An insurance company other than a life insurance company shall not be incorporated to transact business upon the stock plan with less than two million five hundred thousand dollars capital, the entire amount of which shall be fully paid up in cash and invested as provided by law. An insurance company other than a life insurance company shall not increase its capital stock unless the amount of the increase is fully paid up in cash. The stock shall be divided into shares of not less than one dollar each.
[C73, § 1124; C97, § 1691; S13, § 1783-e; C24, 27, 31, 35, 39, § 8903; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 515.8]
90 Acts, ch 1234, §33
Referred to in § 511.23
© 1996 Cornell College and League of Women Voters of Iowa
Comments? webmaster@legis.iowa.gov.
Last update: Thu Feb 8 18:14:51 CST 1996
URL: /IACODE/1995/515/8.html
jhf