522.1 Purpose and scope — legislative intent. 1. The purpose of this chapter is to require insurers to maintain a risk management framework and complete an own risk and solvency assessment and to provide guidance and instructions for the filing of own risk and solvency assessment reports with the commissioner. 2. The general assembly finds […]
522.10 Severability. If any provision of this chapter, or the application of this chapter to any person or circumstance, is held invalid, such holding shall not affect the provisions or applications of this chapter which can be given effect without the invalid provision or application, and to that end the provisions of this chapter are […]
522.2 Definitions. 1. “Affiliate”, or a person affiliated with a specific person, means the same as defined in section 521A.1. 2. “Commissioner” means the Iowa commissioner of insurance. 3. “Insurance group” means the insurers and affiliates included within an insurance holding company system as defined in section 521A.1. 4. “Insurer” means the same as defined […]
522.3 Risk management framework. An insurer shall maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing, and reporting on the insurer’s material and relevant risks. This requirement is satisfied if the insurance group of which the insurer is a member maintains a risk management framework applicable to the operations of […]
522.4 Own risk and solvency assessment requirement. 1. Subject to section 522.6, an insurer, or the insurance group of which the insurer is a member, shall regularly conduct an own risk and solvency assessment consistent and comparable with the assessment process contained in the own risk and solvency assessment guidance manual. 2. An own risk […]
522.5 Own risk and solvency assessment summary report. 1. a. Beginning in 2015, an insurer shall annually submit to the commissioner an own risk and solvency assessment summary report or any combination of reports that together contain the information described in the own risk and solvency assessment guidance manual that is applicable to the insurer […]
522.6 Exemption. 1. An insurer is exempt from the requirements of this chapter if both of the following apply: a. The insurer has annual direct written and unaffiliated assumed premium, including international direct and assumed premium, but excluding premiums reinsured with the federal crop insurance corporation and the federal flood program, of less than five […]
522.7 Contents of own risk and solvency assessment summary report. 1. The own risk and solvency assessment summary report shall be prepared consistent with the own risk and solvency assessment guidance manual, subject to the requirements of subsection 2. Documentation and supporting information shall be maintained and made available upon examination of an insurer or […]
522.8 Confidentiality. 1. Documents, materials, or other information, including an own risk and solvency assessment summary report, in the possession or control of the insurance division of the department of commerce, that are obtained by, created by, or disclosed to the commissioner or to any other person pursuant to this chapter, are recognized in this […]
522.9 Penalties. 1. If an insurer fails, without just cause, to file an own risk and solvency assessment summary report by the filing date stipulated to the commissioner pursuant to section 522.5, subsection 1, paragraph “c”, the commissioner shall, after notice and hearing, impose a penalty of five hundred dollars for each calendar day after […]
