521A.7A Announcements to the public — 521A.14 Mutual insurance holding
prohibition. companies.
GENERAL PROVISIONS
521A.1 Definitions.
For the purpose of this chapter, unless the context otherwise requires:
1.“Affiliate of”, or a person affiliated with, a specific person, shall mean a person who
directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is
under common control with, the person specified.
2.The term “commissioner” shall mean the insurance commissioner, the commissioner’s
deputies, or the insurance division, as appropriate.
3.“Control”, including “controlling”, “controlled by”, and “under common control with”,
shall mean the possession, direct or indirect, of the power to direct or cause the direction
of the management and policies of a p
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521A.7A Announcements to the public — 521A.14 Mutual insurance holding
prohibition. companies.
GENERAL PROVISIONS
521A.1 Definitions.
For the purpose of this chapter, unless the context otherwise requires:
1. “Affiliate of”, or a person affiliated with, a specific person, shall mean a person who
directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is
under common control with, the person specified.
2. The term “commissioner” shall mean the insurance commissioner, the commissioner’s
deputies, or the insurance division, as appropriate.
3. “Control”, including “controlling”, “controlled by”, and “under common control with”,
shall mean the possession, direct or indirect, of the power to direct or cause the direction
of the management and policies of a person, whether through the ownership of voting
securities, by contract other than a commercial contract for goods or nonmanagement
services, or otherwise, unless the power is solely the result of an official position with or a
corporate office held by the person. Control shall be presumed to exist if any person, directly
or indirectly, owns, controls, holds with the power to vote, or holds proxies representing,
ten percent or more of the voting securities of any other person. This presumption may be
rebutted by a showing made in the manner provided in section 521A.3, subsections 1 through
5, or section 521A.4, subsection 11, whichever is applicable, that control does not exist in
fact. The commissioner may determine, after furnishing all persons in interest notice and
opportunity to be heard and making specific findings of fact to support the determination,
that control exists in fact, notwithstanding the absence of a presumption to that effect.
4. “Domestic insurer” means an insurer organized or created under the laws of this state
except an insurer excluded under subsection 9.
5. “Enterprise risk” means any activity, circumstance, event, or series of events involving
one or more affiliates of an insurer that, if not remedied promptly, is likely to have a material
adverse effect upon the financial condition or liquidity of the insurer or its insurance holding
company system as a whole, including but not limited to anything that would cause the
insurer’s risk-based capital to fall into a company-action-level event as set forth in section
521E.3 for insurers or section 521F.4 for health organizations, or would cause the insurer to
be in hazardous financial condition pursuant to 191 IAC ch. 110.
6. “Group capital calculation instructions” means the most recent instructions adopted
§521A.1, INSURANCE HOLDING COMPANY SYSTEMS 2
by the NAIC group capital calculation working group or its successor, and as published or
amended by the NAIC in accordance with procedures adopted by the NAIC.
7. “Group-wide supervisor” means a regulatory official who is authorized, and who is
determined or acknowledged by the commissioner pursuant to section 521A.6B to have
sufficient significant contacts with an internationally active insurance group, to engage in
conducting and coordinating group-wide supervision of the internationally active insurance
group.
8. “Insurance holding company system” shall consist of two or more affiliated persons,
one or more of which is an insurer.
9. “Insurer” means a company qualified and licensed by the insurance division to transact
the business of insurance in this state by certificate issued pursuant to chapters 508, 512B,
514, 514B, 515, 515E, and 520, except that it shall not include agencies, authorities, or
instrumentalities of the United States, its possessions and territories, the commonwealth of
Puerto Rico, the District of Columbia, or a state or political subdivision of a state.
10. “Internationallyactiveinsurancegroup”meansaninsuranceholdingcompanysystem
that includes an insurer registered under section 521A.4 and that meets all of the following
criteria:
a. The insurance holding company system has premiums written in at least three
countries.
b. The percentage of gross premiums written outside the United States is at least ten
percent of the insurance holding company system’s total gross written premiums.
c. Basedonathree-yearrollingaverage,thetotalassetsoftheinsuranceholdingcompany
system are at least fifty billion dollars or the total gross written premiums of the insurance
holding company system are at least ten billion dollars.
11. “Liquidity stress test framework” means the most recent NAIC liquidity stress test
framework, initially adopted in 2020, for life insurers meeting the scope criteria, and as
published or amended by the NAIC in accordance with procedures adopted by the NAIC.
12. “NAIC” means the national association of insurance commissioners.
13. A “person” is an individual, a corporation, a partnership, an association, a joint stock
company, a trust, an unincorporated organization, any similar entity or any combination of
the foregoing acting in concert, but does not include a joint venture partnership exclusively
engaged in owning, managing, leasing, or developing real or tangible personal property.
14. “Reciprocal jurisdiction” means the same as described in section 521B.102, subsection
6, paragraph “a”, subparagraph (1).
15. A “securityholder” of a specified person is one who owns any security of such person,
includingcommonstock,preferredstock,debtobligations,andanyothersecurityconvertible
into or evidencing the right to acquire any of the foregoing.
16. “Scope criteria” means the thresholds detailed in the NAIC liquidity stress test
framework that are used to establish the life insurer entities that are subject to a liquidity
stress test for a specific data year.
17. A “subsidiary” of a specified person is an affiliate controlled by such person directly,
or indirectly through one or more intermediaries.
18. “Supervisorycollege” means a temporary or permanent forum for communication and
cooperation between regulators charged with supervision of an insurer or its affiliates.
19. The term “voting security” shall include any security convertible into or evidencing a
right to acquire a voting security.