§ 515.69 — Foreign companies — capital and surplus required

Iowa § 515.69

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 515: INSURANCE OTHER THAN LIFE

Text

1. Astockinsurancecompanyorganizedunderorbythelawsofanyotherstateorforeign
government for the purpose specified in this chapter, shall not, directly or indirectly, take
risks or transact business of insurance in this state unless the company possesses the actual
amountofcapitalandsurplusrequiredofanycompanyorganizedpursuanttothischapter, or
if the company is a mutual insurance company, the actual amount of surplus required of any
mutual insurance company organized pursuant to this chapter, exclusive of assets deposited
in a state, territory, district, or country for the special benefit or security of those insured in
that state, territory, district, or country.
2. Notwithstanding subsection 1, a stock insurance company authorized to transact

business under this section shall comply with the minimum capital and surplus requirements
of this section or chapter 521E, whichever is greater.

Legislative History

[C73, §1144; C97, §1721; SS15, §1721; C24, 27, 31, 35, 39, §8951; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §515.69]