515.71 Deposit of securities — amount. 1. Every alien insurer authorized to transact business in this state shall at all times maintain a deposit with the commissioner of insurance in cash or in securities in whichinsurance companies are authorized to invest, of a sum equal to the greater of the reserveon all policies covering risks located in this state or one million dollars. The securities shallbe approved, and the amount of the deposit shall be determined, by the commissioner. Thecommissioner, in the commissioner’s discretion, may permit the withdrawal of interestearnings. 2. In lieu of the deposit provided in this section, an alien insurer may file with the commissioner a bond of equal amount executed by a licensed United States surety company,so conditioned for the protection of Iowa creditors and policyholders. 3. An alien insurer shall not be granted a certificate of authority to transact business in this state, or a renewal of the certificate, until such deposit is made, and the commissionermay revoke the certificate of authority of an alien insurer which fails to make the depositwithin a reasonable period of time. ewal of the certificate, until such deposit is made, and the commissionermay revoke the certificate of authority of an alien insurer which fails to make the depositwithin a reasonable period of time. [C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §515.71]92 Acts, ch 1162, §37; 2000 Acts, ch 1023, §29, 60; 2018 Acts, ch 1041, §127 Sat Dec 23 00:47:06 2023 Iowa Code 2024, Section 515.71 (21, 0)
Iowa Legal Code