521E.1 Definitions. As used in this chapter, unless the context otherwise requires: 1. “Adjusted risk-based capital report” means a risk-based capital report adjusted by the commissioner pursuant to section 521E.2, subsection 5. 2. “Commissioner” means the commissioner of insurance. 3. “Corrective order” means an order issued by the commissioner of insurance specifying corrective actions which […]
521E.10 Foreign insurers. 1. a. A foreign insurer, upon the written request of the commissioner, shall submit to the commissioner a risk-based capital report as of the end of the calendar year just ended by the later of the following: (1) The filing date. (2) Fifteen days after the request is received by the foreign […]
521E.11 Immunity. No liability shall arise on the part of, and no cause of action shall arise against, the commissioner or the insurance division or its employees or agents for an action taken in the exercise of powers or performance of duties under this chapter. 96 Acts, ch 1046, §19
521E.12 Effect of notices. Notice by the commissioner to an insurer which may result in regulatory action under this chapter is effective upon being sent if transmitted by certified mail, or in the case of any other transmission is effective upon the insurer’s receipt of the notice. 96 Acts, ch 1046, §20
521E.2 Risk-based capital reports. 1. A domestic insurer, on or prior to the filing date, shall prepare and submit to the commissioner a report of the insurer’s risk-based capital level as of the end of the calendar year immediately preceding the filing date, in a form and containing the information required by the risk-based capital […]
521E.3 Company-action-level event. 1. “Company-action-level event” means any of the following: a. The filing of a risk-based capital report by an insurer which indicates any of the following: (1) For an insurer other than a life and health insurer, the insurer’s total adjusted capital is greater than or equal to its regulatory-action-level risk-based capital but […]
521E.4 Regulatory-action-level event. 1. “Regulatory-action-level event” means any of the following: a. The filing of a risk-based capital report by the insurer which indicates that the insurer’s total adjusted capital is greater than or equal to its authorized-control-level risk-based capital but less than its regulatory-action-level risk-based capital. b. Notification by the commissioner to an insurer […]
521E.5 Authorized-control-level event. 1. “Authorized-control-level event” means any of the following: a. The filing of a risk-based capital report by the insurer which indicates that the insurer’s total adjusted capital is greater than or equal to its mandatory-control-level risk-based capital but less than its authorized-control-level risk-based capital. b. Notification by the commissioner to an insurer […]
521E.6 Mandatory-control-level event. 1. “Mandatory-control-level event” means any of the following events: a. The filing of a risk-based capital report which indicates that an insurer’s total adjusted capital is less than its mandatory-control-level risk-based capital. b. Notification by the commissioner to an insurer of an adjusted risk-based capital report that indicates the event in paragraph […]
521E.7 Confidential hearings. 1. An insurer shall notify the commissioner of the insurer’s request for a confidential hearing within five days after the occurrence of any of the following: a. Notification to an insurer by the commissioner of an adjusted risk-based capital report. b. Notification to an insurer by the commissioner of both of the […]
521E.8 Confidentiality — use of reports and information — prohibition on announcements — prohibition on use in ratemaking. 1. A risk-based capital report, to the extent the information in the report is not required to be set forth in a publicly available annual statement schedule, or a risk-based capital plan, including the results or report […]
521E.9 Supplemental provisions — rules — exemption. 1. The provisions of this chapter are supplemental to any other provisions of the laws of this state, and shall not preclude or limit any other powers or duties of the commissioner under such laws, including, but not limited to, chapter 507C. 2. The commissioner may adopt rules […]
