508.5 - CAPITAL AND SURPLUS REQUIRED.
508.5 CAPITAL AND SURPLUS REQUIRED. 1. A stock life insurance company shall not be authorized to transact business under this chapter with less than five million dollars of capital and surplus paid in cash or invested as provided by law. A stock life insurance company shall not increase its capital stock unless the amount of the increase is fully paid in cash. A stock life insurance company authorized to do business in Iowa that undergoes a change of control as defined under chapter 521A shall maintain the minimum capital and surplus requirements mandated by this section. 2. Notwithstanding subsection 1, a stock life insurance company, or any other life insurance company authorized to transact business under this chapter, shall comply with the minimum capital and surplus requirements of this chapter or chapter 521E, whichever is greater.
Section History: Early Form [C73, § 1162; C97, § 1769; C24, 27, 31, 35, 39, § 8647; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 508.5]
Section History: Recent Form 90 Acts, ch 1234, §5; 95 Acts, ch 185, §7; 96 Acts, ch 1046, § 1, 21; 98 Acts, ch 1057, § 3 Referred to in § 508.6, 508.9