508.29 Authority to write other insurance.
1. Any life insurance company organized on the stock or mutual plan and authorized by its charter or articles of incorporation so to do, may in addition to such life insurance, insure, either individually or on the group plan, the health of persons and against personal injuries, disablement or death, resulting from traveling or general accidents by land or water, and insure employers against loss in consequence of accidents or casualties of any kind to employees or other persons, or to property resulting from any act of the employee or any accident or casualty to persons or property, or both, occurring in or connected with the transaction of their business, or from the operation of any machinery connected therewith, but nothing contained in this section shall be construed to authorize any life insurance company to insure against loss or injury to person, or property, or both, growing out of explosion or rupture of steam boilers. An insurer may contract with health care service providers and offer different levels of benefits to policyholders based upon the provider contracts.
2. A company insuring risks authorized by this section shall invest or hold in cash, funds equal to seventy-five percent of the aggregate reserves and policy and contract claims for such risks. Investments required by this subsection shall only be made in securities enumerated in section 511.8, and are subject to the same limitations as provided for the investment of legal reserve, and are subject to section 511.8, subsections 16, 17, and 21.
[S13, §1783-d; C24, 27, 31, 35, 39, §8672; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §508.29]
85 Acts, ch 239, §2; 92 Acts, ch 1162, §5; 2018 Acts, ch 1026, §156
Referred to in §508.31A
Structure Iowa Code
Chapter 508 - LIFE INSURANCE COMPANIES
Section 508.1 - Level premium and natural premium plan companies.
Section 508.2 - Articles — approval — bylaws.
Section 508.3 - Requirements of articles.
Section 508.4 - Approval of amendments to articles — bylaws.
Section 508.5 - Capital and surplus required.
Section 508.6 - Deposit of securities — certificate.
Section 508.7 - Loans to officers.
Section 508.8 - Insurance company officers — conflicts of interest — exceptions.
Section 508.8A - Loans to employees.
Section 508.9 - Mutual companies — conditions.
Section 508.10 - Foreign companies — capital or surplus — investments.
Section 508.11 - Annual statement.
Section 508.12 - Redomestication of insurers.
Section 508.13 - Annual certificate of authority.
Section 508.14 - Violation by domestic company — dissolution — administrative penalties.
Section 508.15 - Violation by foreign company.
Section 508.15A - Suspension and summary suspension.
Section 508.20 - Reinsurance securities — title vested in commissioner.
Section 508.21 - Amount to be deposited.
Section 508.22 - Insolvency of company — procedure.
Section 508.25 - Policy forms — approval.
Section 508.26 - Failure to file copy.
Section 508.28 - Approval by commissioner — contestability of policy.
Section 508.29 - Authority to write other insurance.
Section 508.31A - Funding agreements.
Section 508.32 - Proceeds of policy held in trust.
Section 508.32A - Funds held in custodial or similar account.
Section 508.33 - Subsidiary companies acquired.
Section 508.33A - Limited purpose subsidiary life insurance companies.
Section 508.34 - Required to be separate company.
Section 508.35 - Qualifications to do business.
Section 508.36 - Standard valuations.
Section 508.37 - Standard nonforfeitures — life insurance.
Section 508.38 - Standard nonforfeitures — deferred annuities.