507.1 Purpose — definitions. 1. The purpose of this chapter is to provide an effective and efficient system for examining the activities, operations, financial condition, and affairs of all persons transacting the business of insurance in this state and all persons otherwise subject to the jurisdiction of the commissioner. The chapter is intended to enable […]
507.10 Examination reports. 1. General description. All examination reports shall be comprised only of facts appearing upon the books, records, or other documents of the company, its agents, or other persons examined, or as ascertained from the testimony of its officers or agents or other persons examined concerning its affairs, and such conclusions and recommendations […]
507.11 Repealed by 91 Acts, ch 26, §61.
507.12 Procedure against life companies. In case of companies organized under the provisions of chapter 508, the officers shall proceed as provided in sections 508.18 and 508.19. [S13, §1821-d; C24, 27, 31, 35, 39, §8636; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §507.12] 91 Acts, ch 26, §57 Referred to […]
507.13 Repealed by 92 Acts, ch 1117, §42.
507.14 Confidential documents — exceptions. 1. A preliminary report of an examination of a domestic or foreign insurer, and all notes, work papers, or other documents related to an examination of an insurer are confidential records under chapter 22 except when sought by the insurer to whom they relate, an insurance regulator of another state, […]
507.15 Transfer pending examination. Any transfer of stock of any company, pending an investigation, shall not release the party making the transfer from any liability for losses that may have occurred previous to such transfer. [S13, §1821-e; C24, 27, 31, 35, 39, §8639; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, […]
507.16 Unlawful solicitation of business. It shall be unlawful for any officer, manager, agent, or representative of any insurance company contemplated by this chapter, who, with knowledge that its certificate of authority has been suspended or revoked, or that it is insolvent, or is doing an unlawful or unauthorized business, to solicit or receive applications […]
507.17 Immunity from liability. 1. A cause of action does not arise nor shall any liability be imposed against the commissioner, the commissioner’s authorized representative, or any examiner appointed by the commissioner for any statements made or conduct performed in good faith while carrying out the provisions of this chapter. 2. A cause of action […]
507.2 Authority, scope, and scheduling of examinations. 1. The commissioner or any of the commissioner’s examiners may conduct an examination under this chapter of any company as often as the commissioner deems appropriate, but at a minimum, shall conduct an examination of any domestic insurer licensed in this state no less than once every five […]
507.3 Conduct of examinations. 1. Upon determining that an examination should be conducted, the commissioner or the commissioner’s designee may appoint one or more examiners to perform the examination and instruct them as to the scope of the examination. In conducting the examination, the examiner shall observe those guidelines and procedures set forth in the […]
507.4 Examiners — salaries. 1. The commissioner of insurance may appoint insurance examiners, at least one of whom shall be an experienced actuary, and at least one of whom shall be an experienced and competent fire insurance accountant, and who, while conducting examinations, shall possess all the powers conferred upon the commissioner of insurance for […]
507.5 Chief examiner. The commissioner may appoint a chief examiner who shall supervise insurance company examinations and perform such other duties as may be assigned by the commissioner. The chief examiner shall receive a salary to be fixed by the commissioner. The chief examiner shall be exempt from the merit system provisions of chapter 8A, […]
507.6 Conflict of interest. 1. An examiner shall not be appointed by the commissioner if the examiner, either directly or indirectly, has a conflict of interest or is affiliated with the management of or owns a pecuniary interest in any person subject to examination under this chapter. This section shall not be construed to automatically […]
507.7 Expenses. Said examiners and assistants and the said commissioner shall receive actual and necessary traveling, hotel, and other expenses while engaged in conducting examinations away from their respective places of residence. [S13, §1821-c; C24, 27, 31, 35, 39, §8631; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §507.7] Referred to […]
507.8 Payment by company. The commissioner shall upon the completion of an examination, or at such regular intervals prior to completion as the commissioner determines, prepare an account of the costs incurred in performing and preparing the report of such examinations which shall be charged to and paid by the companies examined, and upon failure […]
507.9 Fees — accounting. All fees collected under the provisions of this chapter shall be paid to the commissioner of insurance and shall be turned in to the state treasury for deposit as provided in section 505.7. [S13, §1821-c; C24, 27, 31, 35, 39, §8633; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, […]
