A state mutual insurance association shall not issue policies until at least one hundred twenty-five applications have been received in any class as shown by section 518A.1, representing the following amount of insurance: Classes one, two, three, and five, two hundred fifty thousand dollars each; class four, one hundred thousand dollars, and an application for insurance during the period of organization shall not exceed two percent of the amount required for organization, or after one year of organization, one percent of the total insurance in force, any reinsurance taking effect simultaneously with the policy being deducted in determining such maximum single risk.
[C97, § 1761; S13, § 1759-c; C24, 27, 31, 35, 39, § 9035; C46, 50, 54, 58, 62, § 518.7; C66, 71, 73, 75, 77, 79, 81, § 518A.7]
2000 Acts, ch 1023, §42
Previous Section 518A.6A
Next Section 518A.8
© 2001 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: Mon Jan 22 17:13:42 CST 2001
URL: /DOCS/IACODE/2001/518A/7.html
jhf