521J.6 Dividends. 1. A captive company shall not pay a dividend out of, or other distribution with respect to, the minimum capital or surplus required under section 521J.4 without the prior writtenapproval of the commissioner. 2. The commissioner’s approval of an ongoing plan for the payment of dividends or other distributions shall be conditioned upon retention, at the time of each payment, of capital andsurplus in excess of the amounts specified by, or determined in accordance with, a formulaapproved by the commissioner by rule. 2023 Acts, ch 107, §9NEW section Sat Dec 23 00:53:37 2023 Iowa Code 2024, Section 521J.6 (0, 0)
Iowa Legal Code