§ 507.1 — Purpose — definitions

Iowa § 507.1

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 507: EXAMINATION OF INSURANCE COMPANIES

Text

1. Thepurposeofthischapteristoprovideaneffectiveandefficientsystemforexamining
the activities, operations, financial condition, and affairs of all persons transacting the
business of insurance in this state and all persons otherwise subject to the jurisdiction of
the commissioner. The chapter is intended to enable the commissioner to adopt a flexible
system of examinations which directs resources as deemed appropriate and necessary for
the administration of the insurance and insurance-related laws of this state.
2. As used in this chapter, unless the context otherwise requires:
a. “Commissioner” means the commissioner of insurance of this state.
b. “Company” means any person engaging in or proposing or attempting to engage in
any transaction or kind of insurance or surety business and any person or group of persons
who may otherwise be subject to the administrative, regulatory, or taxing authority of the
commissioner.
c. “Division” means the division of insurance of the department of insurance and financial
services.
d. “Examiner” means any individual or firm authorized by the commissioner to conduct
an examination pursuant to this chapter.
e. “Insurer” includes all companies or associations organized under chapter 508, 511,
512A, 512B, 514, 514B, 515, 515C, or 518A, associations subject to chapters 518 and 520,
and companies or associations admitted or seeking to be admitted to this state under any of
those chapters.
f. “Person” means any individual, aggregation of individuals, trust, association,
partnership, or corporation or an affiliate of any of these.

Legislative History

[S13, §1821-i; C24, 27, 31, 35, 39, §8625; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §507.1]