1. 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. An insurance company authorized to do business in Iowa that undergoes a change of control as defined under chapter 521A shall maintain the minimum capital requirements mandated by this section.
2. Notwithstanding subsection 1, an insurance company, other than a life insurance company, authorized to transact business under this chapter shall comply with the minimum capital requirements of this section or chapter 521E, whichever is greater.
[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; 95 Acts, ch 185, §19; 96 Acts, ch 1046, § 3
Referred to in § 511.23
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
© 1997 Cornell College and League of Women Voters of Iowa
Comments? webmaster@legis.iowa.gov.
Last update: Mon Jan 27 16:05:08 CST 1997
URL: /DOCS/IACODE/1997/515/8.html
jhf