§ 518A.27 — Reinsurance — quo warranto

Iowa § 518A.27

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 518A: STATE MUTUAL INSURANCE ASSOCIATIONS

Text

The commissioner of insurance may address inquiries to any association in relation to its
doingsandconditionandanyassociationsoaddressedshallpromptlyreplytheretoinwriting.
If the commissioner of insurance is then satisfied that the association has failed to comply
with any provisions of this law, or is exceeding its powers, or is not carrying out its contracts
in good faith; or is transacting business fraudulently or soliciting insurance in territories
where it is not legally admitted to do business, or is in such condition as to render the further
transaction of business by it hazardous to the public or its policyholders, the business under
the commissioner’s supervision and with the consent of the association may be reinsured in
some mutual association, or the commissioner may present the facts relating thereto to the
attorney general and if the circumstances warrant the attorney general may commence an
action in quo warranto in a court of competent jurisdiction.

Legislative History

[C97, §1766; S13, §1759-g; C24, 27, 31, 35, 39, §9052; C46, 50, 54, 58, 62, §518.27; C66, 71, 73, 75, 77, 79, 81, §518A.27]