mutual
				insurance holding company system have violated provisions of the Iowa Code,
				have violated administrative rules, or act to circumvent requirements or
				prohibitions contained in the Iowa Code or administrative rules, the
				commissioner may prohibit or order rescission of any transaction relating to
				those activities.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Holding Company Systems › Chapter 46 - Mutual Holding Companies › Rule 191-46.12 - Reporting of Stock Ownership and Transactions

Current through Register Vol. 47, No. 3, July 24, 2024
(1) Any director or officer of a mutual
				insurance holding company, its subsidiary or affiliate, who acquires directly
				or indirectly the beneficial ownership of any security issued by any member of
				the mutual insurance holding company system shall, within 15 days following the
				transaction, file with the insurance commissioner a statement of the
				transaction on the form prescribed by the commissioner
(2) A mutual insurance holding company, and
				its subsidiaries and affiliates, shall file with the commissioner, within 15
				days of receipt, copies of Form 3, Form 4 and Schedule 13D, or any equivalent
				filings, such filings made under the Securities Exchange Act of 1934, as
				amended.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Holding Company Systems › Chapter 47 - Valuation of Life Insurance Policies › Rule 191-47.1 - Purpose

Current through Register Vol. 47, No. 3, July 24, 2024
The purpose of this chapter is to provide tables of select
				  mortality factors and rules for their use, rules concerning a minimum standard
				  for the valuation of plans with nonlevel premiums or benefits, and rules
				  concerning a minimum standard for the valuation of plans with secondary
				  guarantees. The method for calculating basic reserves defined in this chapter
				  will constitute the commissioners' reserve valuation method for policies to
				  which this chapter is applicable. This chapter is issued under the authority of
				  Iowa Code section
				  50836(3).
"a"
(3)(c) and is intended to implement Iowa Code section
				  50836(6).
"c."
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Holding Company Systems › Chapter 47 - Valuation of Life Insurance Policies › Rule 191-47.2 - Application

Current through Register Vol. 47, No. 3, July 24, 2024
This chapter shall apply to all life insurance policies, with
				  or without nonforfeiture values, issued on or after February 16, 2000, subject
				  to the following exceptions and conditions.
(1) This chapter shall not apply to any of
				the following:
a. Any individual life
				insurance policy issued on or after February 16,2000, if the policy is issued
				in accordance with and as a result of the exercise of a reentry provision
				contained in the original life insurance policy of the same or greater face
				amount, issued before February 16, 2000, that guarantees the premium rates of
				the new policy. This chapter shall also not apply to subsequent policies issued
				as a result of the exercise of such a provision, or a derivation of the
				provision, in the new policy.
b.
				Any universal life insurance policy that meets all the following requirements:
(1) Secondary guarantee period, if any, is
				five years or less;
(2) Specified
				premium for the secondary guarantee period is not less than the net level
				reserve premium for the secondary guarantee period based on the CSO valuation
				tables as defined in rule 47.3(508) and the applicable valuation interest rate;
				and
(3) The initial surrender
				charge is not less than 100 percent of the first year annualized specified
				premium for the secondary guarantee period.
c. Any variable life insurance policy that
				provides for life insurance, the amount or duration of which varies according
				to the investment experience of any separate account or accounts.
d. Any variable universal life insurance
				policy that provides for life insurance, the amount or duration of which varies
				according to the investment experience of any separate account or
				accounts.
e. A group life insurance
				certificate imless the certificate provides for a stated or implied schedule of
				maximum gross premiums required in order to continue coverage in force for a
				period in excess of one year.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Holding Company Systems › Chapter 47 - Valuation of Life Insurance Policies › Rule 191-47.4 - General Calculation Requirements for Basic Reserves and Premium Deficiency Reserves

Current through Register Vol. 47, No. 3, July 24, 2024
(1) At the
				election of the company for any one or more specified plans of life insurance,
				the minimum mortality standard for basic reserves may be calculated using the
				1980 CSO valuation tables with select mortality factors (or any other valuation
				mortality table adopted by the NAIC after January 1, 2000, and promulgated by
				rule by the commissioner for this purpose). If select mortality factors are
				elected, they may be:
a. The ten-year select
				mortality factors incorporated into the 1980 amendments to the NAIC Standard
				Valuation Law;
b. The select
				mortality factors in the appendix to this chapter; or
c. Any other table of select mortality
				factors adopted by the NAIC after February 16, 2000, and promulgated by rule by
				the commissioner for the purpose of calculating basic reserves.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Holding Company Systems › Chapter 47 - Valuation of Life Insurance Policies › Rule 191-47.5 - Calculation of Minimum Valuation Standard for Policies With Guaranteed Nonlevel Gross Premiums or Guaranteed Nonlevel Benefits (other than universal life policies)

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Basic reserves.
Basic reserves shall be calculated as the
				greater of the segmented reserves and the unitary reserves. Both the segmented
				reserves and the unitary reserves for any policy shall use the same valuation
				mortality table and selection factors. At the option of the insurer, in
				calculating segmented reserves and net premiums, either of the adjustments
				described in paragraph
"a"
or
"b"
below may
				be made:
a. Treat the unitary reserve, if
				greater than zero, applicable at the end of each segment as a pure endowment
				and subtract the imitary reserve, if greater than zero, applicable at the
				beginning of each segment from the present value of guaranteed life insurance
				and endowment benefits for each segment.
b. Treat the guaranteed cash surrender value,
				if greater than zero, applicable at the end of each segment as a pure
				endowment; and subtract the guaranteed cash surrender value, if greater than
				zero, applicable at the beginning of each segment from the present value of
				guaranteed life insurance and endowment benefits for each segment.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Holding Company Systems › Chapter 47 - Valuation of Life Insurance Policies › Rule 191-47.6 - Calculation of Minimum Valuation Standard for Flexible Premium and Fixed Premium Universal Life Insurance Policies That Contain Provisions Resulting in the Ability of a Policyowner to Keep a Policy in Force Over a Secondary Guarantee Period

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
General.
a. Policies with a
				secondary guarantee include:
(1) A policy with
				a guarantee that the policy will remain in force at the original schedule of
				benefits, subject only to the payment of specified premiums;
(2) A policy in which the minimum premium at
				any duration is less than the corresponding one-year valuation premium,
				calculated using the maximum valuation interest rate and the 1980 CSO valuation
				tables with or without ten-year select mortality factors, or any other table
				adopted after January 1, 2000, by the NAIC and promulgated by rule by the
				commissioner for this purpose; or
(3) A policy with any combination of
				subparagraphs (1) and (2).
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Holding Company Systems › Chapter 47 - Valuation of Life Insurance Policies › Rule 191-47.7 - 2001 Cso Mortality Table

Current through Register Vol. 47, No. 3, July 24, 2024
The 2001 CSO Mortality Table shall be used for purposes of
				  this chapter pursuant to the requirements of 191-Chapter 91.
Iowa Administrative Code › Agency 191 - Insurance Division › Viatical and Life Settlements › Chapter 48 - Viatical and Life Settlements › Rule 191-48.1 - Purpose and Authority

Current through Register Vol. 47, No. 3, July 24, 2024
The purpose of this chapter is to provide for the
				  administration of viatical and life settlements in this state by providing
				  rules under which viatical and life settlements may be made, disclosures and
				  other provisions by which viators may be protected, and safeguards by which
				  viatical settlement providers may be monitored and remain in good standing.
				  These rules are adopted by the commissioner pursuant to the authority in Iowa
				  Code chapter 508E.
Iowa Administrative Code › Agency 191 - Insurance Division › Viatical and Life Settlements › Chapter 48 - Viatical and Life Settlements › Rule 191-48.2 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
For purposes of this chapter, the definitions in Iowa Code
				  section
				  508E.2 are
				  incorporated by reference. In addition to those definitions and the definitions
				  in rule 191-1.1 (502,505), the following
				  definitions apply:
"Life settlement"
means a viatical
				  settlement in which the viator has not been diagnosed as terminally or
				  chronically ill. For purposes of these rules, unless otherwise distinguished,
				  the term "life settlement" shall be synonymous with viatical settlement.
"Renewal year"
means the last year of the
				  viatical settlement license three-year term.
Iowa Administrative Code › Agency 191 - Insurance Division › Viatical and Life Settlements › Chapter 48 - Viatical and Life Settlements › Rule 191-48.4 - Disclosure Statements

Current through Register Vol. 47, No. 3, July 24, 2024
(1) If a
				viatical settlement provider enters into a viatical settlement contract that
				allows the viator to retain an interest in the policy, the viatical settlement
				contract shall contain the following:
a. A
				provision that the viatical settlement provider will effect the transfer of the
				amount of the death benefit only to the extent or portion of the amount
				viaticated and that benefits in excess of the amount viaticated shall be paid
				directly to the viator's beneficiary by the insurance company;
b. A provision that the viatical settlement
				provider will, upon acknowledgment of the perfection of the transfer, either:
(1) Advise the insured, in writing, that the
				insurance company has confirmed the viator's interest in the policy;
				or
(2) Send to the insured a copy
				of the document(s) sent from the insurance company to the viatical settlement
				provider that acknowledges the viator's interest in the policy; and
c. A provision that apportions the
				premiums to be paid by the viatical settlement provider and the viator It is
				permissible for the viatical settlement contract to specify that all premiums
				shall be paid by the viatical settlement provider The viatical settlement
				contract also may require that the viator reimburse the viatical settlement
				provider only for the premiums attributable to the retained interest.