508.5 Capital and surplus required. 1. A stock life insurance company shall not be authorized to transact business under this chapter with less than five million dollars of capital and surplus paid in cash or invested asprovided by law. A stock life insurance company shall not increase its capital stock unlessthe amount of the increase is fully paid in cash. A stock life insurance company authorized todo business in Iowa that undergoes a change of control as defined under chapter 521A shallmaintain 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 withthe minimum capital and surplus requirements of this chapter or chapter 521E, whichever isgreater. [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, 21; 98 Acts, ch 1057, §3Referred to in §508.6, 508.9, 508.33A Sat Dec 23 00:40:26 2023 Iowa Code 2024, Section 508.5 (17, 0)
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