515.75 Certificate to foreign company. When a foreign company has fully complied with the requirements of law and become entitled to do business, the commissioner of insurance shall issue to the company acertificate of that fact, which certificate shall be renewed annually on the first day of June,if the commissioner is satisfied that the capital, securities, and investments of the companyremain unimpaired, and the company has complied with the provisions of law applicable tothe company. However, the commissioner shall not grant or continue authority to transactinsurance in this state to an insurer the management of which is found by the commissioner,after a hearing is provided, in which the commissioner shall establish and consider anyprior criminal records or any other matters, to be untrustworthy or so lacking in insuranceexperience as to make the proposed operation hazardous to the insurance-buying public;or which, after a hearing is provided, the commissioner has good reason to believe isaffiliated directly or indirectly through ownership, control, reinsurance transactions, orother insurance or business relations, with a person whose business operations are or havebeen n to believe isaffiliated directly or indirectly through ownership, control, reinsurance transactions, orother insurance or business relations, with a person whose business operations are or havebeen marked, to the detriment of policyholders or stockholders or investors or creditors orof the public, by manipulation or dissipation of assets, or manipulation of accounts, or ofreinsurance, or by similar injurious actions. [C73, §1146; C97, §1724; C24, 27, 31, 35, 39, §8956; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §515.77] 91 Acts, ch 213, §27; 2007 Acts, ch 152, §8CS2007, §515.75 Sat Dec 23 00:47:08 2023 Iowa Code 2024, Section 515.75 (22, 0)
Iowa Legal Code