515.73 - ADDITIONAL STATEMENTS -- IMPAIRED CAPITAL.
515.73 ADDITIONAL STATEMENTS -- IMPAIRED CAPITAL. Any company desiring to transact the business of insurance under this chapter shall also file with the commissioner a certified copy of its charter or deed of settlement, together with a statement under oath of the president or vice president or other chief officer and the secretary of the company for which they may act, stating the name of the company, the place where located, the amount of its capital, with a detailed statement of the facts and items required from companies organized under the laws of this state, and a copy of the last annual report, if any, made under any law of the state by which such company was incorporated; and no agent shall be allowed to transact business for any company whose capital is impaired by liabilities as specified in this chapter to the extent of twenty percent thereof, while such deficiency shall continue.
Section History: Early Form [C73, § 1144; C97, § 1722; C24, 27, 31, 35, 39, § 8954; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 515.75]
Section History: Recent Form 2007 Acts, ch 152, §6 CS2007, §515.73 2008 Acts, ch 1074, §5
Footnotes Former §515.73 transferred to §515.76; 2007 Acts, ch 152, §4