Iowa § 515.78 Foreign companies may become domestic

Iowa Statutes

§ 515.78 — Foreign companies may become domestic

Iowa § 515.78

Title XIIICOMMERCE

Ch. 515INSURANCE OTHER THAN LIFE

This text of Iowa § 515.78 (Foreign companies may become domestic) is published on Counsel Stack Legal Research, covering Iowa primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Iowa Code § 515.78 (2026).

Text

1.An insurer which is organized under the laws of any state and has created or will create jobs in this state or which is an affiliate or subsidiary of a domestic insurer, and is admitted to do business in this state for the purpose of writing insurance authorized by this chapter may become a domestic insurer by complying with section 490.905 or 491.33 and with all of the requirements of law relative to the organization and licensing of a domestic insurer of the same type and by designating its principal place of business in this state may become a domestic corporation and be entitled to like certificates of its corporate existence and license totransactbusinessinthisstate, andbesubjectinallrespectstotheauthorityandjurisdiction thereof.

2.The certificates of authority, agent’s appointmen

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1. An insurer which is organized under the laws of any state and has created or will create
jobs in this state or which is an affiliate or subsidiary of a domestic insurer, and is admitted
to do business in this state for the purpose of writing insurance authorized by this chapter
may become a domestic insurer by complying with section 490.905 or 491.33 and with all of
the requirements of law relative to the organization and licensing of a domestic insurer of
the same type and by designating its principal place of business in this state may become a
domestic corporation and be entitled to like certificates of its corporate existence and license
totransactbusinessinthisstate, andbesubjectinallrespectstotheauthorityandjurisdiction
thereof.
2. The certificates of authority, agent’s appointments and licenses, rates, and other items
which are in existence at the time any insurer transfers its corporate domicile to this state,
pursuant to this section, shall continue in full force and effect upon such transfer. For
purposes of existing authorizations and all other corporate purposes, the insurer is deemed
the same entity as it was prior to the transfer of its domicile. All outstanding policies of any
transferring insurer shall remain in full force and effect and need not be endorsed as to any
new name of the company or its new location unless so ordered by the commissioner of
insurance.
[81 Acts, ch 161, §2]
C83, §515.99