Bill Text: IA SF2132 | 2019-2020 | 88th General Assembly | Enrolled
Bill Title: A bill for an act relating to the legal reserve requirements of life insurance companies. (Formerly SSB 3003.) Effective date: 07/01/2020.
Spectrum: Committee Bill
Status: (Passed) 2020-03-12 - Signed by Governor. S.J. 615. [SF2132 Detail]
Download: Iowa-2019-SF2132-Enrolled.html
Senate
File
2132
-
Enrolled
Senate
File
2132
AN
ACT
RELATING
TO
THE
LEGAL
RESERVE
REQUIREMENTS
OF
LIFE
INSURANCE
COMPANIES.
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
Section
1.
Section
511.8,
subsection
22,
paragraph
i,
subparagraph
(2),
Code
2020,
is
amended
to
read
as
follows:
(2)
Securities
pledged
as
collateral
for
financial
instruments
used
in
highly
effective
hedging
transactions
as
defined
in
the
national
association
of
insurance
commissioners’
statement
of
statutory
accounting
principles
no.
86
or
the
national
association
of
insurance
commissioners’
statement
of
statutory
accounting
principles
no.
108
,
together
with
securities
pledged
to
a
counterparty,
clearing
organization,
or
clearinghouse
on
an
upfront
basis
in
the
form
of
initial
margin,
independent
amount,
or
other
securities
pledged
as
a
precondition
of
entering
into
highly
effective
hedging
transactions
pursuant
to
subparagraph
(1),
are
not
eligible
in
excess
of
ten
percent
of
the
legal
reserve
of
the
life
insurance
company
or
association,
less
any
financial
instruments
used
in
hedging
transactions
held
in
the
legal
Senate
File
2132,
p.
2
reserve
under
this
subsection
and
less
any
securities
included
under
subparagraph
(3).
______________________________
CHARLES
SCHNEIDER
President
of
the
Senate
______________________________
PAT
GRASSLEY
Speaker
of
the
House
I
hereby
certify
that
this
bill
originated
in
the
Senate
and
is
known
as
Senate
File
2132,
Eighty-eighth
General
Assembly.
______________________________
W.
CHARLES
SMITHSON
Secretary
of
the
Senate
Approved
_______________,
2020
______________________________
KIM
REYNOLDS
Governor
