state of Iowa chapter 6 guarantee association & insurers and definitions

For purposes of administration and assessment, the association maintains all of the following accounts:

a health insurance account a life insurance account an annuity account an unallocated annuity contract account

domestic, foreign, or alien

insurance companies are classified according to the location of incorporation, regardless of where the insurance company is located, it must have certification of authority to transact insurance business

alien

insurance company outside the United States

foreign

insurance company that is in another state, the District of Columbia, or territorial possession

domestic

insurance company that is in the state. in most cases, the company home office is in the state which it was formed - the company's domicile.

certificate of authority

insurers need this in order to contract business in certain states they get it by applying for it. they have to meet financial requirements set by the state then they are are accepted

Iowa life and guarantee health association

is a nonprofit legal entity created to guaranty of payment of benefits and of constitution of coverage all Iowa insurers must be apart of this association as a member to make sure things are being done right

fraternal benefit society

A life or health insurance company formed to provide insurance for members of an affiliated lodge, religious, or fraternal organization with a representative form of government.