A state 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 518A.1.
Reinsurance sufficient to protect the financial stability of the state mutual association is required. Reinsurance coverage obtained by an 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.
95 Acts, ch 185, §35; 99 Acts, ch 165, §21
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