2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 515 - INSURANCE OTHER THAN LIFE
515.78 - FOREIGN COMPANIES MAY BECOME DOMESTIC.

        515.78  FOREIGN COMPANIES MAY BECOME DOMESTIC.
         An insurer which is organized under the laws of any state, and is
      admitted to do business in this state for the purpose of writing
      insurance authorized by this chapter may become a domestic insurer by
      complying with section 490.902 or 491.33 and with all of the
      requirements of law relative to the organization and licensing of a
      domestic insurer of the same type and by designating its principal
      place of business in this state, and, upon payment to the
      commissioner of insurance of a transfer tax in a sum equal to
      twenty-five percent of the premium tax paid pursuant to the
      provisions of chapter 432 for the last calendar year immediately
      preceding its becoming a domestic corporation or the sum of ten
      thousand dollars, whichever is the lesser but not less than one
      thousand dollars, may become a domestic corporation and be entitled
      to like certificates of its corporate existence and license to
      transact business in this state, and be subject in all respects to
      the authority and jurisdiction thereof.
         The certificates of authority, agent's appointments and licenses,
      rates, and other items which are in existence at the time any insurer
      transfers its corporate domicile to this state, pursuant to this
      section, shall continue in full force and effect upon such transfer.
      For purposes of existing authorizations and all other corporate
      purposes, the insurer is deemed the same entity as it was prior to
      the transfer of its domicile.  All outstanding policies of any
      transferring insurer shall remain in full force and effect and need
      not be endorsed as to any new name of the company or its new location
      unless so ordered by the commissioner of insurance.  

         Section History: Early Form

         [81 Acts, ch 161, § 2] 

         Section History: Recent Form

         C83, § 515.99
         89 Acts, ch 288, §193; 2007 Acts, ch 152, § 25
         CS2007, § 515.78