2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 515 - INSURANCE OTHER THAN LIFE
515.71 - DEPOSIT OF SECURITIES -- AMOUNT.

        515.71  DEPOSIT OF SECURITIES -- AMOUNT.
         Every alien insurer authorized to transact business in this state
      shall at all times maintain a deposit with the commissioner of
      insurance in cash or in securities in which insurance companies are
      authorized to invest, of a sum equal to the greater of the reserve on
      all policies covering risks located in this state or one million
      dollars.  The securities shall be approved, and the amount of the
      deposit shall be determined, by the commissioner.  The commissioner,
      in the commissioner's discretion, may permit the withdrawal of
      interest earnings.
         In lieu of the deposit provided in this section, an alien insurer
      may file with the commissioner a bond of equal amount executed by a
      licensed United States surety company, so conditioned for the
      protection of Iowa creditors and policyholders.
         An alien insurer shall not be granted a certificate of authority
      to transact business in this state, or a renewal of the certificate,
      until such deposit is made, and the commissioner may revoke the
      certificate of authority of an alien insurer which fails to make the
      deposit within a reasonable period of time.  

         Section History: Early Form

         [C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 515.71] 

         Section History: Recent Form

         92 Acts, ch 1162, § 37; 2000 Acts, ch 1023, §29, 60