Section 508C.14 – Examination of association — annual report.
508C.14 Examination of association — annual report. The association is subject to examination and regulation by the commissioner. The board of directors shall submit to the commissioner by May 1 of each year, a financial report for the preceding calendar year and a report of its activities during the preceding calendar year. The financial report […]
Section 508C.15 – Tax exemptions.
508C.15 Tax exemptions. The association is exempt from payment of all fees and all taxes levied by this state or any of its subdivisions except taxes levied on the association’s real property. 87 Acts, ch 223, §15
Section 508C.16 – Immunity — indemnification.
508C.16 Immunity — indemnification. 1. A member insurer and its agents and employees, the association and its agents and employees, members of the board of directors, and the commissioner and the commissioner’s representatives are not liable for any action taken by them or omission by them while acting within the scope of their employment and […]
Section 508C.17 – Stay of proceedings — reopening default judgments.
508C.17 Stay of proceedings — reopening default judgments. Proceedings in which the insolvent insurer is a party in a court in this state shall be stayed one hundred eighty days from the date an order of liquidation, rehabilitation, or conservation is final to permit proper legal action by the association on matters germane to its […]
Section 508C.18 – Prohibited advertisements.
508C.18 Prohibited advertisements. A person, including a member insurer, agent, or affiliate of a member insurer, shall not make, publish, disseminate, circulate, or place before the public, or cause directly or indirectly, to be made, published, disseminated, circulated, or placed before the public in a newspaper, magazine, or other publication, or in the form of […]
Section 508C.18A – Notice to policyholders — summary of chapter and disclosure.
508C.18A Notice to policyholders — summary of chapter and disclosure. 1. a. A member insurer shall not deliver a policy or contract in Iowa to the policy owner, contract owner, certificate holder, or enrollee unless a summary document describing the general purposes and current provisions of this chapter and containing a disclosure in compliance with […]
Section 508C.19 – Credits for assessments paid.
508C.19 Credits for assessments paid. 1. An insurer may offset an assessment made pursuant to section 508C.9 against its premium tax liability pursuant to chapter 432 to the extent of twenty percent of the amount of the assessment for each of the five calendar years following the year in which the assessment was paid. If […]
Section 508C.6 – Creation of association.
508C.6 Creation of association. 1. A nonprofit legal entity is created to be known as the Iowa life and health insurance guaranty association. All member insurers shall be and shall remain members of the association as a condition of their authority to transact insurance or health maintenance organization business in this state. The association shall […]
Section 508C.7 – Board of directors.
508C.7 Board of directors. 1. The board of directors of the association shall consist of not less than seven nor more than eleven member insurers serving terms as established in the plan of operation. The members of the board shall be selected by member insurers, subject to the approval of the commissioner. Vacancies on the […]
Section 508C.8 – Powers and duties of association.
508C.8 Powers and duties of association. 1. If a member insurer is an impaired insurer, the association, subject to conditions imposed by the association and approved by the impaired insurer and the commissioner, may take any of the following actions: a. Guarantee, assume, reissue, reinsure, or cause to be guaranteed, assumed, reissued, or reinsured, any […]