Iowa § 515.74 Foreign mutual companies — surplus

Iowa Statutes

§ 515.74 — Foreign mutual companies — surplus

Iowa § 515.74

Title XIIICOMMERCE

Ch. 515INSURANCE OTHER THAN LIFE

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Bluebook

Iowa Code § 515.74 (2026).

Text

1.Any mutual insurance company organized outside of this state and authorized to transact the business of insurance on the mutual plan in any other state of the United States or in the District of Columbia, may be admitted to this state and authorized to transact herein any of the kinds of insurance authorized by its charter or articles of incorporation, when so permitted by the provisions of this chapter, with the powers and privileges and subject to the conditions and limitations specified in said chapter; provided, however, such company has complied with all the statutory provisions which require stock companies to file papers and to furnish information and to submit to examination, and is also solvent according to the requirements of this chapter and is possessed of a surplus safely i

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1. Any mutual insurance company organized outside of this state and authorized to
transact the business of insurance on the mutual plan in any other state of the United States
or in the District of Columbia, may be admitted to this state and authorized to transact herein
any of the kinds of insurance authorized by its charter or articles of incorporation, when so
permitted by the provisions of this chapter, with the powers and privileges and subject to
the conditions and limitations specified in said chapter; provided, however, such company
has complied with all the statutory provisions which require stock companies to file papers
and to furnish information and to submit to examination, and is also solvent according to
the requirements of this chapter and is possessed of a surplus safely invested as follows:
a. In case of a mutual company issuing policies for a cash premium without an additional
contingent liability equal to or greater than the cash premium, the surplus shall be at least
two million dollars.
b. In case of any other such mutual company issuing policies for a cash premium or
payment with an additional contingent liability equal to or greater than the cash premium
or payment, the surplus shall be such an amount as the commissioner of insurance of Iowa
may require, but in no case less than three hundred thousand dollars, provided that the
provisions of this section fixing a minimum surplus of three hundred thousand dollars shall
not apply to companies now admitted to do business in Iowa; provided, further, that no such
mutual company shall be authorized to transact compensation insurance without a surplus
of at least three hundred thousand dollars unless all liability for each adjusted claim in this
state, the payment of any part of which is deferred for more than one year, shall be provided
for by a special deposit, in a trust company or a bank having fiduciary powers, located in
this state, which shall be a trust fund applicable solely and exclusively to the payment of the
compensation benefits for which such deposit is made, or shall be reinsured in an authorized
stock company, or in an authorized mutual company with a surplus of at least three hundred
thousand dollars.
2. Notwithstanding subsection 1, a mutual insurance company authorized to transact
business under this section shall comply with the minimum surplus requirements of this
section or chapter 521E, whichever is greater.