COMPILED CODE - Iowa Legislature - State of Iowa

367
Tit. XVIII, Ch. 2. LIFE INSURANCE COMPANIES. §§ 5478-5493.
22 ther, that the provisions of this chapter shall not apply to any existing
23 Iowa corporation to whom a certificate of authority has been issued
24 by the commissioner of insurance for the year nineteen hundred
25 twenty-one and for the period covered by such certificate.
26 It shall be the duty of the commissioner upon being satisfied that
27, any insurance company, or any agent thereof, has violated any of the
28 provisions of this section, to revoke the certificate of authority of the
29 company or agent so offending.
[39 G. A., ch. 181, § 1.]
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CHAPTER 2.
LIFE INSURANCE COMPANIES.
SECTION 5478. Stock companies—capital.
Stock companies organized under the laws of this state shall have
not less than one hundred thousand dollars of capital, which shall
be paid up and invested in bonds of the United States or this state,
or in bonds and mortgages upon unincumbered real estate in the state,
worth, exclusive of improvements, at least double the sum loaned
thereon, which securities shall be deposited with the commissioner of
insurance, and upon such deposit, and evidence by affidavit or otherwise
satisfactory to the commissioner of insurance that the capital
is all paid up, and that the company is the actual and unqualified
owner of the securities representing the paid-up capital, he shall issue
to such company the certificate hereinafter provided for, but no part
of the aforesaid shall be loaned to any stockholder or officer of the
company.
[C, '73, § 1762 ; C, '97, § 1769 ; 39 G. A., ch. 261, § 2.]
SEC. 5480. Stock or premium notes.
[Repealed by 39 G. A., ch. 261, § 3.]
SEC. 5493. Medical examination.
1 The commissioner of insurance shall decline to approve any such
2 form of policy or contract of insurance unless the same shall, in all
3 respects, conform to the laws of this state applicable thereto, and
4 unless the issuance of the same is based upon a satisfactory medical
5 examination of the applicant by a physician duly authorized to prac-
. 6 tice medicine or by an osteopathic physician duly authorized to prac-
7 tice osteopathy in the state of Iowa, or the state where examined and
8 no policy or contract of insurance shall be issued by any insurance
9 company to any individual in this state until such examination shall
10 have been passed and duly approved by the medical examiner or med-
11 ical board of such company.
12 Provided, that no medical examination of any person to be in-
13 sured under an industrial policy shall be required or be necessary
14 when the amount of the policy of insurance is five hundred dollars
15 or less.
[S. S., '15, § 1783-b ; 39 G. A., ch. 223, § 1.]