A like Foreign company applying for authority to write the same lines of business in this state would be required to have:
- Surplus over all Liabilities - $5,000,000.
- Surplus to policyholders including capital stock - $5,000,000.
- Deposit Requirement - None
No bond is required.
A like Foreign company to be eligible for admission must have been in continuous operation for 3 years. This requirement is by rule. This requirement is waived for wholly owned subsidiaries of licensed companies.
A like Foreign company to be eligible for admission would be required to furnish an examination made by the Foreign Insurance Department within a period of 3 years. This requirement is by rule. This requirement may be waived upon issuance of a parental surplus guarantee.
A like Foreign company would be required to pay fees and other charges as follows:*
- Total admission fees - ** $100.
- Filing application - $50.
- Issuing Certificate of Authority - $50.
- Desk audit fee - $2000.
- Total renewal fees - $100.
- Filing renewal application - $50.
- Issuing renewal Certificate of Authority - $50.
- Filing amended Articles of Incorporation - $50.
- Filing amendment to Charter - $50.
- Filing Articles of Redomestication - $50.
- Filing merger agreement - none
- Filing amended Bylaws - none
- Issuing amended Certificate of Authority - $25.
- Filing Consent to Service of Process form - none
- Service of Process fee - $50.
- Affixing official seal (certification) - $10.
The premium tax rate in 2023 is 1.0%. SF 549 was signed into law in 2023 and will lower the premium tax to 0.9% by 2027.
*All fees are subject to retaliation
**Retaliatory fee collected at time of application if greater than Iowa basis