§ 520.23 — Deposit of securities by reciprocal or interinsurance exchanges

Iowa § 520.23

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 520: RECIPROCAL OR INTERINSURANCE CONTRACTS

Text

If the commissioner of insurance or chief insurance officer of any other state or territory
of the United States, claiming to proceed under existing or future laws of any such state
or territory, shall require reciprocal or interinsurance exchanges of this state or the agents
thereof to make any deposit of securities in such other state or territory for the protection
of policyholders or otherwise or to make payment of taxes, fines, penalties, certificates
of authority, license fees or otherwise or subject them to any restrictions, obligations,
conditions, or penalties, greater than are required or imposed by the laws of the state of
Iowa relating to reciprocal or interinsurance exchanges, from such exchanges of such other
states or territories by the then existing laws of this state, then and in every such case all
such reciprocal or interinsurance exchanges of such other states or territories shall be and
they are hereby required to make like deposits for like purposes with the insurance division
of this state and to pay to the commissioner of insurance taxes, fines, penalties, certificates
of authority, license fees and otherwise in an amount equal to the amount of such charges
and payments, and shall be subjected to the same restrictions, obligations, conditions, or
penalties imposed by the commissioner of insurance or chief insurance officer of such other
states under and by virtue of law, upon reciprocal or interinsurance exchanges of this state
and the agents thereof.

Legislative History

[C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §520.23]