Iowa § 521J.8 Examinations

Iowa Statutes

§ 521J.8 — Examinations

Iowa § 521J.8

Title XIIICOMMERCE

Ch. 521JCAPTIVE COMPANIES

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Bluebook

Iowa Code § 521J.8 (2026).

Text

1.

a.Except for captive risk retention groups as provided under paragraph “c”, the commissioner may examine each captive company’s compliance with this chapter, and may examine the affairs, transactions, accounts, records, and assets of each captive company as the commissioner deems necessary.

b.The commissioner shall upon the completion of an examination under paragraph “a”, or at such regular intervals prior to completion of an examination as the commissioner determines, prepare an account of the costs incurred in performing and preparing the report of the examination which shall be charged to and paid by the captive company examined. If the captive company fails or refuses to pay the charges, the charges may be recovered in an action brought in the name of the state.

c.The commission

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1. a. Except for captive risk retention groups as provided under paragraph “c”, the
commissioner may examine each captive company’s compliance with this chapter, and may
examine the affairs, transactions, accounts, records, and assets of each captive company as
the commissioner deems necessary.
b. The commissioner shall upon the completion of an examination under paragraph “a”,
or at such regular intervals prior to completion of an examination as the commissioner
determines, prepare an account of the costs incurred in performing and preparing the report
of the examination which shall be charged to and paid by the captive company examined. If
the captive company fails or refuses to pay the charges, the charges may be recovered in an
action brought in the name of the state.
c. The commissioner shall examine the affairs, transactions, accounts, records, and
assets of each captive risk retention group as the commissioner deems necessary, but no less
frequently than every three calendar years. A report produced pursuant to the examination
of a captive risk retention group under this section shall be a public record.
2. Except as provided in subsection 3, this section shall apply to all business written by a
captive company.
3. An examination of a branch captive company shall be conducted only on the branch
business and branch operations if all of the following requirements are met:
a. The branch captive company annually provides the commissioner a certificate of
compliance, or equivalent, that was issued by or filed with the licensing authority of the
jurisdiction in which the branch captive company is formed.
b. The branch captive company demonstrates to the satisfaction of the commissioner that
the company is operating in sound financial condition and in compliance with all applicable
law and regulations of the jurisdiction in which the branch captive company is formed.
4. As a condition of authorization of a branch captive company, the alien captive company
shall grant authority to the commissioner for examination of the affairs of the alien captive
company in the jurisdiction in which the alien captive company is formed.
9 CAPTIVE COMPANIES, §521J.11
5. The applicable provisions of chapter 507 shall apply to examinations conducted under
this chapter.