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505.8 General powers and duties.

1. The commissioner of insurance shall be the head of the division, and shall have general control, supervision, and direction over all insurance business transacted in the state, and shall enforce all the laws of the state relating to such insurance.

2. The commissioner shall, subject to chapter 17A, establish, publish, and enforce rules not inconsistent with law for the enforcement of this subtitle and for the enforcement of the laws, the administration and supervision of which are imposed on the division, including rules to establish fees sufficient to administer the laws, where appropriate fees are not otherwise provided for in rule or statute, and as necessary to obtain from persons authorized to do business in the state or regulated by the division that data required pursuant to former section 145.3 by the state health data commission.*

3. The commissioner shall supervise all transactions relating to the organization, reorganization, liquidation, and dissolution of domestic insurance corporations, and all transactions leading up to the organization of such corporations.

4. The commissioner shall also supervise the sale in the state of all stock, certificates, or other evidences of interest, either by domestic or foreign insurance companies or organizations proposing to engage in any insurance business.

5. The commissioner shall do the following:

a. By July 1, 1988, prepare a report on the level of Iowa investments of Iowa domestic and nondomestic insurance companies.

b. By September 1, 1988, prepare a plan of action outlining the alternatives and incentives for increasing in- state investments of domestic and nondomestic insurance companies.

c. By July 1, 1989, prepare a report on the number of new jobs added, new companies that have moved to or established subsidiaries in the state, and the approximate amount of tax revenues resulting from the expanded deduction of premiums for all annuity contracts in computing the premiums tax under section 432.1, subsection 1.

d. On an annual basis, prepare a report identifying the premium volume of nonqualified insurance annuities issued by domestic insurance companies doing at least a volume of five million dollars per annum, and relating that to projections for increased volume of such sales.

e. The reports prepared under paragraphs "a", "b", and "c" shall, upon completion, be forwarded to the members of the house standing committee on small business and commerce and the house standing committee on ways and means and to members of the senate standing committee on commerce and the senate standing committee on ways and means.

Domestic insurance companies shall cooperate with the commissioner in providing information to develop the reports under this subsection.

6. The commissioner shall supervise all health insurance purchasing cooperatives providing services or operating within the state and the organization of domestic cooperatives. The commissioner may admit nondomestic health insurance purchasing cooperatives under the same standards as domestic cooperatives.

Section History: Early form

[S13, § 1683-r3; C24, 27, 31, 35, 39, § 8613; C46, 50, 54, § 505.8; C58, 62, § 505.8, 522.3; C66, 71, 73, § 505.8, 515.150, 522.3; C75, 77, 79, 81, § 505.8]

Section History: Recent form

83 Acts, ch 27, § 10; 88 Acts, ch 1159, § 2; 90 Acts, ch 1234, § 2; 94 Acts, ch 1176, §3

Internal References

Referred to in § 514G.8


See also § 523A.2

*Health data commission, former chapter 145, was repealed effective July 1, 1996; corrective legislation is pending

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