Iowa Code 520.9A – Solvency standard — transition
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Terms Used In Iowa Code 520.9A
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
- year: means twelve consecutive months. See Iowa Code 4.1
520.9A Solvency standard — transition.
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.
88 Acts, ch 1111, §17
Referred to in §520.14
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.
88 Acts, ch 1111, §17
Referred to in §520.14