2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 515 - INSURANCE OTHER THAN LIFE
515.74 - FOREIGN MUTUAL COMPANIES -- SURPLUS.

        515.74  FOREIGN MUTUAL COMPANIES -- SURPLUS.
         1.  Any mutual insurance company organized outside of this state
      and authorized to transact the business of insurance on the mutual
      plan in any other state of the United States or in the District of
      Columbia, may be admitted to this state and authorized to transact
      herein any of the kinds of insurance authorized by its charter or
      articles of incorporation, when so permitted by the provisions of
      this chapter, with the powers and privileges and subject to the
      conditions and limitations specified in said chapter; provided,
      however, such company has complied with all the statutory provisions
      which require stock companies to file papers and to furnish
      information and to submit to examination, and is also solvent
      according to the requirements of this chapter and is possessed of a
      surplus safely invested as follows:
         a.  In case of a mutual company issuing policies for a cash
      premium without an additional contingent liability equal to or
      greater than the cash premium, the surplus shall be at least two
      million dollars.
         b.  In case of any other such mutual company issuing policies
      for a cash premium or payment with an additional contingent liability
      equal to or greater than the cash premium or payment, the surplus
      shall be such an amount as the commissioner of insurance of Iowa may
      require, but in no case less than three hundred thousand dollars,
      provided that the provisions of this section fixing a minimum surplus
      of three hundred thousand dollars shall not apply to companies now
      admitted to do business in Iowa; provided, further, that no such
      mutual company shall be authorized to transact compensation insurance
      without a surplus of at least three hundred thousand dollars unless
      all liability for each adjusted claim in this state, the payment of
      any part of which is deferred for more than one year, shall be
      provided for by a special deposit, in a trust company or a bank
      having fiduciary powers, located in this state, which shall be a
      trust fund applicable solely and exclusively to the payment of the
      compensation benefits for which such deposit is made, or shall be
      reinsured in an authorized stock company, or in an authorized mutual
      company with a surplus of at least three hundred thousand dollars.
         2.  Notwithstanding subsection 1, a mutual insurance company
      authorized to transact business under this section shall comply with
      the minimum surplus requirements of this section or chapter 521E,
      whichever is greater.  

         Section History: Early Form

         [C73, § 1144; C97, § 1723; C24, 27, 31, 35, 39, § 8955; C46,
      50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 515.76] 

         Section History: Recent Form

         96 Acts, ch 1046, §6; 2007 Acts, ch 152, § 7
         CS2007, § 515.74 

         Footnotes

         Former § 515.74 transferred to § 515.77; 2007 Acts, ch 152, § 5