Funds raised by such associations which because of temporarily low rate of losses are not needed to pay losses and expenses in any year, may be passed to an emergency fund to be held for payment of excess losses in a subsequent year or years; such fund may be deposited in banks, or at the option of the board of directors may be invested in the classes of securities permitted by section 515.35; but under the direction of the board of directors and with the consent of the commissioner of insurance a part of such fund may be invested in a home office building or loaned to other associations organized under this chapter only when such loan shall be secured by a pledge of future assessments of such other association.
[C24, 27, 31, 35, 39, § 9040; C46, 50, 54, 58, 62, § 518.12; C66, 71, 73, 75, 77, 79, 81, § 518A.12]
Referred to in § 518A.17
Iowa General Assembly
Search: Iowa Code 1995
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