1. A stock life insurance company shall not be authorized to transact business under this chapter with less than two million five hundred thousand dollars capital stock fully paid for in cash and two million five hundred thousand dollars of surplus paid in cash or invested as provided by law. A stock life insurance company shall not increase its capital stock unless the amount of the increase is fully paid in cash. The stock shall be divided into shares of not less than one dollar par value each. A stock life insurance company authorized to do business in Iowa that undergoes a change of control as defined under chapter 521A shall maintain the minimum capital and surplus requirements mandated by this section.
2. Notwithstanding subsection 1, a stock life insurance company, or any other life insurance company authorized to transact business under this chapter, shall comply with the minimum capital and surplus requirements of this chapter or chapter 521E, whichever is greater.
[C73, § 1162; C97, § 1769; C24, 27, 31, 35, 39, § 8647; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 508.5]
90 Acts, ch 1234, §5; 95 Acts, ch 185, §7; 96 Acts, ch 1046, § 1
Referred to in § 508.6, 508.9
Applicability of requirements under chapter 521E for risk-based capital reports filed in 1997; 96 Acts, ch 1046, § 21
Iowa General Assembly
Search: Iowa Code 1997
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