A county mutual insurance association may reinsure a part or all of its risks with any association operating under the provisions of this chapter, or with any other association or company licensed in this state and authorized to write the kinds of insurance enumerated in section 518.11.
Reinsurance sufficient to protect the financial stability of the state mutual association is also required. Reinsurance coverage obtained by a county mutual insurance association shall not expose the association to a loss of more than fifteen percent from surplus in any calendar year. The commissioner of insurance may require additional reinsurance if necessary to protect the policyholders of the association.
[C66, 71, 73, 75, 77, 79, 81, § 518.17]
91 Acts, ch 26, §47; 99 Acts, ch 165, §16
Previous Section 518.16
Next Section 518.18
© 2000 Cornell College and League of Women Voters of Iowa
Comments about this site or page?
webmaster@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.
Last update: Wed Aug 16 21:03:56 CDT 2000
URL: /DOCS/IACODE/1999SUPPLEMENT/518/17.html
jhf