515.69 - FOREIGN COMPANIES -- CAPITAL AND SURPLUS REQUIRED.
515.69 FOREIGN COMPANIES -- CAPITAL AND SURPLUS REQUIRED. 1. A stock insurance company organized under or by the laws of any other state or foreign government for the purpose specified in this chapter, shall not, directly or indirectly, take risks or transact business of insurance in this state unless the company has two and one-half million dollars of actual paid-up capital, and a surplus in cash or invested in securities authorized by law of not less than two and one-half million dollars, exclusive of assets deposited in a state, territory, district, or country for the special benefit or security of those insured in that state, territory, district, or country. 2. Notwithstanding subsection 1, a stock insurance company authorized to transact business under this section shall comply with the minimum capital and surplus requirements of this section or chapter 521E, whichever is greater.
Section History: Early Form [C73, § 1144; C97, § 1721; SS15, § 1721; C24, 27, 31, 35, 39, § 8951; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 515.69]
Section History: Recent Form 92 Acts, ch 1162, § 36; 96 Acts, ch 1046, § 5 Referred to in § 515.143