reglab/statecodes huggingface dataset:
Iowa Administrative Code › Agency 191 - Insurance Division › Regulated Industries › Chapter 103 - Residential and Motor Vehicle Service Contracts › Rule 191-103.3 - Filings of Forms, Contracts and Other Items

Current through Register Vol. 47, No. 3, July 24, 2024
If Iowa Code chapter 523C as amended by 2019 Iowa Acts,
				  Senate File 619, or this chapter requires an item to be filed with the
				  division, the applicable item shall be filed with the division's securities and
				  regulated industries bureau, regardless of whether the applicable item has
				  already been filed elsewhere within the division.
Iowa Administrative Code › Agency 191 - Insurance Division › Regulated Industries › Chapter 103 - Residential and Motor Vehicle Service Contracts › Rule 191-103.5 - Financial Security Deposits

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
				For purposes of Iowa Code section
				523C.5(2)
"b"
as enacted by 2019 Iowa Acts, Senate File 619, section 5,
				"placing in trust with the commissioner" means filing a surety bond with the
				commissioner or creating a financial or custodial account in a manner
				acceptable to the commissioner.
(2)
				Requirements for surety bonds.
a. A surety
				bond filed with the commissioner as a financial security deposit pursuant to
				Iowa Code section
				523C.5(2)
"b"
as enacted by 2019 Iowa Acts, Senate File 619, section 5,
				shall be in the form directed by the division and as available on the
				division's website.
b. A surety
				bond filed with the commissioner as a financial security deposit pursuant to
				Iowa Code section
				523C.5(2)
"b"
as enacted by 2019 Iowa Acts, Senate File 619, section 5,
				shall cover service contracts still outstanding that predate the effective date
				of the surety bond and any service contracts executed during the surety bond's
				period of coverage except service contracts that have been rescinded or
				fulfilled or that are secured by another bond.
c. No suit or action shall be commenced by a
				surety bond claimant later than one year after the expiration date of the
				surety bond.
d. The surety bond
				shall, in the event of the service company's failure to perform under the
				service contract or otherwise, either reimburse or pay on behalf of the service
				company any covered amounts that the service company is legally obligated to
				pay under the service contract.
e.
				The surety bond is for the benefit of and subject to recovery by any Iowa
				service contract holder sustaining actionable injury due to the failure of the
				service company to perform its obligations under a service contract. A holder
				of a service contract issued in this state may, in the event of nonperformance
				of the contract by the service company, maintain an action and file a claim
				against the surety bond filed. The surety's liability shall extend to all
				service contracts issued by the service company and outstanding in this state,
				provided, however, that the surety's aggregate liability shall not exceed the
				penal sum of the bond.
f. The
				surety bond cannot be canceled by the surety except upon written notice of
				cancellation by the surety to the commissioner by certified mail, and not prior
				to the expiration of 60 days after receipt of the notice by the
				commissioner.
g. A service company
				shall maintain an adequate surety bond and shall continuously monitor the
				surety amount to assure its adequacy.
Iowa Administrative Code › Agency 191 - Insurance Division › Regulated Industries › Chapter 103 - Residential and Motor Vehicle Service Contracts › Rule 191-103.7 - Service Company Licenses

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
				Service company licenses shall not be transferable. A service company which
				sells its business shall cancel its service company license, and the purchaser
				of the business shall apply for a new service license under the purchaser's
				name.
(2) A service company
				licensed or registered with the division on April 1, 2019, in accordance with
				Iowa Code chapter 516E or 523 C shall be deemed licensed with the insurance
				division under Iowa Code chapter 523C as amended by 2019 Iowa Acts, Senate File
				619, until August 31, 2019, without any additional application or
				filing.
Iowa Administrative Code › Agency 191 - Insurance Division › Regulated Industries › Chapter 103 - Residential and Motor Vehicle Service Contracts › Rule 191-103.9 - Financial Statements and Calculation of Net Worth

Current through Register Vol. 47, No. 3, July 24, 2024
(1) All financial statements, including
				balance statements, filed pursuant to or prepared for purposes of Iowa Code
				chapter 523C as amended by 2019 Iowa Acts, Senate File 619, or this chapter
				shall be prepared in accordance with generally accepted accounting principles
				and certified by an independent certified public accountant.
(2) For purposes of Iowa Code section
				523C.5
				as enacted by 2019 Iowa Acts, Senate File 619, section 5, "net worth" means the
				excess of all assets over liabilities, and any required reserves shall be
				treated as a liability rather than as an asset.
Iowa Administrative Code › Agency 191 - Insurance Division › Regulated Industries › Chapter 103 - Residential and Motor Vehicle Service Contracts › Rule 191-103.10 - Records

Current through Register Vol. 47, No. 3, July 24, 2024
(1) All licensed
				service companies shall keep accurate accounts, books, and records concerning
				transactions regulated under Iowa Code chapter 523C as amended by 2019 Iowa
				Acts, Senate File 619.
(2) A
				licensed service company's accounts, books, and records shall include:
a. Copies of all service contracts;
b. The name and address of each service
				contract holder; and
c. The dates
				and amounts of all receipts and expenditures related to all service contracts.
Iowa Administrative Code › Agency 191 - Insurance Division › Regulated Industries › Chapter 103 - Residential and Motor Vehicle Service Contracts › Rule 191-103.15 - Violations

Current through Register Vol. 47, No. 3, July 24, 2024
Failure to comply with this chapter or with Iowa Code chapter
				  523C as amended by 2019 Iowa Acts, Senate File 619, shall be deemed a violation
				  which shall subject a person or entity to the procedures and penalties set
				  forth in Iowa Code chapter 523C as amended by 2019 Iowa Acts, Senate File
				  619.
Iowa Administrative Code › Agency 191 - Insurance Division › Regulated Industries › Chapter 110 - Standards and Commissioner's Authority for Companies Deemed to Be in Hazardous Financial Condition › Rule 191-110.2 - Purpose

Current through Register Vol. 47, No. 3, July 24, 2024
The purpose of this chapter is to set forth the standards
				  which the commissioner may use for identifying insurers found to be in such
				  condition as to render the continuance of their business hazardous to their
				  policyholders, creditors, or the general public. This chapter shall not be
				  interpreted to limit the powers granted the commissioner by any laws or parts
				  of laws of Iowa, nor shall this chapter be interpreted to supersede any laws or
				  parts of laws of Iowa. Every insurer shall be subject to this
				  chapter
Iowa Administrative Code › Agency 191 - Insurance Division › Regulated Industries › Chapter 110 - Standards and Commissioner's Authority for Companies Deemed to Be in Hazardous Financial Condition › Rule 191-110.3 - Definition

Current through Register Vol. 47, No. 3, July 24, 2024
"Insurer"
means a licensed insurer under
				  Title XIII of the Iowa Code and fraternal benefit societies licensed under Iowa
				  Code chapter 512B.
Iowa Administrative Code › Agency 191 - Insurance Division › Regulated Industries › Chapter 110 - Standards and Commissioner's Authority for Companies Deemed to Be in Hazardous Financial Condition › Rule 191-110.6 - Judicial Review

Current through Register Vol. 47, No. 3, July 24, 2024
Any order or decision of the commissioner shall be subject
				  to review in accordance with
				  191-327. (17A)
				  at the instance of any party to the proceedings whose interests are
				  substantially affected.
Iowa Administrative Code › Agency 191 - Insurance Division › Regulated Industries › Chapter 110 - Standards and Commissioner's Authority for Companies Deemed to Be in Hazardous Financial Condition › Rule 191-110.8 - Effective Date

Current through Register Vol. 47, No. 3, July 24, 2024
This chapter is applicable on or after December 22, 2010.
				  These rules are intended to implement Iowa Code section
				  5058..
Iowa Administrative Code › Agency 191 - Insurance Division › Regulated Industries › Chapter 111 - Corporate Governance Annual Disclosure › Rule 191-111.1 - Purpose

Current through Register Vol. 47, No. 3, July 24, 2024
The purpose of this chapter is to implement 2016 Iowa Code
				  chapter 521H and set forth the procedures for filing and the required contents
				  of the corporate governance annual disclosure.
Iowa Administrative Code › Agency 191 - Insurance Division › Regulated Industries › Chapter 111 - Corporate Governance Annual Disclosure › Rule 191-111.2 - Authority

Current through Register Vol. 47, No. 3, July 24, 2024
This chapter is promulgated pursuant to the authority vested
				  in the commissioner under 2016 Iowa Code section
				  521H4. in accordance with
				  the procedures set forth in Iowa Code chapter 17A.
Iowa Administrative Code › Agency 191 - Insurance Division › Regulated Industries › Chapter 111 - Corporate Governance Annual Disclosure › Rule 191-111.3 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
For the purpose of these rules, the terms "commissioner,"
				  "corporate governance annual disclosure," "disclosure," "insurance group,"
				  "insurance holding company system," and "insurer" shall have the meanings set
				  forth in 2016 Iowa Code section
				  521H2.. In addition,
				  the following definition shall apply:
"Senior management"
means any corporate
				  officer responsible for reporting information to the board of directors at
				  regular intervals or providing this information to shareholders or regulators
				  and includes, but is not limited to, the chief executive officer, chief
				  financial officer, chief operations officer, chief procurement officer, chief
				  legal officer, chief information officer, chief technology officer, chief
				  revenue officer, chief visionary officer, or any other senior level
				  executive.
Iowa Administrative Code › Agency 191 - Insurance Division › Regulated Industries › Chapter 111 - Corporate Governance Annual Disclosure › Rule 191-111.5 - Contents of Corporate Governance Annual Disclosure

Current through Register Vol. 47, No. 3, July 24, 2024
(1) The insurer or insurance group shall be
				as descriptive as possible in completing the corporate governance annual
				disclosure, with inclusion of attachments or example documents that are used in
				the governance process since these may provide a means to demonstrate the
				strengths of the insurer's or insurance group's governance framework and
				practices.
(2) The corporate
				governance annual disclosure shall describe the insurer's or insurance group's
				corporate governance framework and structure, including consideration of the
				following:
a. The board of directors and
				committees thereof ultimately responsible for overseeing the insurer or
				insurance group and the level or levels at which that oversight occurs. The
				insurer or insurance group shall describe and discuss the rationale for the
				current board of directors' size and structure; and
b. The duties of the board of directors and
				each of its significant committees and how they are governed, which may include
				bylaws, charters, or informal mandates as well as how the board of directors'
				leadership is structured and a discussion of the roles of the chief executive
				officer and chairperson of the board of directors within the
				organization.
Iowa Administrative Code › Agency 191 - Insurance Division › Regulated Industries › Chapter 112 - Term and Universal Life Insurance Reserve Financing › Rule 191-112.1 - Authority

Current through Register Vol. 47, No. 3, July 24, 2024
This chapter is promulgated by the commissioner of insurance
				  pursuant to Iowa Code sections
				  521B102.,
				  521B103.
				  and 521B.105.
Iowa Administrative Code › Agency 191 - Insurance Division › Regulated Industries › Chapter 112 - Term and Universal Life Insurance Reserve Financing › Rule 191-112.2 - Purpose and Intent

Current through Register Vol. 47, No. 3, July 24, 2024
The purpose and intent of this chapter is to establish
				  uniform, national standards governing reserve financing arrangements pertaining
				  to life insurance policies containing guaranteed nonlevel gross premiums, life
				  insurance policies containing guaranteed nonlevel benefits, and universal life
				  insurance policies with secondary guarantees; and to ensure that, with respect
				  to each such financing arrangement, funds consisting of primary security and
				  other security, as defined in rule 191-112.5 (521B), are held by or on behalf
				  of ceding insurers in the forms and amounts required herein. In general,
				  reinsurance ceded for reserve financing purposes has one or more of the
				  following characteristics: some or all of the assets used to secure the
				  reinsurance treaty or to capitalize the reinsurer (1) are issued by the ceding
				  insurer or its affiliates; or (2) are not unconditionally available to satisfy
				  the general account obligations of the ceding insurer; or (3) create a
				  reimbursement, indemnification or other similar obligation on the part of the
				  ceding insurer or any of its affiliates (other than a payment obligation under
				  a derivative contract acquired in the normal course and used to support and
				  hedge liabilities pertaining to the actual risks in the policies ceded pursuant
				  to the reinsurance treaty).
Iowa Administrative Code › Agency 191 - Insurance Division › Regulated Industries › Chapter 112 - Term and Universal Life Insurance Reserve Financing › Rule 191-112.3 - Applicability

Current through Register Vol. 47, No. 3, July 24, 2024
This chapter shall apply to reinsurance treaties that cede
				  liabilities pertaining to covered paolicies, as that term is defined in rule
				  191-112.5(521B), issued by any life insurance company domiciled in this state.
				  This chapter and rule
				  191-533.
				  (510) shall both apply to such reinsurance treaties; provided, that in the
				  event of a direct conflict between a rule of this chapter and rule
				  191-533.
				  (510), the rules of this chapter shall apply, but only to the extent necessary
				  in order to resolve the conflict.
Iowa Administrative Code › Agency 191 - Insurance Division › Regulated Industries › Chapter 112 - Term and Universal Life Insurance Reserve Financing › Rule 191-112.4 - Exemptions

Current through Register Vol. 47, No. 3, July 24, 2024
This chapter does not apply to:
(1) Reinsurance of:
a. Policies that satisfy the criteria for
				exemption set forth in 191-subrule 47.5(6) or 47.5(7); and which are issued
				before the later of:
(1) January 10, 2018,
				and
(2) The date on which the
				ceding insurer begins to apply the provisions of VM-20 to establish the ceded
				policies' statutory reserves, but in no event later than January 1,
				2020.
Iowa Administrative Code › Agency 191 - Insurance Division › Regulated Industries › Chapter 112 - Term and Universal Life Insurance Reserve Financing › Rule 191-112.9 - Prohibition Against Avoidance

Current through Register Vol. 47, No. 3, July 24, 2024
No insurer that has covered policies as to which this chapter
				  applies, as set forth in rule 191-112.3 (521B), shall take any action or series
				  of actions, or enter into any transaction or arrangement or series of
				  transactions or arrangements, if the purpose of such action, transaction or
				  arrangement or series thereof is to avoid the requirements of this chapter, or
				  to circumvent its purpose and intent, as set forth in rule
				  191-112.2(521B).
Iowa Administrative Code › Agency 191 - Insurance Division › Regulated Industries › Chapter 113 - Captive Companies › Rule 191-113.3 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
In addition to the definitions set forth in Iowa Code section
				  521J.1 and rule
				  191-1.1 (502,505), the following
				  definitions apply:
"Captive manager"
means a person who is on
				  the Iowa approved captive management firms list and, pursuant to a written
				  contract with a captive company, provides and coordinates services including
				  but not limited to accounting, statutory filings, signed annual statements and
				  coordination of related services. The captive manager acts as an intermediary
				  who facilitates and assists the captive company in meeting its statutory
				  requirements under Iowa Code chapter 521J.
"Work papers"
include, but are not
				  necessarily limited to, schedules, analyses, reconciliations, abstracts,
				  memoranda, narratives, flow charts, copies of company records or other
				  documents prepared or obtained by the accountant and the accountant's employees
				  in the conduct of their audit of the captive company.
Iowa Administrative Code › Agency 191 - Insurance Division › Regulated Industries › Chapter 113 - Captive Companies › Rule 191-113.4 - Annual Reporting Requirements

Current through Register Vol. 47, No. 3, July 24, 2024
(1) A captive
				company authorized in this state shall file an annual report of its financial
				condition with the commissioner as required by Iowa Code section
				521J.7(1). The
				report shall be verified by oath of at least two individuals who are executive
				officers of the captive company. The report shall be prepared using generally
				accepted accounting principles (GAAP). A hard copy shall be mailed and an
				electronic copy shall be filed consistent with directions from the
				commissioner.
(2) All captive
				insurance companies are to use the Iowa Captive Company Annual Statement Form,
				except captive risk retention group insurers and special purpose captive
				companies, which shall use the National Association of Insurance Commissioners'
				(NAIC's) Annual and Quarterly Statements.
(3) The Iowa Captive Company Annual Statement
				shall include a statement of a qualified actuary titled "statement of actuarial
				opinion" setting forth the opinion relating to loss and loss adjustment expense
				reserves.
(4) A special purpose
				captive company domiciled in this state shall annually submit to the
				commissioner a material variances letter explaining any material differences
				between the captive company's actual results and its projections on file. For
				the purposes of this rule, "materiality" shall be defined as 10 percent of
				surplus as regards policyholders as of the prior year end.
Iowa Administrative Code › Agency 191 - Insurance Division › Regulated Industries › Chapter 113 - Captive Companies › Rule 191-113.5 - Risk Limitation

Current through Register Vol. 47, No. 3, July 24, 2024
(1) The
				commissioner may limit the net amount of risk a captive company retains for a
				single risk after considering the impact of the retention on the captive
				company's capital and surplus.
(2)
				The commissioner may also prescribe and demand additional capital and surplus
				of any captive company if the commissioner determines that the captive company
				is not adequately capitalized for the type, volume and nature of the risk that
				is being covered by the captive company.
Iowa Administrative Code › Agency 191 - Insurance Division › Regulated Industries › Chapter 113 - Captive Companies › Rule 191-113.6 - Annual Audit

Current through Register Vol. 47, No. 3, July 24, 2024
(1) All companies
				shall have an annual audit by an independent certified public accountant,
				approved by the commissioner, and shall file such audited financial report with
				the commissioner on or before June 1 for the preceding year. Financial
				statements furnished under this rule shall be prepared in accordance with
				generally accepted auditing standards as determined by the American Institute
				of Certified Public Accountants.
(2) The annual audit report shall be
				considered part of the captive company's annual report of financial condition,
				except with respect to the date by which it must be filed with the
				commissioner.
(3) The annual audit
				shall consist of the following:
a. Opinion of
				independent certified public accountant.
(1)
				Financial statements furnished pursuant to this subrule shall be examined by
				independent certified public accountants in accordance with generally accepted
				auditing standards as determined by the American Institute of Certified Public
				Accountants.
(2) The opinion of the
				independent certified public accountant shall cover all years
				presented.
(3) The opinion must be
				addressed to the captive company on stationery of the accountant showing the
				address of issuance, bear original manual signatures or be executed in
				conformance with Iowa Code chapter 554D and be dated.
Iowa Administrative Code › Agency 191 - Insurance Division › Regulated Industries › Chapter 113 - Captive Companies › Rule 191-113.8 - Designation of Independent Certified Public Accountant

Current through Register Vol. 47, No. 3, July 24, 2024
(1) Captive
				companies, after becoming subject to this rule, shall within 90 days report to
				the commissioner in writing the name and address of the independent certified
				public accountant retained to conduct the annual audit set forth in this
				rule.
(2) A certified public
				accountant that is retained to conduct the independent annual audit may only be
				appointed from the list of approved certified public accounting firms or
				individual certified public accountants maintained by the
				commissioner.
(3) A captive company
				that terminates the appointment of an independent certified public accountant
				retained to conduct the annual audit required in this rule shall report the
				name and address of the certified public accountant in writing to the
				commissioner within 90 days after the appointment is terminated and shall,
				within the same period, report the name and address of the certified public
				accountant that is subsequently retained.
Iowa Administrative Code › Agency 191 - Insurance Division › Regulated Industries › Chapter 113 - Captive Companies › Rule 191-113.9 - Consolidated or Combined Audits

Current through Register Vol. 47, No. 3, July 24, 2024
A company may make written application to the commissioner
				  for approval to submit a consolidated annual audit in lieu of separate annual
				  audits if the company is part of a group of entities that consolidates its
				  annual audit. In such cases, a consolidating or combining worksheet shall be
				  prepared with the annual audit as follows:
(1) Amounts for each captive company subject
				to this subrule shall be stated separately.
(2) Noninsurance operations may be shown on
				the worksheet on a combined or individual basis.
(3) Explanations of consolidating and
				eliminating entries shall be included.
(4) A reconciliation shall be included of any
				differences between the amounts shown in the individual captive company columns
				of the worksheet and comparable amounts shown on the annual reports of such
				captive companies.
Iowa Administrative Code › Agency 191 - Insurance Division › Regulated Industries › Chapter 113 - Captive Companies › Rule 191-113.10 - Notification of Adverse Financial Condition

Current through Register Vol. 47, No. 3, July 24, 2024
A captive company shall require its certified public
				  accountant to immediately notify an officer and all members of the board of
				  directors of the captive company in writing of any determination by the
				  independent certified public accountant that the captive company has materially
				  misstated its financial condition in its report to the commissioner. The
				  captive company shall furnish such notification to the commissioner within five
				  business days of receipt.
Iowa Administrative Code › Agency 191 - Insurance Division › Regulated Industries › Chapter 113 - Captive Companies › Rule 191-113.11 - Additional Deposit Requirement

Current through Register Vol. 47, No. 3, July 24, 2024
(1) Whenever the
				commissioner deems that the financial condition of a captive company warrants
				additional security, the commissioner may require the captive company to
				deposit, in trust for the captive company, cash, securities approved by the
				commissioner, or an irrevocable letter of credit issued by a bank chartered by
				the state of Iowa or a member bank of the Federal Reserve System with the
				commissioner.
(2) The commissioner
				shall return the deposit or letter of credit of a captive company if the
				captive company ceases to do any business only after being satisfied that all
				obligations of the captive company have been discharged.
(3) A captive company may receive interest or
				dividends from the deposit or exchange the deposits for others of equal value
				with the approval of the commissioner.
Iowa Administrative Code › Agency 191 - Insurance Division › Regulated Industries › Chapter 113 - Captive Companies › Rule 191-113.12 - Availability and Maintenance of Work Papers of the Independent Certified Public Accountant

Current through Register Vol. 47, No. 3, July 24, 2024
(1) Each captive
				company shall require its independent certified public accountant to make all
				work papers prepared in the conduct of the audit of the captive company
				available for review by the commissioner or the commissioner's appointed agent.
				The captive company shall require that the accountant retain the audit work
				papers for a period of not less than seven years after the report
				period.
(2) The review by the
				commissioner shall be considered an examination or investigation by the
				commissioner and all work papers obtained shall be confidential records. The
				captive company shall require that the independent certified public accountant
				provide photocopies of the work papers to the commissioner. The commissioner
				may retain any photocopies of work papers.
Iowa Administrative Code › Agency 191 - Insurance Division › Regulated Industries › Chapter 113 - Captive Companies › Rule 191-113.13 - Organizational Examination

Current through Register Vol. 47, No. 3, July 24, 2024
In addition to the processing of the application, an
				  organizational investigation or examination may be performed before an
				  applicant captive company is licensed. Such examination or investigation shall
				  consist of a general review of the applicant captive company's corporate
				  records, including articles of incorporation, charters, bylaws, and minute
				  books; feasibility study demonstrating the feasibility of the business plan of
				  the captive company; verification of capital and surplus; verification of
				  principal place of business; determination of assets and liabilities; and a
				  review of such other factors as the commissioner deems
				  necessary.
Iowa Administrative Code › Agency 191 - Insurance Division › Regulated Industries › Chapter 113 - Captive Companies › Rule 191-113.14 - Reinsurance

Current through Register Vol. 47, No. 3, July 24, 2024
(1) A captive
				company authorized to do business in this state may take credit for reserves on
				risk ceded to a reinsurer subject to the following requirements:
a. No credit shall be allowed for reinsurance
				where the reinsurance contract does not result in the complete transfer of the
				risk or liability to the reinsurer.
b. No credit shall be allowed, as an asset or
				a deduction from liability, to any ceding insurer for reinsurance unless the
				reinsurance is payable by the assuming insurer based on the liability of the
				ceding insurer under the contract reinsured without diminution because of the
				insolvency of the ceding insurer.
Iowa Administrative Code › Agency 191 - Insurance Division › Regulated Industries › Chapter 113 - Captive Companies › Rule 191-113.15 - Service Providers

Current through Register Vol. 47, No. 3, July 24, 2024
No person shall act, in or from this state, as a captive
				  manager, broker, producer, salesman, or reinsurance intermediary for captive
				  business without authorization of the commissioner. Application for such
				  authorization must be on a form prescribed by the
				  commissioner.
Iowa Administrative Code › Agency 191 - Insurance Division › Regulated Industries › Chapter 113 - Captive Companies › Rule 191-113.16 - Directors

Current through Register Vol. 47, No. 3, July 24, 2024
(1) Every captive
				company shall report any change in its executive officers or directors to the
				commissioner within 30 days after a change is made, including, in its report, a
				biographical affidavit of any new executive officer or director.
(2) No director, officer or employee of a
				captive company shall, except on behalf of the captive company, accept, or be
				the beneficiary of, any fee, brokerage, gift or other emolument because of any
				investment, loan, deposit, purchase, sale, payment or exchange made by or for
				the captive company. Such person may receive reasonable compensation for
				necessary services rendered to the captive company in the person's usual
				private, professional or business capacity.
(3) Any profit or gain received by or on
				behalf of any person in violation of this rule shall inure to and be
				recoverable by the captive company.
Iowa Administrative Code › Agency 191 - Insurance Division › Regulated Industries › Chapter 113 - Captive Companies › Rule 191-113.17 - Conflict of Interest

Current through Register Vol. 47, No. 3, July 24, 2024
(1) Each captive
				company licensed in Iowa is required to adopt a conflict of interest statement
				for officers, directors, and key employees. The statement shall disclose that
				the individual has no outside commitments, personal or otherwise, that would
				divert the individual from their duty to further the interests of the captive
				company that the individual represents, but this shall not preclude a person
				from being a director or officer in more than one insurance company.
(2) Each officer, director and key employee
				shall file a yearly disclosure with the board of directors.
Iowa Administrative Code › Agency 191 - Insurance Division › Regulated Industries › Chapter 113 - Captive Companies › Rule 191-113.18 - Acquisition of Control of or Merger With Domestic Captive Company

Current through Register Vol. 47, No. 3, July 24, 2024
No person shall make a tender offer for, or enter into any
				  agreement to exchange securities for, or seek to acquire, or acquire in the
				  open market or otherwise, any interest in a domestic captive company if, after
				  the consummation thereof, such person would, directly or indirectly (or by
				  conversion or by exercise of any right to acquire) be in control of such
				  company as defined in Iowa Code section
				  521A.1(3), and
				  no person shall enter into an agreement to merge with or otherwise to acquire
				  control of a captive company, without the prior written approval of the
				  commissioner. In considering any application for acquisition of control or
				  merger with a domestic captive company, the commissioner shall consider all the
				  facts and circumstances surrounding the application and the criteria for
				  establishment of a captive company set out in this rule.
Iowa Administrative Code › Agency 191 - Insurance Division › Regulated Industries › Chapter 113 - Captive Companies › Rule 191-113.19 - Suspension or Revocation

Current through Register Vol. 47, No. 3, July 24, 2024
The commissioner may, by order, suspend or revoke the license
				  of a captive company or place the same on probation on the following
				  grounds:
(1) The captive company has
				not commenced business according to its plan of operation within two years of
				being licensed;
(2) The captive
				company has ceased to write business;
(3) The captive company so requests;
				or
(4) Any reason provided in Iowa
				Code section 521J.9(1).
Iowa Administrative Code › Agency 191 - Insurance Division › Regulated Industries › Chapter 113 - Captive Companies › Rule 191-113.20 - Change of Information in Initial Application

Current through Register Vol. 47, No. 3, July 24, 2024
(1) Any material
				change in a captive company's business plan that was filed with the
				commissioner at the time of initial application and any subsequent amendment of
				the plan requires prior approval of the commissioner.
(2) Any change in any other information filed
				with the initial application must be filed with the commissioner within 60 days
				after the change but does not require prior approval.
(3) The captive company shall immediately
				notify the commissioner upon making changes in board members or officers of the
				captive company.
Iowa Administrative Code › Agency 191 - Insurance Division › Regulated Industries › Chapter 113 - Captive Companies › Rule 191-113.21 - Application and Forms

Current through Register Vol. 47, No. 3, July 24, 2024
(1) Any person who
				wants to form a captive company shall make application to the commissioner for
				authority to conduct a captive company using the Application to Form a Captive
				Company.
(2) One complete copy of
				the application, including forms, attachments, exhibits, and all other papers
				and documents filed as a part thereof, shall be filed electronically with the
				commissioner through the division's captive website,
iid.iowa.gov/captive-insurance-companies
. Accompanying
				fees may be made by personal delivery or mail addressed to the Iowa Insurance
				Division, 1963 Bell Avenue, Suite 100, Des Moines, Iowa 50315, Attention:
				Captive Insurance Administrator.
(3) The application shall be signed in the
				manner prescribed in the application. If the signature of any person is affixed
				pursuant to a power of attorney or other similar authority, a copy of such
				power of attorney or other authority shall also be filed with the
				application.
(4) A captive company
				must include with its application a feasibility study demonstrating the
				feasibility of its business plan.
(5) Forms for filing with the division are
				available on the division's website at
iid.iowa.gov/captive-insurance-companies
or by mailing
				a written request to the Iowa Insurance Division, 1963 Bell Avenue, Suite 100,
				Des Moines, Iowa 50315.
Iowa Administrative Code › Agency 193 - Professional Licensing and Regulation Bureau › Chapter 1 - Organization and Operation › Rule 193-1.1 - Purpose of Chapter 1

Current through Register Vol. 47, No. 3, July 24, 2024
This chapter describes the organization and operation of the
				professional licensing and regulation bureau of the banking division
				(hereinafter referred to as the "bureau"), including the office where, and the
				means by which, any interested person may obtain public information and make
				submittals or requests.
Iowa Administrative Code › Agency 193 - Professional Licensing and Regulation Bureau › Chapter 1 - Organization and Operation › Rule 193-1.1 - Purpose of Chapter 1

Current through Register Vol. 47, No. 3, July 24, 2024
This chapter describes the organization and operation of the
				accountancy examining board, architectural examining board, engineering and
				land surveying examining board, interior design examining board, landscape
				architectural examining board, real estate appraiser examining board, and real
				estate commission of the department of inspections, appeals, and licensing
				(hereinafter referred to as "professional licensing boards").
Iowa Administrative Code › Agency 193 - Professional Licensing and Regulation Bureau › Chapter 1 - Organization and Operation › Rule 193-1.2 - Scope of Rules

Current through Register Vol. 47, No. 3, July 24, 2024
The rules for the bureau are promulgated under Iowa Code
				chapter 17A and sections
				546.3 and
				546.10
				and shall apply to all matters before the bureau. No rule shall, in any way,
				relieve a person affected by or subject to these rules, or any person affected
				by or subject to the rules promulgated by the various boards of the bureau from
				any duty under the laws of this state.
Iowa Administrative Code › Agency 193 - Professional Licensing and Regulation Bureau › Chapter 1 - Organization and Operation › Rule 193-1.2 - Scope of Rules

Current through Register Vol. 47, No. 3, July 24, 2024
The rules for the professional licensing boards are promulgated
				under Iowa Code chapter 17A and section
				10A.103 and apply to all matters
				before the professional licensing boards. No rule shall, in any way, relieve a
				person affected by or subject to these rules, or any person affected by or
				subject to the rules promulgated by the various boards from any duty under the
				laws of this state.
Iowa Administrative Code › Agency 193 - Professional Licensing and Regulation Bureau › Chapter 1 - Organization and Operation › Rule 193-1.3 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
"Administrator"
means the superintendent of
				banking.
"Board"
means an examining board or commission
				within the professional licensing and regulation bureau.
"Bureau "
means the professional licensing and
				regulation bureau of the banking division of the department of commerce.
"Department"
means the department of
				commerce.
"License "
means any license, registration,
				certificate, or permit that may be granted by an examining board or commission
				within the professional licensing and regulation bureau.
"Licensee "
means any person granted a license
				by an examining board or commission within the professional licensing and
				regulation bureau.
"Person"
means an individual, corporation,
				partnership, association, professional corporation, licensee, certificate
				holder, or registrant.
"Staff"
means employees assigned to the
				professional licensing and regulation bureau.
Iowa Administrative Code › Agency 193 - Professional Licensing and Regulation Bureau › Chapter 1 - Organization and Operation › Rule 193-1.3 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
"Administrator"
means the director of the
				department of inspections, appeals, and licensing.
"Board"
means an examining board or commission
				within the department of inspections, appeals, and licensing.
"Department"
means the department of
				inspections, appeals, and licensing.
"License"
means any license, registration,
				certificate, or permit that may be granted by one of the professional licensing
				boards.
"Licensee"
means any person granted a license
				by one of the professional licensing boards.
"Person"
means an individual, corporation,
				partnership, association, professional corporation, licensee, certificate
				holder, or registrant.
"Staff"
means employees assigned to one of the
				professional licensing boards.
Iowa Administrative Code › Agency 193 - Professional Licensing and Regulation Bureau › Chapter 1 - Organization and Operation › Rule 193-1.4 - Purpose of the Bureau

Current through Register Vol. 47, No. 3, July 24, 2024
The bureau exists to coordinate the administrative support for
				the following six professional licensing boards:
(1) The engineering and land surveying
			 examining board is a seven-member board appointed by the governor and confirmed
			 by the senate. It is composed of three professional engineers, two land
			 surveyors, and two public members. The board administers Iowa Code chapter
			 542B, Professional Engineers and Land Surveyors, and board rules published
			 under agency number [193C] in the Iowa Administrative Code.
(2) The accountancy examining board is an
			 eight-member board appointed by the governor and confirmed by the senate. The
			 board is composed of five certified public accountants, two public members, and
			 one licensed public accountant. The board administers Iowa Code chapter 542,
			 Public Accountants, and board rules published under agency number [193 A] in
			 the Iowa Administrative Code.
(3)
			 The real estate commission is a seven-member commission appointed by the
			 governor and confirmed by the senate. It is composed of five members, one of
			 whom must be a salesperson, licensed under Iowa Code chapter 543B and two
			 public members. The commission administers Iowa Code chapters 543B, Real Estate
			 Brokers and Salespersons; 543C, Sales of Subdivided Land Outside of Iowa; 557A,
			 Time-Shares; and commission rules published under agency number [193E] in the
			 Iowa Administrative Code.
(4) The
			 architectural examining board is a seven-member board appointed by the governor
			 and confirmed by the senate. It is composed of five licensed architects and two
			 public members. The board administers Iowa Code chapter 544A, Licensed
			 Architects, and board rules published under agency number [193B] in the Iowa
			 Administrative Code.
(5) The
			 landscape architectural examining board is a seven-member board appointed by
			 the governor and confirmed by the senate. It is composed of five professional
			 landscape architects and two public members. The board administers Iowa Code
			 chapter 544B, Landscape Architects, and board rules published under agency
			 number [193D] in the Iowa Administrative Code.
(6) The interior design examining board is a
			 seven-member board appointed by the governor and confirmed by the senate. It is
			 composed of five registered interior designers and two public members. The
			 board administers Iowa Code chapter 544C, Registered Interior Designers, and
			 board rules published under agency number [193G] in the Iowa Administrative
			 Code.
Iowa Administrative Code › Agency 193 - Professional Licensing and Regulation Bureau › Chapter 1 - Organization and Operation › Rule 193-1.4 - Purpose of the Professional Licensing Boards

Current through Register Vol. 47, No. 3, July 24, 2024
The professional licensing boards coordinate the administrative
				support for the following boards:
(1)
			 The engineering and land surveying examining board is a seven-member board
			 appointed by the governor and confirmed by the senate. The board administers
			 Iowa Code chapter 542B, Professional Engineers and Land Surveyors, and board
			 rules published under agency number [193C] in the Iowa Administrative
			 Code.
(2) The accountancy examining
			 board is an eight-member board appointed by the governor and confirmed by the
			 senate. The board administers Iowa Code chapter 542, Public Accountants, and
			 board rules published under agency number [193A] in the Iowa Administrative
			 Code.
(3) The real estate
			 commission is a seven-member commission appointed by the governor and confirmed
			 by the senate. The commission administers Iowa Code chapters 543B, Real Estate
			 Brokers and Salespersons; 543C, Sales of Subdivided Land Outside of Iowa; and
			 557A, Time-Shares; and commission rules published under agency number [193E] in
			 the Iowa Administrative Code.
(4)
			 The architectural examining board is a seven-member board appointed by the
			 governor and confirmed by the senate. The board administers Iowa Code chapter
			 544A, Licensed Architects, and board rules published under agency number [193B]
			 in the Iowa Administrative Code.
(5) The landscape architectural examining
			 board is a seven-member board appointed by the governor and confirmed by the
			 senate. The board administers Iowa Code chapter 544B, Landscape Architects, and
			 board rules published under agency number [193D] in the Iowa Administrative
			 Code.
(6) The real estate appraiser
			 examining board is a seven-member board appointed by the governor and confirmed
			 by the senate. The board administers Iowa Code chapter 543D, Real Estate
			 Appraisals and Appraisers, and board rules published under agency number [193F]
			 in the Iowa Administrative Code.
(7) The interior design examining board is a
			 seven-member board appointed by the governor and confirmed by the senate. The
			 board administers Iowa Code chapter 544C, Registered Interior Designers, and
			 board rules published under agency number [193G] in the Iowa Administrative
			 Code.
Iowa Administrative Code › Agency 193 - Professional Licensing and Regulation Bureau › Chapter 1 - Organization and Operation › Rule 193-1.5 - Offices and Communications

Current through Register Vol. 47, No. 3, July 24, 2024
Correspondence and communications with the bureau or the boards
				in the bureau shall be addressed or directed to their offices at 200 East Grand
				Avenue, Suite 350, Des Moines, Iowa 50309. Each of the boards may be contacted
				through the bureau telephone number (515)725-9022.
Iowa Administrative Code › Agency 193 - Professional Licensing and Regulation Bureau › Chapter 1 - Organization and Operation › Rule 193-1.5 - Responsibilities of the Boards

Current through Register Vol. 47, No. 3, July 24, 2024
All of the boards retain the powers granted them pursuant to
				the chapters in which they are created, except for budgetary and personnel
				matters. Each board will adopt rules pursuant to Iowa Code chapter 17A.
				Decisions by each board are final agency actions for purposes of Iowa Code
				chapter 17A.
Iowa Administrative Code › Agency 193 - Professional Licensing and Regulation Bureau › Chapter 1 - Organization and Operation › Rule 193-1.6 - Responsibilities of the Boards

Current through Register Vol. 47, No. 3, July 24, 2024
All of the boards in the bureau retain the powers granted them
				pursuant to the chapters in which they are created, except for budgetary and
				personnel matters. Each board shall adopt rules pursuant to Iowa Code chapter
				17A. Decisions by each board are final agency actions for purposes of Iowa Code
				chapter 17A.
Iowa Administrative Code › Agency 193 - Professional Licensing and Regulation Bureau › Chapter 1 - Organization and Operation › Rule 193-1.6 - Responsibilities of the Administrator

Current through Register Vol. 47, No. 3, July 24, 2024
(1) The following are responsibilities of the
			 administrator:
a. To make rules pursuant to
			 Iowa Code chapter 17A to implement board duties except to the extent that
			 rulemaking authority is vested in the boards in the bureau.
b. To carry out policy-making and enforcement
			 duties assigned to the boards under the law.
c. To hire, allocate, develop, and supervise
			 members of the staff employed to perform the duties assigned to the boards,
			 including designating staff to act as the executive officer, who may be
			 referred to as the board administrator, for and lawful custodian of the records
			 of each board in the bureau.
d. To
			 coordinate the development of an annual budget for the boards.
e. To supervise and direct personnel and
			 other resources to accomplish duties assigned by law.
f. To authorize expenditures from any
			 appropriation or fund established on behalf of the boards.