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.|
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:*
|Issuing Certificate of Authority||$50.|
|Total admission fees**||$100.|
|Desk audit fee||$1500.|
|Filing renewal application||$50.|
|Issuing renewal Certificate of Authority||$50.|
|Total renewal fees||$100.|
|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 is 1.0%.
*All fees are subject to retaliation
**Retaliatory fee collected at time of application if greater than Iowa basis