515.69 Foreign companies — capital and surplus required. 1. A stock insurance company organized under or by the laws of any other state or foreign government for the purpose specified in this chapter, shall not, directly or indirectly, takerisks or transact business of insurance in this state unless the company possesses the actualamount of capital and surplus required of any company organized pursuant to this chapter, orif the company is a mutual insurance company, the actual amount of surplus required of anymutual insurance company organized pursuant to this chapter, exclusive of assets depositedin a state, territory, district, or country for the special benefit or security of those insured inthat state, territory, district, or country. 2. Notwithstanding subsection 1, a stock insurance company authorized to transact business under this section shall comply with the minimum capital and surplus requirementsof this section or chapter 521E, whichever is greater. [C73, §1144; C97, §1721; SS15, §1721; C24, 27, 31, 35, 39, §8951; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §515.69] 92 Acts, ch 1162, §36; 96 Acts, ch 1046, §5; 2013 Acts, ch 124, §18Referred to in §515.143 Sat Dec ; SS15, §1721; C24, 27, 31, 35, 39, §8951; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §515.69] 92 Acts, ch 1162, §36; 96 Acts, ch 1046, §5; 2013 Acts, ch 124, §18Referred to in §515.143 Sat Dec 23 00:47:04 2023 Iowa Code 2024, Section 515.69 (21, 0)
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