§ 508.5 — Capital and surplus required

Iowa § 508.5

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 508: LIFE INSURANCE COMPANIES

Text

1. A stock life insurance company shall not be authorized to transact business under this
chapter with less than five million dollars of capital and surplus paid in cash or invested as
provided by law. A stock life insurance company shall not increase its capital stock unless
the amount of the increase is fully paid in cash. A stock life 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, a stock life insurance company, or any other life
insurance company authorized to transact business under this chapter, shall comply with
the minimum capital and surplus requirements of this chapter or chapter 521E, whichever is
greater.

Legislative History

[C73, §1162; C97, §1769; C24, 27, 31, 35, 39, §8647; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §508.5]