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Iowa Code Title XIII. Commerce [Chs. 505-554D] § 506.1. Rules--limitations

Current as of January 01, 2024 | Updated by FindLaw Staff

The commissioner of insurance shall promulgate such reasonable rules and regulations as the commissioner deems necessary to assure the proper operation of newly organized insurance companies but in no event shall the commissioner:

1. Require that more than twenty percent of the original capital and surplus of a stock corporation subject to the provisions of this chapter be invested by the organizers; or

2. Restrict the alienation of securities issued to organizers for a period of more than:

a. Five years, or

b. Until the operation of the insurance company produces earned surplus for two successive years.

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Cite this article: FindLaw.com - Iowa Code Title XIII. Commerce [Chs. 505-554D] § 506.1. Rules--limitations - last updated January 01, 2024 | https://codes.findlaw.com/ia/title-xiii-commerce-chs-505-554d/ia-code-sect-506-1/

Read this complete Iowa Code Title XIII. Commerce [Chs. 505-554D] § 506.1. Rules--limitations on Westlaw. Westlaw subscription required.

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