§ 515.75 — Certificate to foreign company

Iowa § 515.75

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

Text

When a foreign company has fully complied with the requirements of law and become
entitled to do business, the commissioner of insurance shall issue to the company a
certificate of that fact, which certificate shall be renewed annually on the first day of June,
if the commissioner is satisfied that the capital, securities, and investments of the company
remain unimpaired, and the company has complied with the provisions of law applicable to
the company. However, the commissioner shall not grant or continue authority to transact
insurance in this state to an insurer the management of which is found by the commissioner,
after a hearing is provided, in which the commissioner shall establish and consider any
prior criminal records or any other matters, to be untrustworthy or so lacking in insurance
experience as to make the proposed operation hazardous to the insurance-buying public;

or which, after a hearing is provided, the commissioner has good reason to believe is
affiliated directly or indirectly through ownership, control, reinsurance transactions, or
other insurance or business relations, with a person whose business operations are or have
been marked, to the detriment of policyholders or stockholders or investors or creditors or
of the public, by manipulation or dissipation of assets, or manipulation of accounts, or of
reinsurance, or by similar injurious actions.

Legislative History

[C73, §1146; C97, §1724; C24, 27, 31, 35, 39, §8956; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §515.77]