2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 515 - INSURANCE OTHER THAN LIFE
515.8 - PAID-UP CAPITAL REQUIRED.

        515.8  PAID-UP CAPITAL REQUIRED.
         1.  An insurance company other than a life insurance company shall
      not be incorporated to transact business upon the stock plan with
      less than five million dollars of capital and surplus, the entire
      amount of which shall be fully paid up in cash and invested as
      provided by law.  An insurance company other than a life insurance
      company shall not increase its capital stock unless the amount of the
      increase is fully paid up in cash.  An insurance company authorized
      to do business in Iowa that undergoes a change of control as defined
      under chapter 521A shall maintain the minimum capital and surplus
      requirements mandated by this section.
         2.  Notwithstanding subsection 1, an insurance company, other than
      a life insurance company, authorized to transact business under this
      chapter shall comply with the minimum capital requirements of this
      section or chapter 521E, whichever is greater.  

         Section History: Early Form

         [C73, § 1124; C97, § 1691; S13, § 1783-e; C24, 27, 31, 35, 39, §
      8903; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 515.8]
      

         Section History: Recent Form

         90 Acts, ch 1234, §33; 95 Acts, ch 185, §19; 96 Acts, ch 1046, §
      3; 98 Acts, ch 1057, §9
         Referred to in § 511.23