§ 515.71 — Deposit of securities — amount

Iowa § 515.71

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

Text

1. Every alien insurer authorized to transact business in this state shall at all times
maintain a deposit with the commissioner of insurance in cash or in securities in which
insurance companies are authorized to invest, of a sum equal to the greater of the reserve
on all policies covering risks located in this state or one million dollars. The securities shall
be approved, and the amount of the deposit shall be determined, by the commissioner. The
commissioner, in the commissioner’s discretion, may permit the withdrawal of interest
earnings.
2. In lieu of the deposit provided in this section, an alien insurer may file with the
commissioner a bond of equal amount executed by a licensed United States surety company,
so conditioned for the protection of Iowa creditors and policyholders.
3. An alien insurer shall not be granted a certificate of authority to transact business in
this state, or a renewal of the certificate, until such deposit is made, and the commissioner
may revoke the certificate of authority of an alien insurer which fails to make the deposit
within a reasonable period of time.

Legislative History

[C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §515.71]