1. A company incorporated by or organized under the laws of any other state or government shall not transact business in this state unless itis possessed of the actual amount of capital and surplus required of any company organized by the laws of this state, or,ifit be a mutual company, of surplus equal in amount thereto. 2. An alien insurer, with the approval of the commissioner, may be treated as a domestic insurer of thisstate in whole or in part, and ifso approved isdeemed to be organized under the laws of this state and is an Iowa domestic insurer as provided by rules adopted by the commissioner. The approval of the commissioner may be based upon such factors as: a. Maintenance of an appropriate trust account, surplus account, or other financial mechanism in this state. b. Maintenance of all books and records of United States operations in this state. c. Maintenance of a separate financial reporting system for its United States operations. d. Any other provisions deemed necessary by the commissioner. 3. A foreign company authorized to do business in this state shall not assumptively reinsure a block of business which includes policyholders residing in this state to a company not authorized to do business in this state without the prior written approval of the commissioner.
‹ Prev All Iowa sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.