Iowa § 520.9A Solvency standard — transition

Iowa Statutes

§ 520.9A — Solvency standard — transition

Iowa § 520.9A

Title XIIICOMMERCE

Ch. 520RECIPROCAL OR INTERINSURANCE CONTRACTS

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Bluebook

Iowa Code § 520.9A (2026).

Text

Notwithstanding section 520.9, a reciprocal or interinsurance insurer authorized to
transact business in this state prior to July 1, 1988, may continue in operation provided
that the insurer contributes an additional ten percent of the previous year ending capital
and surplus to capital and surplus each year. If an insurer fails to contribute the additional
ten percent, the commissioner of insurance may revoke the insurer’s authorization to do
business in this state. The insurance commissioner may waive this requirement for just
cause shown.

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Notwithstanding section 520.9, a reciprocal or interinsurance insurer authorized to
transact business in this state prior to July 1, 1988, may continue in operation provided
that the insurer contributes an additional ten percent of the previous year ending capital
and surplus to capital and surplus each year. If an insurer fails to contribute the additional
ten percent, the commissioner of insurance may revoke the insurer’s authorization to do
business in this state. The insurance commissioner may waive this requirement for just
cause shown.