Section 521G.1 – Short title.

521G.1 Short title. This chapter shall be known and may be cited as the “Protected Cell Company Act”. 2000 Acts, ch 1046, §1

Section 521G.10 – Rules.

521G.10 Rules. The commissioner shall adopt rules pursuant to chapter 17A as are necessary to administer this chapter. 2000 Acts, ch 1046, §10

Section 521G.2 – Purpose.

521G.2 Purpose. The purpose of this chapter is to authorize the establishment of protected cells by a domestic insurer authorized to transact the business of insurance under chapter 508 or 515, as a means of accessing alternative sources of capital and achieving the benefits of insurance securitization. Investors in fully funded insurance securitization transactions provide […]

Section 521G.3 – Definitions.

521G.3 Definitions. For purposes of this chapter, unless the context otherwise requires: 1. “Domestic insurer” means an insurer domiciled in this state and organized under chapter 508 or 515. 2. “Fair value” of an asset or liability means the amount at which that asset or liability could be bought or incurred, or sold or settled, […]

Section 521G.4 – Determination of fair value — valuation technique.

521G.4 Determination of fair value — valuation technique. A quoted market price in an active market is deemed to be the best evidence of fair value of an asset and shall be used as the basis for the measurement of fair value, if available. If a quoted market price is available, the fair value is […]

Section 521G.5 – Establishment of protected cells.

521G.5 Establishment of protected cells. 1. A protected cell company may establish one or more protected cells with the prior written approval of the commissioner of a plan of operation or amendments to such plan submitted by the protected cell company with respect to each protected cell related to an insurance securitization. The plan shall […]

Section 521G.6 – Use and operation of protected cells.

521G.6 Use and operation of protected cells. 1. The protected cell assets of a protected cell shall not be charged with liabilities arising out of any other business the protected cell company may conduct. A contract or other documentation reflecting protected cell liabilities shall clearly indicate that only the protected cell assets of a protected […]

Section 521G.7 – Creditors and other claimants of protected cell companies.

521G.7 Creditors and other claimants of protected cell companies. 1. a. Protected cell assets shall only be available to a creditor of the protected cell company that is a creditor with respect to that protected cell. Such a creditor shall have recourse to the protected cell assets attributable to that protected cell, to the exclusion […]

Section 521G.8 – Supervision, rehabilitation, or liquidation of a protected cell company.

521G.8 Supervision, rehabilitation, or liquidation of a protected cell company. 1. Upon an order of supervision, rehabilitation, or liquidation of a protected cell company, a receiver shall manage a protected cell company’s assets and liabilities, including protected cell assets and protected cell liabilities, as provided in this chapter. 2. An amount recoverable by a receiver […]

Section 521G.9 – Securitization transactions not insurance.

521G.9 Securitization transactions not insurance. A protected cell company insurance securitization is not an insurance or reinsurance contract. An investor in a protected cell company insurance securitization, by sole means of this investment, is not deemed to be transacting an insurance business in this state. An underwriter or selling agent, or a partner, director, officer, […]