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Iowa Administrative Code › Agency 191 - Insurance Division › Organization and Procedures › Chapter 4 - Waiver of Rules and Declaratory Orders › Rule 191-4.13 - Service and Filing of Petitions and Other Papers

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
When
				service required.
Except where otherwise provided by law, every
				petition for declaratory order, petition for intervention, brief, or other
				paper filed in a proceeding for a declaratory order shall be served upon each
				of the parties of record to the proceeding and on all other persons identified
				in the petition for declaratory order or petition for intervention as affected
				by or interested in the questions presented, simultaneously with its filing.
				The party filing a document is responsible for service on all parties and other
				affected or interested persons.
(2)
Filing-when required.
All petitions for declaratory orders,
				petitions for intervention, briefs, or other papers in a proceeding for a
				declaratory order shall be filed with the division at the address disclosed in
				rule 191-1.4 (502,505). All
				petitions, briefs, or other papers required to be served upon a party shall be
				filed simultaneously with the division.
(3)
Method of service, time of
				filing, proof of mailing.
Method of service, time of filing, and proof
				of mailing shall be as provided by rule
				191-3.12 (17A).
Iowa Administrative Code › Agency 191 - Insurance Division › Organization and Procedures › Chapter 4 - Waiver of Rules and Declaratory Orders › Rule 191-4.14 - Consideration

Current through Register Vol. 47, No. 3, July 24, 2024
Upon request by the petitioner, the division must schedule an
				  informal meeting between the original petitioner, all intervenors, and the
				  commissioner, or a member of the commissioner's staff, to discuss the questions
				  raised.
Iowa Administrative Code › Agency 191 - Insurance Division › Organization and Procedures › Chapter 4 - Waiver of Rules and Declaratory Orders › Rule 191-4.15 - Action on Petition

Current through Register Vol. 47, No. 3, July 24, 2024
(1) Within the time
				allowed by Iowa Code section
				17A.9(5), after
				receiving a petition for a declaratory order, the division shall take action on
				the petition as required by Iowa Code section
				17A.9(5).
(2) The date of issuance of an order is as
				defined in rule 191-3.2 (17A).
Iowa Administrative Code › Agency 191 - Insurance Division › Organization and Procedures › Chapter 4 - Waiver of Rules and Declaratory Orders › Rule 191-4.16 - Refusal to Issue Order

Current through Register Vol. 47, No. 3, July 24, 2024
(1) The division
				shall not issue a declaratory order where prohibited by Iowa Code section
				17A.9(1)  and
				may refuse to issue a declaratory order on some or all questions raised for any
				of the following reasons:
a. The petition does
				not substantially comply with the required form.
b. The petition does not contain facts
				sufficient to demonstrate that the petitioner will be aggrieved or adversely
				affected by failure of the division to issue an order.
c. The division does not have jurisdiction
				over the questions presented in the petition.
d. The questions presented by the petition
				are also presented in a current rulemaking, contested case, or other agency or
				judicial proceeding that may definitively resolve them.
e. The questions presented by the petition
				would more properly be resolved in a different type of proceeding or by another
				body with jurisdiction over the matter.
f. The facts or questions presented in the
				petition are unclear, overbroad, insufficient, or otherwise inappropriate as a
				basis upon which to issue an order.
g. There is no need to issue an order because
				the questions raised in the petition have been settled due to a change in
				circumstances.
h. The petition is
				not based upon facts calculated to aid in the planning of future conduct but
				is, instead, based solely upon prior conduct in an effort to establish the
				effect of that conduct or to challenge a division decision already
				made.
i. The petition requests a
				declaratory order that would necessarily determine the legal rights, duties, or
				responsibilities of other persons who have not joined in the petition,
				intervened separately, or filed a similar petition and whose position on the
				questions presented may fairly be presumed to be adverse to that of the
				petitioner.
j. The petition
				requests the division to determine whether a statute is unconstitutional on its
				face.
Iowa Administrative Code › Agency 191 - Insurance Division › Organization and Procedures › Chapter 4 - Waiver of Rules and Declaratory Orders › Rule 191-4.17 - Contents of Declaratory Order-effective Date

Current through Register Vol. 47, No. 3, July 24, 2024
(1) In addition to
				the order itself, a declaratory order must contain the date of its issuance;
				the name of the petitioner and all intervenors; the specific statutes, rules,
				policies, decisions, or orders involved; the particular facts upon which it is
				based; and the reasons for its conclusion.
(2) A declaratory order is effective on the
				date of issuance.
Iowa Administrative Code › Agency 191 - Insurance Division › Organization and Procedures › Chapter 4 - Waiver of Rules and Declaratory Orders › Rule 191-4.18 - Copies of Orders

Current through Register Vol. 47, No. 3, July 24, 2024
A copy of all orders issued in response to a petition for a
				  declaratory order must be mailed or emailed by the division promptly to the
				  original petitioner and all intervenors.
Iowa Administrative Code › Agency 191 - Insurance Division › Organization and Procedures › Chapter 4 - Waiver of Rules and Declaratory Orders › Rule 191-4.19 - Effect of a Declaratory Order

Current through Register Vol. 47, No. 3, July 24, 2024
A declaratory order has the same status and binding effect as
				  a final order issued in a contested case proceeding. It is binding on the
				  division, the petitioner, and any intervenors who consent to be bound and is
				  applicable only in circumstances where the relevant facts and the law involved
				  are indistinguishable from those on which the order was based. As to all other
				  persons, a declaratory order serves only as precedent and is not binding on the
				  division. Issuance of a declaratory order constitutes final agency action on
				  the petition.
Iowa Administrative Code › Agency 191 - Insurance Division › Organization and Procedures › Chapter 4 - Waiver of Rules and Declaratory Orders › Rule 191-4.21 - Waivers

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Scope.
Division II of this chapter outlines generally
				applicable standards and a uniform process for the granting of individual
				waivers from rules adopted by the division in situations when no other more
				specifically applicable law provides for waivers. To the extent another more
				specific provision of law governs the issuance of a waiver from a particular
				rule, the more specific provision shall supersede the rules in this division
				with respect to any waiver from that rule. Division II of this chapter shall
				not preclude the division from granting waivers in other contexts or on the
				basis of other standards if a statute or agency rule authorizes the division to
				do so and the division deems it appropriate to do so.
(2)
Authority to grant
				waivers.
The division may grant a waiver from a rule only if the
				division has jurisdiction over the rule and the requested waiver is consistent
				with applicable statutes, constitutional provisions, or other provisions of
				law. The division may not waive the following categories of rules:
a. Rules setting requirements that are
				created or duties that are imposed by statute.
b. Rules that provide definitions or
				interpretations, set fees, clarify enforcement authority, deal with fraud or
				are the subject of prosecutorial discretion.
c. Rules that merely define the meaning of a
				statute or other provision of law or precedent if the commissioner does not
				possess delegated authority to bind the courts to any extent with the
				commissioner's definition.
Iowa Administrative Code › Agency 191 - Insurance Division › Organization and Procedures › Chapter 4 - Waiver of Rules and Declaratory Orders › Rule 191-4.37 - Petition for Declaratory Order

Current through Register Vol. 47, No. 3, July 24, 2024
(1) Any person or
				agency may file a petition with the division for a declaratory order as to the
				applicability to specified circumstances of a statute, rule or order within the
				primary jurisdiction of the division.
(2) The petition must be submitted to the
				division at the address provided in rule
				191-1.4 (502,505) or as
				instructed on the division's website.
(3) The petition must be typewritten or
				legibly handwritten in ink and must substantially conform to the following
				form:
Click here to
				  view Image
(4)
				The petition for declaratory order must provide the following information in
				separate numbered paragraphs:
1. The
				petitioner's name, address, and telephone number.
2. The citation to and the exact words,
				passages, sentences or paragraphs of the statute, rule, or order that is the
				subject of the petition.
3. A clear
				and concise statement of all relevant facts upon which the declaratory order is
				requested.
4. The questions the
				petitioner wants answered, stated clearly and concisely.
5. The answers to the questions desired by
				the petitioner and a summary of the reasons urged by the petitioner in support
				of those answers.
6. The reasons
				for requesting the declaratory order and disclosure of the petitioner's
				interest in the outcome.
7. A
				statement indicating whether the petitioner is currently a party to another
				proceeding involving the questions at issue and whether, to the petitioner's
				knowledge, those questions have been decided by, are pending determination by,
				or are under investigation by, any governmental entity.
8. Any request by the petitioner for a
				meeting provided for by rule 191-4.43 (17A).
Iowa Administrative Code › Agency 191 - Insurance Division › Organization and Procedures › Chapter 4 - Waiver of Rules and Declaratory Orders › Rule 191-4.38 - Notice of Petition

Current through Register Vol. 47, No. 3, July 24, 2024
Within 15 days after receipt of a petition for a declaratory
				  order, the division must give notice of the petition to all persons not served
				  by the petitioner pursuant to rule 191-4.42 (17A) to whom notice is required by
				  any provision of law. The division may also give notice to any other persons
				  deemed appropriate.
Iowa Administrative Code › Agency 191 - Insurance Division › Organization and Procedures › Chapter 4 - Waiver of Rules and Declaratory Orders › Rule 191-4.39 - Intervention

Current through Register Vol. 47, No. 3, July 24, 2024
(1) Persons who
				qualify under any applicable provision of law as an intervenor and who file a
				petition for intervention within 20 days of the filing of a petition for
				declaratory order (after time for notice under rule
				191-4.38 (17A) and before 30-day
				time for division action under rule
				191-4.44 (17A)) shall be allowed
				to intervene in a proceeding for a declaratory order.
(2) Any person who files a petition for
				intervention at any time prior to the issuance of an order may be allowed to
				intervene in a proceeding for a declaratory order at the discretion of the
				division.
(3) A petition must be
				typewritten or legibly handwritten in ink and shall state in separately
				numbered paragraphs the following:
a. Facts
				supporting the intervener's standing and qualifications for
				intervention.
b. The answers urged
				by the intervenor to the question or questions presented and a summary of the
				reasons urged in support of those answers.
c. Reasons for requesting intervention and
				disclosure of the intervener's interest in the outcome.
d. A statement indicating whether the
				intervenor is currently a party to any proceeding involving the questions at
				issue and whether, to the intervener's knowledge, those questions have been
				decided by, are pending determination by, or are under investigation by any
				governmental entity.
e. The names
				and addresses of any additional persons, or a description of any additional
				class of persons, known by the intervenor to be affected by, or interested in,
				the questions presented.
f. Whether
				the intervenor consents to be bound by the determination of the matters
				presented in the declaratory order proceeding.
Iowa Administrative Code › Agency 191 - Insurance Division › Organization and Procedures › Chapter 4 - Waiver of Rules and Declaratory Orders › Rule 191-4.40 - Briefs

Current through Register Vol. 47, No. 3, July 24, 2024
The petitioner or any intervenor may file a brief in support
				  of the position urged. The division may request a brief from the petitioner,
				  any intervenor, or any other person concerning the questions
				  raised.
Iowa Administrative Code › Agency 191 - Insurance Division › Organization and Procedures › Chapter 4 - Waiver of Rules and Declaratory Orders › Rule 191-4.41 - Inquiries

Current through Register Vol. 47, No. 3, July 24, 2024
Inquiries concerning the status of a declaratory proceeding
				  may be made to the division at the address disclosed in rule
				  191-1.4(502,505).
Iowa Administrative Code › Agency 191 - Insurance Division › Organization and Procedures › Chapter 4 - Waiver of Rules and Declaratory Orders › Rule 191-4.42 - Service and Filing of Petitions and Other Papers

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
When
				service required.
Except where otherwise provided by law, every
				petition for declaratory order, petition for intervention, brief, or other
				paper filed in a proceeding for a declaratory order shall be served upon each
				of the parties of record to the proceeding and on all other persons identified
				in the petition for declaratory order or petition for intervention as affected
				by or interested in the questions presented, simultaneously with its filing.
				The party filing a document is responsible for service on all parties and other
				affected or interested persons.
(2)
Filing
-
when required.
All petitions for
				declaratory orders, petitions for intervention, briefs, or other papers in a
				proceeding for a declaratory order shall be filed with the division at the
				address disclosed in rule
				191-1.4 (502,505). All
				petitions, briefs, or other papers required to be served upon a party shall be
				filed simultaneously with the division.
(3)
Method of service, time of
				filing, proof of mailing.
Method of service, time of filing, and proof
				of mailing shall be as provided by rule
				191-3.12 (17A).
Iowa Administrative Code › Agency 191 - Insurance Division › Organization and Procedures › Chapter 4 - Waiver of Rules and Declaratory Orders › Rule 191-4.43 - Consideration

Current through Register Vol. 47, No. 3, July 24, 2024
Upon request by the petitioner, the division must schedule an
				  informal meeting between the original petitioner, all intervenors, and the
				  commissioner, or a member of the commissioner's staff, to discuss the questions
				  raised.
Iowa Administrative Code › Agency 191 - Insurance Division › Organization and Procedures › Chapter 4 - Waiver of Rules and Declaratory Orders › Rule 191-4.44 - Action on Petition

Current through Register Vol. 47, No. 3, July 24, 2024
(1) Within the time
				allowed by Iowa Code section
				17A.9(5),
				after receiving a petition for a declaratory order, the division shall take
				action on the petition as required by Iowa Code section
				17A.9(5).
(2) The date of issuance of an order is as
				defined in rule 191-3.2 (17A).
Iowa Administrative Code › Agency 191 - Insurance Division › Organization and Procedures › Chapter 4 - Waiver of Rules and Declaratory Orders › Rule 191-4.45 - Refusal to Issue Order

Current through Register Vol. 47, No. 3, July 24, 2024
(1) The division
				shall not issue a declaratory order where prohibited by Iowa Code section
				17A.9(1)
				 and may refuse to issue a declaratory order
				on some or all questions raised for any of the following reasons:
a. The petition does not substantially comply
				with the required form.
b. The
				petition does not contain facts sufficient to demonstrate that the petitioner
				will be aggrieved or adversely affected by failure of the division to issue an
				order.
c. The division does not
				have jurisdiction over the questions presented in the petition.
d. The questions presented by the petition
				are also presented in a current rule making, contested case, or other agency or
				judicial proceeding, that may definitively resolve them.
e. The questions presented by the petition
				would more properly be resolved in a different type of proceeding or by another
				body with jurisdiction over the matter.
f. The facts or questions presented in the
				petition are unclear, overbroad, insufficient, or otherwise inappropriate as a
				basis upon which to issue an order.
g. There is no need to issue an order because
				the questions raised in the petition have been settled due to a change in
				circumstances.
h. The petition is
				not based upon facts calculated to aid in the planning of future conduct but
				is, instead, based solely upon prior conduct in an effort to establish the
				effect of that conduct or to challenge a division decision already
				made.
i. The petition requests a
				declaratory order that would necessarily determine the legal rights, duties, or
				responsibilities of other persons who have not joined in the petition,
				intervened separately, or filed a similar petition and whose position on the
				questions presented may fairly be presumed to be adverse to that of the
				petitioner.
j. The petition
				requests the division to determine whether a statute is unconstitutional on its
				face.
Iowa Administrative Code › Agency 191 - Insurance Division › Organization and Procedures › Chapter 4 - Waiver of Rules and Declaratory Orders › Rule 191-4.46 - Contents of Declaratory Order-effective Date

Current through Register Vol. 47, No. 3, July 24, 2024
(1) In addition to
				the order itself, a declaratory order must contain the date of its issuance,
				the name of the petitioner and all intervenors, the specific statutes, rules,
				policies, decisions, or orders involved, the particular facts upon which it is
				based, and the reasons for its conclusion.
(2) A declaratory order is effective on the
				date of issuance.
Iowa Administrative Code › Agency 191 - Insurance Division › Organization and Procedures › Chapter 4 - Waiver of Rules and Declaratory Orders › Rule 191-4.47 - Copies of Orders

Current through Register Vol. 47, No. 3, July 24, 2024
A copy of all orders issued in response to a petition for a
				  declaratory order must be mailed or emailed by the division promptly to the
				  original petitioner and all intervenors.
Iowa Administrative Code › Agency 191 - Insurance Division › Organization and Procedures › Chapter 4 - Waiver of Rules and Declaratory Orders › Rule 191-4.48 - Effect of a Declaratory Order

Current through Register Vol. 47, No. 3, July 24, 2024
A declaratory order has the same status and binding effect as
				  a final order issued in a contested case proceeding. It is binding on the
				  division, the petitioner, and any intervenors who consent to be bound and is
				  applicable only in circumstances where the relevant facts and the law involved
				  are indistinguishable from those on which the order was based. As to all other
				  persons, a declaratory order serves only as precedent and is not binding on the
				  division. Issuance of a declaratory order constitutes final agency action on
				  the petition.
Iowa Administrative Code › Agency 191 - Insurance Division › Regulation of Insurers › Chapter 5 - Regulation of Insurers-general Provisions › Rule 191-5.1 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
The definitions in rule
				  191-1.1 (502,505) apply to this
				  chapter.
This rule is intended to implement Iowa Code chapters 505,
				  507, 508, and 515.
Iowa Administrative Code › Agency 191 - Insurance Division › Regulation of Insurers › Chapter 5 - Regulation of Insurers-general Provisions › Rule 191-5.2 - Examination for Admission

Current through Register Vol. 47, No. 3, July 24, 2024
Any foreign or alien insurance company seeking to be admitted
				  to do business in the state of Iowa shall, at the discretion of the division,
				  be subject to either or both of the following:
1. An on-site examination by the
				division;
2. A desk examination, if
				the applicant provides a financial examination report prepared by the insurance
				regulatory body of the applicant's state or country of domicile. The
				examination report must be certified by the issuing regulatory body and must
				have an effective date of not more than two years prior to the date of
				application for admission.
This rule is intended to implement Iowa Code section
				  507.2.
Iowa Administrative Code › Agency 191 - Insurance Division › Regulation of Insurers › Chapter 5 - Regulation of Insurers-general Provisions › Rule 191-5.3 - Submission of Quarterly Financial Information

Current through Register Vol. 47, No. 3, July 24, 2024
All insurers, corporations, associations, and other entities
				  required to submit annual financial statements to the commissioner shall also
				  submit a short form quarterly financial statement within 45 days of the close
				  of each calendar quarter on a form as specified by the commissioner. Upon
				  request of the commissioner an exhibit showing a count of policies in force by
				  line of business as of the close of the quarter shall be submitted with the
				  quarterly report. The quarterly financial statements shall also be filed with
				  the National Association of Insurance Commissioners.
This rule is intended to implement Iowa Code section
				  5072.
				  and Iowa Code chapters 508 and 515.
Iowa Administrative Code › Agency 191 - Insurance Division › Regulation of Insurers › Chapter 5 - Regulation of Insurers-general Provisions › Rule 191-5.4 - Surplus Notes

Current through Register Vol. 47, No. 3, July 24, 2024
Surplus notes are recognized by the commissioner for both
				  stock and mutual insurers. All payments of principal and interest on these
				  notes require the prior approval of the commissioner
Iowa Administrative Code › Agency 191 - Insurance Division › Regulation of Insurers › Chapter 5 - Regulation of Insurers-general Provisions › Rule 191-5.5 - Maximum Allowable Premium Volume

Current through Register Vol. 47, No. 3, July 24, 2024
A domestic property/casualty insurer shall not cause the
				  ratio of its net written premiums to its surplus as regards policyholders to
				  exceed three to one without the approval of the commissioner.
Iowa Administrative Code › Agency 191 - Insurance Division › Regulation of Insurers › Chapter 5 - Regulation of Insurers-general Provisions › Rule 191-5.6 - Treatment of Various Items on the Financial Statement

Current through Register Vol. 47, No. 3, July 24, 2024
An admitted insurer shall at all times show the value of the
				  following items on its financial statements in the following manner unless a
				  different treatment is authorized by the state where the insurer is
				  domiciled:
(1)
Real
				estate.
At amortized cost.
(2)
Stocks.
At market value
				as determined by the Securities Valuation Office of the National Association of
				Insurance Commissioners.
(3)
Bonds.
At amortized cost, unless directed otherwise by the
				commissioner.
(4)
Artwork.
Nonadmitted.
(5)
Other assets not listed.
As treated by the applicable accounting practices and procedures manual of the
				National Association of Insurance Commissioners.
(6)
Liabilities.
Liabilities, including active life reserves, unearned premium reserves, and
				liabilities for claims and losses unpaid and for incurred but not reported
				claims. As determined by the applicable accounting practices and procedures
				manual of the National Association of Insurance Commissioners.
Iowa Administrative Code › Agency 191 - Insurance Division › Regulation of Insurers › Chapter 5 - Regulation of Insurers-general Provisions › Rule 191-5.7 - Ordering Withdrawal of Domestic Insurers From States

Current through Register Vol. 47, No. 3, July 24, 2024
Upon a finding, after notice and opportunity for hearing, of
				  substantial likelihood of future financial impairment of a domestic insurer due
				  to persistent operating losses in any line of business in any state where the
				  insurer does business, the commissioner may order a domestic insurer to
				  withdraw and cease doing business in that line of business in that state or in
				  the alternative, order the insurer to withdraw and cease doing business in all
				  lines, pending further order For the purposes of this rule, impaired or
				  threatened financial solvency is deemed to exist where an insurer experiences a
				  reduction of 5 percent or greater in surplus in any 12-month period from all
				  cases, including the regulatory environment in a state.
Iowa Administrative Code › Agency 191 - Insurance Division › Regulation of Insurers › Chapter 5 - Regulation of Insurers-general Provisions › Rule 191-5.8 - Monitoring

Current through Register Vol. 47, No. 3, July 24, 2024
Upon request of the commissioner, a domestic insurer shall
				  provide all relevant information as to its business in any state identified by
				  the commissioner and found by the commissioner to have a consistently
				  oppressive and confiscatory regulatory environment: The commissioner's request
				  shall identify the state and shall include a basis for the commissioner's
				  findings that the state has a consistently oppressive and confiscatory
				  regulatory environment.
Iowa Administrative Code › Agency 191 - Insurance Division › Regulation of Insurers › Chapter 5 - Regulation of Insurers-general Provisions › Rule 191-5.9 - Rate and Form Filings

Current through Register Vol. 47, No. 3, July 24, 2024
Insurers doing business in Iowa shall file rates and forms in
				  accordance with applicable law and with 191-Chapters 20,30,31,34,35, 36,37, and
				  39, as applicable.
Iowa Administrative Code › Agency 191 - Insurance Division › Regulation of Insurers › Chapter 5 - Regulation of Insurers-general Provisions › Rule 191-5.10 - Life Companies-permissible Investments

Current through Register Vol. 47, No. 3, July 24, 2024
(1) The phrase "preferred dividend
				requirements as of the date of acquisition" in Iowa Code section
				5118(6).
				is construed to include the dividend requirements of a new issue. Consequently,
				a new preferred issue will qualify if the net earnings of the corporation for
				each of the five preceding years have been not less than one and one-half times
				the sum of the annual fixed charges, contingent interest and the annual
				preferred dividend requirements including the new issue.
(2) The phrase "the obligations are
				adequately secured and have investment qualities and characteristics wherein
				the speculative elements are not predominant" in Iowa Code section
				5118(5).
				means "investment grade" as defined in 191-subrule 22.1(4). As a result, except
				as permitted by the commissioner in exceptional circumstances, corporate
				obligations must be "investment grade" in order to meet legal reserve
				requirements unless the other requirements of Iowa Code section
				5118(5).
				"a" regarding the financial condition of the issuer of the obligation are met.
				The legal reserve investment limitations of Iowa Code section
				5118.
				regarding less than investment grade obligations, but not the deposit
				requirements of that section, are applicable to foreign insurers.
This rule is intended to implement Iowa Code section
				  511.8(5).
Iowa Administrative Code › Agency 191 - Insurance Division › Regulation of Insurers › Chapter 5 - Regulation of Insurers-general Provisions › Rule 191-5.12 - Collateral Loans

Current through Register Vol. 47, No. 3, July 24, 2024
The collateral pledged to secure a loan must qualify as a
				  legal investment for insurance companies before the loan it secures may so
				  qualify [Iowa Code section
				  515.35(3)
"a"
(2)]. The statute provides that a company may not invest in
				  excess of 30 percent of its capital and funds in stocks and not more than 10
				  percent of its capital and surplus in the stock or bonds, or both, of any one
				  corporation.
Normally, a loan is little better than the collateral
				  securing it. Therefore, in order to conform to the intent and purpose of the
				  legislature it would appear that the same limitations should likewise be
				  applied to the stock securing a collateral loan. The statute also provides that
				  the value of the collateral must exceed the amount of the loan by 10
				  percent.
Iowa Administrative Code › Agency 191 - Insurance Division › Regulation of Insurers › Chapter 5 - Regulation of Insurers-general Provisions › Rule 191-5.13 - Loans to Officers, Directors, Employees, Etc

Current through Register Vol. 47, No. 3, July 24, 2024
No insurance company or association of any kind, domiciled in
				  the state of Iowa, shall loan any portion of its funds to an officer, director,
				  stockholder, employee or any relative or immediate member of the family of an
				  officer or director
The provisions of Iowa Code sections
				  5088.
				  and
				  51112.
				  shall likewise be applicable to fire and casualty companies.
Iowa Administrative Code › Agency 191 - Insurance Division › Regulation of Insurers › Chapter 5 - Regulation of Insurers-general Provisions › Rule 191-5.15 - Accounting Practices and Procedures Manual and Annual Statement Instructions

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Purpose.
The purpose of this rule is to adopt the National
				Association of Insurance Commissioners' accounting practices and procedures
				manual which has been revised to provide a comprehensive guide to statutory
				accounting principles, commonly referred to as the "codification project."
				Additionally, the rule adopts by reference the annual statement instructions
				promulgated by the National Association of Insurance Commissioners.
(2)
Financial statements.
Effective January 1, 2001, all information reflected in the financial
				statements of insurance companies authorized to do business in Iowa shall
				conform with the accounting practices and procedures manual of the National
				Association of Insurance Commissioners.
All annual financial statements filed with the commissioner
				  shall conform to the annual statement instructions and manuals promulgated by
				  the National Association of Insurance Commissioners.
This rule is intended to implement Iowa Code sections
				  508.11(43), 512B.24, 514.9, 514B. 12, 515.63 and 520.10.
Iowa Administrative Code › Agency 191 - Insurance Division › Regulation of Insurers › Chapter 5 - Regulation of Insurers-general Provisions › Rule 191-5.20 - Computation of Reserves

Current through Register Vol. 47, No. 3, July 24, 2024
Iowa life insurance companies may report the non admitted
				  excess item to this division on the basis of the true reserve instead of the
				  mean reserve as has been the practice in the past. Under the true reserve
				  system there will be no excess excepting in the case of indebtedness in excess
				  of policy liabilities. The true reserve system eliminates all excess on account
				  of due and deferred premiums, but there may be an excess equal to or in excess
				  of the loading depending upon what premium the note represents, and how long it
				  has been running when a premium note is taken for the gross premiums or when
				  there is an overloan.
This concession is made to Iowa companies with the conviction
				  that it removes many of the defects and disadvantages of the present practice
				  of requiring the excess of the mean reserve.
As a corollary to the proposed system of determining this
				  excess item, the business of the company must be reported upon a strictly paid
				  for basis.
This division will not require that policies be lapsed if
				  premium is not paid within a limited time after the due date, but no credit for
				  an uncollected premium may be taken if more than 60 days past due, unless a
				  premium note of the proper form has been taken therefor.
Iowa Administrative Code › Agency 191 - Insurance Division › Regulation of Insurers › Chapter 5 - Regulation of Insurers-general Provisions › Rule 191-5.21 - Unearned Premium Reserve Factors

Current through Register Vol. 47, No. 3, July 24, 2024
In the case of premiums paid in advance on ten-year policies,
				  mortgage guaranty insurers shall apply the following annual factors or
				  comparable monthly factors in determining the unearned premium reserve:
Years policy
Unearned
Years policy
Unearned
is in force
premium factor
is in force
premium factor
1
81.8
6
18.2
2
65.5
7
10.9
3
50.9
8
5.5
4
38.2
9
1.8
5
27.3
10
-0-
Iowa Administrative Code › Agency 191 - Insurance Division › Regulation of Insurers › Chapter 5 - Regulation of Insurers-general Provisions › Rule 191-5.22 - Contingency Reserve

Current through Register Vol. 47, No. 3, July 24, 2024
From the premium remaining after applying the appropriate
				  factor from the table in 5.21(515C) above, there shall be maintained a
				  contingency reserve as prescribed in Iowa Code section
				  515C4..
Iowa Administrative Code › Agency 191 - Insurance Division › Regulation of Insurers › Chapter 5 - Regulation of Insurers-general Provisions › Rule 191-5.27 - Asset Valuation

Current through Register Vol. 47, No. 3, July 24, 2024
(1) All
				bonds or other evidences of debt having a fixed term and rate of interest held
				by an insurer may, if amply secured and not in default as to principal or
				interest, be valued as follows:
a. If
				purchased at par, at the par value.
b. If purchased above or below par, on the
				basis of the purchase price adjusted so as to bring the value to par at
				maturity and so as to yield in the meantime the effective rate of interest at
				which the purchase was made or, in lieu of such method, according to such
				accepted method of valuation as is approved by the division.
c. Purchase price shall in no case be taken
				at a higher figure than the actual market value at the time of purchase, plus
				actual brokerage, transfer, postage or express charges paid in the acquisition
				of such securities.
Iowa Administrative Code › Agency 191 - Insurance Division › Regulation of Insurers › Chapter 5 - Regulation of Insurers-general Provisions › Rule 191-5.28 - Risk-based Capital and Surplus

Current through Register Vol. 47, No. 3, July 24, 2024
Capital and surplus requirements in Iowa Code chapters 508,
				  515, 518, 518A and 520 are minimums. The commissioner retains the discretion to
				  require greater amounts than set forth in those chapters when the risk-based
				  circumstances of a particular insurer, including the type, nature and volume of
				  business being written, require it.
Iowa Administrative Code › Agency 191 - Insurance Division › Regulation of Insurers › Chapter 5 - Regulation of Insurers-general Provisions › Rule 191-5.29 - Actuarial Certification of Reserves

Current through Register Vol. 47, No. 3, July 24, 2024
An opinion on life and health policy and claim reserves and
				  property and casualty loss and loss adjustment expense reserves by a qualified
				  actuary is required in the annual statement blank for all domestic insurers
				  under the terms and conditions contained in the annual statement instructions
				  handbook of the National Association of Insurance Commissioners. All other
				  provisions of the handbook shall be applicable to annual and quarterly
				  financial statements filed with the division.
Iowa Administrative Code › Agency 191 - Insurance Division › Regulation of Insurers › Chapter 5 - Regulation of Insurers-general Provisions › Rule 191-5.30 - Single Maximum Risk-fidelity and Surety Risks

Current through Register Vol. 47, No. 3, July 24, 2024
No insurance company is permitted under the limitations of
				  Iowa Code section
				  51549. to
				  expose itself to any risk on a fidelity or surety bond in excess of 10 percent
				  of its surplus to policyholders, unless such excess shall be reinsured in
				  accordance with the provisions of the statute.
Iowa Administrative Code › Agency 191 - Insurance Division › Regulation of Insurers › Chapter 5 - Regulation of Insurers-general Provisions › Rule 191-5.31 - Reinsurance Contracts

Current through Register Vol. 47, No. 3, July 24, 2024
No credit will be given the ceding insurer for reinsurance
				  made, ceded, or renewed unless the reinsurance agreements (treaty, facultative
				  or otherwise) substantially provide, or are amended by a supplemental contract
				  to read in substance as follows:
In consideration of the continuing benefits to accrue
				  hereunder to the assuming insurer, the assuming insurer hereby agrees that, as
				  to all reinsurance made, ceded, or renewed the reinsurance shall be payable by
				  the assuming insurer on the basis of the liability of the ceding insurer under
				  the contract or contracts reinsured without diminution because of the
				  insolvency of the ceding insurer
Iowa Administrative Code › Agency 191 - Insurance Division › Regulation of Insurers › Chapter 5 - Regulation of Insurers-general Provisions › Rule 191-5.32 - Investments in Medium Grade and Lower Grade Obligations

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Reason for promulgation.
The division is concerned that changes in economic conditions and other market
				variables could adversely affect domestic insurers having a high concentration
				of these investments. Accordingly, the division has concluded that a limitation
				on the percentage of total admitted assets that a domestic insurer may
				prudently invest in such obligations is reasonable, necessary and required in
				order to carry out the division's responsibilities under relevant statutory
				law.
The division understands that medium grade and lower grade
				  obligations can have a place in a well diversified portfolio. However, it is
				  also understood that the special risks associated with these investments
				  require a high degree of management even when they are held within an aggregate
				  limit. While this rule will leave all domestic insurers with authority to
				  invest a substantial portion of their assets in medium grade and lower grade
				  obligations, the prudent management of the attendant risk will remain an
				  essential element of such investing.
(2)
Purposes.
The purposes
				of this rule are:
a. To protect the interests
				of the insurance-buying public by establishing limitations on the concentration
				of medium grade and lower grade obligations in which a domestic insurer can
				invest;
b. To regulate the acts and
				practices of domestic insurers with respect to the concentration of investments
				in medium grade and lower grade obligations. An insurer's obligations of these
				classifications shall not exceed the greater of those allowed in subrule
				5.10(2) or Iowa Code section
				515.35(4)
"e,"
whichever is applicable, or this
				rule.
Iowa Administrative Code › Agency 191 - Insurance Division › Regulation of Insurers › Chapter 5 - Regulation of Insurers-general Provisions › Rule 191-5.33 - Credit for Reinsurance

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Purpose.
The purpose of this rule is to set forth the
				procedural requirements which the insurance commissioner deems necessary to
				carry out the provisions of Iowa Code sections
				521B.1 to
				521B.5. The actions
				and information required by this rule are hereby declared to be necessary and
				appropriate to the public interest and for the protection of the ceding
				insurers in this state.
(2)
Applicability.
This rule shall have no applicability to
				reinsurance ceded and assumed pursuant to a pooling arrangement among insurers
				in the same holding company system.
(3)
Reinsurer licensed in this
				state.
The commissioner shall allow credit for reinsurance ceded by a
				domestic insurer to assuming insurers which were licensed in this state as of
				the date of the ceding insurer's statutory financial statement.
(4)
Accredited reinsurers.
a. The commissioner shall allow credit for
				reinsurance ceded by a domestic insurer to an assuming insurer which is
				accredited as a reinsurer in this state as of the date of the ceding insurer's
				statutory financial statement. An accredited reinsurer is one which:
(1) Files a properly executed Form AR-1 as
				evidence of its submission to this state's jurisdiction and to this state's
				authority to examine its books and records;
(2) Files with the commissioner a certified
				copy of a letter or a certificate of authority or of compliance as evidence
				that it is licensed to transact insurance or reinsurance in at least one state,
				or, in the case of a United States branch of an alien assuming insurer, is
				entered through and licensed to transact insurance or reinsurance in at least
				one state;
(3) Files annually with
				the commissioner a copy of its annual statement filed with the insurance
				department of its state of domicile or, in the case of an alien assuming
				insurer, with the state through which it is entered and in which it is licensed
				to transact insurance or reinsurance, and a copy of its most recent audited
				financial statement;
(4) Maintains
				a surplus as regards policyholders in an amount not less than $20 million or
				obtains the affirmative approval of the commissioner upon a finding that the
				accredited reinsurer has adequate financial capacity to meet its reinsurance
				obligations and is otherwise qualified to assume reinsurance from domestic
				insurers.
Iowa Administrative Code › Agency 191 - Insurance Division › Regulation of Insurers › Chapter 5 - Regulation of Insurers-general Provisions › Rule 191-5.34 - Actuarial Opinion and Memorandum

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Purpose and effective
				date.
The purpose of this rule is to prescribe:
a. Requirements for statements of actuarial
				opinion that are to be submitted in accordance with Iowa Code section 508.36
				and for memoranda in support thereof;
b. Rules applicable to the appointment of an
				appointed actuary; and
c. Guidance
				as to the meaning of "adequacy of reserves."
Iowa Administrative Code › Agency 191 - Insurance Division › Regulation of Insurers › Chapter 5 - Regulation of Insurers-general Provisions › Rule 191-5.40 - Premium Tax

Current through Register Vol. 47, No. 3, July 24, 2024
The fact that the companies choose to call a stipulated
				  amount a "policy fee" and do not include it under the term of "premium" would
				  not have the effect of exempting this income from taxation. It is most
				  assuredly a part of the premium or income received from policyholders for
				  business done in Iowa and thus subject to taxation.
Iowa Administrative Code › Agency 191 - Insurance Division › Regulation of Insurers › Chapter 5 - Regulation of Insurers-general Provisions › Rule 191-5.41 - Tax on Gross Premiums-life Companies

Current through Register Vol. 47, No. 3, July 24, 2024
In determining the gross amount of premiums to be taxed
				  hereunder, there shall be excluded:
1.
				All premiums returned to policyholders or annuitants during the preceding
				calendar year, except cash surrender values.
2. All dividends that, during said year, have
				been paid in cash or applied in reduction of premiums or left to accumulate to
				the credit of policyholders or annuitants.
Iowa Administrative Code › Agency 191 - Insurance Division › Regulation of Insurers › Chapter 5 - Regulation of Insurers-general Provisions › Rule 191-5.42 - Cash Refund of Premium Tax

Current through Register Vol. 47, No. 3, July 24, 2024
A cash refund of premium tax may be made to an insurance
				  company that has paid a premium tax payment or prepayment and demonstrates an
				  inability to recoup the funds paid via a credit, provided that the division
				  determines that a refund is appropriate. A claim for refund is a formal request
				  made by the insurance company or its successor in interest to the division for
				  repayment of premium tax prepayments that were paid with the insurance
				  company's previously filed tax return. The claim for refund shall not be filed
				  with a premium tax prepayment, annual tax payment, or with other documents or
				  forms submitted to the division.
(1)
Eligibility criteria.
Upon the written application of an
				insurance company or its successor in interest, the division shall authorize
				the department of revenue to make a cash refund to an insurer if:
a. The insurance company is subject to an
				order of liquidation or equivalent order issued by a court of competent
				jurisdiction; or
b. The insurance
				company has not written any business in the state of Iowa for five years;
				or
c. The insurance company's
				certificate of authority is voluntarily or involuntarily surrendered or
				terminated; upon application for a refund, the company shall be prohibited from
				applying for readmission in Iowa for at least five years; and
d. The insurance company has no insurer
				within its holding company which could utilize the credit.
Iowa Administrative Code › Agency 191 - Insurance Division › Regulation of Insurers › Chapter 5 - Regulation of Insurers-general Provisions › Rule 191-5.43 - Managing General Agents

Current through Register Vol. 47, No. 3, July 24, 2024
(1) The
				requirement that a domestic insurer submit its contracts with managing general
				agents for approval of the commissioner set forth in Iowa Code section
				510.2
				remains in effect after July 1, 1991.
(2) A managing general agent shall at all
				times maintain a surety bond in the amount of $50,000 issued by an insurer
				licensed to transact business in this state for the benefit of each domestic
				insurer with which the managing general agent has contracted.
(3) A managing general agent shall maintain
				an errors and omissions policy in the face amount of $250,000.
(4) A third-party administrator subject to
				Iowa Code chapter 510 shall not be deemed to be a managing general
				agent.
(5) The amount of claims in
				excess of which a person is authorized to adjust or pay for purposes of the
				definition of "managing general agent" in Iowa Code section
				510.1B(4)
				"a"(3)(a) is $15,000 per claim.
Iowa Administrative Code › Agency 191 - Insurance Division › Regulation of Insurers › Chapter 5 - Regulation of Insurers-general Provisions › Rule 191-5.51 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
"Reporting financial institution"
means a person which holds a
				certificate of authority to act as an insurer pursuant to any provision of
				Title XX, Iowa Code, if the person:
a. At the
				beginning of a reporting period possessed assets in excess of $10 million;
				and
b. During a reporting period
				received applications for mortgage loans on residential property situated in
				any Iowa city with a population in excess of 50,000, as determined in the most
				recent census, or in any standard metropolitan statistical area.