515.8 Paid-up capital and surplus required. 1. An insurance company other than a life insurance company shall not be incorporated to transact business upon the stock plan with less than five million dollars of capital and surplus,the entire amount of which shall be fully paid up in cash and invested as provided by law. Aninsurance company other than a life insurance company shall not increase its capital stockunless the amount of the increase is fully paid up in cash. An insurance company authorizedto do business in Iowa that undergoes a change of control as defined under chapter 521Ashall maintain the minimum capital and surplus requirements mandated by this section. 2. Notwithstanding subsection 1, an insurance company, other than a life insurance company, authorized to transact business under this chapter shall comply with the minimumcapital requirements of this section or chapter 521E, whichever is greater. [C73, §1124; C97, §1691; S13, §1783-e; C24, 27, 31, 35, 39, §8903; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §515.8] 90 Acts, ch 1234, §33; 95 Acts, ch 185, §19; 96 Acts, ch 1046, §3; 98 Acts, ch 1057, §9Referred to in §511.23, 515C.2 Sat Dec 23 00:46:29 2023 Iowa 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §515.8] 90 Acts, ch 1234, §33; 95 Acts, ch 185, §19; 96 Acts, ch 1046, §3; 98 Acts, ch 1057, §9Referred to in §511.23, 515C.2 Sat Dec 23 00:46:29 2023 Iowa Code 2024, Section 515.8 (21, 0)
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