§ 515.74

515.74 Foreign mutual companies — surplus. 1. Any mutual insurance company organized outside of this state and authorized to transact the business of insurance on the mutual plan in any other state of the United Statesor in the District of Columbia, may be admitted to this state and authorized to transact hereinany of the kinds of insurance authorized by its charter or articles of incorporation, when sopermitted by the provisions of this chapter, with the powers and privileges and subject tothe conditions and limitations specified in said chapter; provided, however, such companyhas complied with all the statutory provisions which require stock companies to file papersand to furnish information and to submit to examination, and is also solvent according tothe requirements of this chapter and is possessed of a surplus safely invested as follows: a. In case of a mutual company issuing policies for a cash premium without an additional contingent liability equal to or greater than the cash premium, the surplus shall be at leasttwo million dollars. b. In case of any other such mutual company issuing policies for a cash premium or payment with an additional contingent liability equal to

premium, the surplus shall be at leasttwo million dollars. b. In case of any other such mutual company issuing policies for a cash premium or payment with an additional contingent liability equal to or greater than the cash premiumor payment, the surplus shall be such an amount as the commissioner of insurance of Iowamay require, but in no case less than three hundred thousand dollars, provided that theprovisions of this section fixing a minimum surplus of three hundred thousand dollars shallnot apply to companies now admitted to do business in Iowa; provided, further, that no suchmutual company shall be authorized to transact compensation insurance without a surplusof at least three hundred thousand dollars unless all liability for each adjusted claim in thisstate, the payment of any part of which is deferred for more than one year, shall be providedfor by a special deposit, in a trust company or a bank having fiduciary powers, located inthis state, which shall be a trust fund applicable solely and exclusively to the payment of thecompensation benefits for which such deposit is made, or shall be reinsured in an authorizedstock company, or in an authorized mutual company with a

icable solely and exclusively to the payment of thecompensation benefits for which such deposit is made, or shall be reinsured in an authorizedstock company, or in an authorized mutual company with a surplus of at least three hundredthousand dollars. 2. Notwithstanding subsection 1, a mutual insurance company authorized to transact business under this section shall comply with the minimum surplus requirements of thissection or chapter 521E, whichever is greater. [C73, §1144; C97, §1723; C24, 27, 31, 35, 39, §8955; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §515.76] 96 Acts, ch 1046, §6; 2007 Acts, ch 152, §7CS2007, §515.74 Sat Dec 23 00:47:08 2023 Iowa Code 2024, Section 515.74 (22, 0)