2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 521D - DISCLOSURE OF MATERIAL TRANSACTIONS
521D.3 - REPORT OF ACQUISITION AND DISPOSITION OF ASSETS -- INFORMATION REQUIRED -- SCOPE.

        521D.3  REPORT OF ACQUISITION AND DISPOSITION OF
      ASSETS -- INFORMATION REQUIRED -- SCOPE.
         1.  An acquisition or disposition of assets need not be reported
      pursuant to section 521D.2 if the acquisition or disposition is not
      material.  For purposes of this chapter, a material acquisition, or
      the aggregate of any series of related acquisitions, or a
      disposition, or the aggregate of any series of related dispositions,
      during any thirty-day period, is one that is nonrecurring, is not in
      the ordinary course of business, and involves more than five percent
      of the reporting insurer's total admitted assets as reported in its
      most recent statutory statement filed with the insurance division of
      the insurer's state of domicile.
         2.  For purposes of this chapter, an asset acquisition includes
      every purchase, lease, exchange, merger, consolidation, succession,
      or other acquisition, other than the construction or development of
      real property by or for the reporting insurer or the acquisition of
      materials for such purpose.  For purposes of this chapter, an asset
      disposition includes every sale, lease, exchange, merger,
      consolidation, mortgage, hypothecation, assignment, whether for the
      benefit of creditors or otherwise, abandonment, destruction, or other
      disposition.
         3.  A report of a material acquisition or disposition of assets
      shall include all of the following:
         a.  Date of the transaction.
         b.  Manner of the acquisition or disposition.
         c.  Description of the assets involved.
         d.  Nature and amount of the consideration given or received.

         e.  Purpose of, or reason for, the transaction.
         f.  Manner by which the amount of consideration was
      determined.
         g.  Gain or loss recognized or realized as a result of the
      transaction.
         h.  Name or names of the person or persons from whom the
      assets were acquired or to whom they were disposed.
         4.  An insurer is required to report material acquisitions and
      dispositions on a nonconsolidated basis unless the insurer is part of
      a consolidated group of insurers which utilizes a pooling arrangement
      or one hundred percent reinsurance agreement that affects the
      solvency and integrity of the insurer's reserves, and such insurer
      ceded substantially all of its direct and assumed business to the
      pool.  An insurer is deemed to have ceded substantially all of its
      direct and assumed business to a pool if the insurer has less than
      one million dollars total direct plus assumed written premiums during
      a calendar year that are not subject to a pooling arrangement, and
      the net income of the business not subject to the pooling arrangement
      represents less than five percent of the insurer's capital and
      surplus.  

         94 Acts, ch 1176, §18