518.1 Incorporation. Corporations formed to operate as county mutual insurance associations shall be governed by the provisions of chapter 491, except as modified by the provisions of this chapter. [C66, 71, 73, 75, 77, 79, 81, §518.1]
518.10 Territorial limitations. The territory of any association shall be limited to the county in which its principal place of business is located, and to the counties contiguous thereto, and no coverage shall be placed on property located outside of this territory; provided, however, that the insurance may be extended, if the policy so provides, […]
518.11 Kinds of insurance. 1. Any association organized under this chapter is authorized to insure or to accept reinsurance against loss or damage by: a. Any peril or perils resulting in physical loss or damage to property; b. Theft of personal property; c. Injury, sickness or death of animals and the furnishing of veterinary service. […]
518.12 Properties to be insured. County mutual insurance associations are permitted to insure only the following classes of property: 1. Farm property, including residences and other farm buildings and all classes of personal property in connection therewith; 2. Buildings and personal property used in the processing of agricultural products in conjunction with a farming operation; […]
518.13 Premium charges. Any association may by action of its board of directors establish premium charges for the purpose of payment of losses and expenses and for the establishment or maintenance of a reserve fund. [C66, 71, 73, 75, 77, 79, 81, §518.13] 2009 Acts, ch 145, §28
518.13A Assessments prohibited. An association doing business under this chapter shall not levy an assessment on any member of the association. 2000 Acts, ch 1023, §37
518.14 Investments. 1. General considerations. The following considerations apply in the interpretation of this section: a. This section applies to the investments of county mutual insurance associations. b. (1) The purpose of this section is to protect and further the interests of policyholders, claimants, creditors, and the public by providing standards for the development and […]
518.15 Reports, examinations, and renewals. 1. The president or the vice president and secretary of each association authorized to do business under this chapter shall annually before the first day of March prepare under oath and file with the commissioner of insurance a full, true, and complete statement of the condition of such association on […]
518.16 Soliciting application for insurance — license required. A person shall not solicit any application for insurance for an association in this state without having procured from the commissioner of insurance a license authorizing the person to act as an insurance producer pursuant to chapter 522B. [C66, 71, 73, 75, 77, 79, 81, §518.16; 82 […]
518.16A Limitation on termination of independent insurance producers. A county mutual insurance association authorized to do business in this state shall not terminate a contract of an insurance producer who is an independent contractor but who is not an exclusive insurance producer as defined in section 522B.1 without at least one hundred eighty days’ notice, […]
518.17 Reinsurance. 1. A county mutual insurance association may reinsure a part or all of its coverages written pursuant to this chapter with an association operating under 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. 2. Reinsurance sufficient […]
518.18 Premium tax. After January 1, 1966, every association doing business under this chapter shall be required to pay to the director of the department of revenue, or a depository designated by the director, as taxes an amount equal to the following: 1. The applicable percent of the gross amount of premiums received during the […]
518.19 Proof of loss. A proof of loss shall contain such information as is required by the policy provisions of the association, which information shall be signed and sworn to by the insured. [C66, 71, 73, 75, 77, 79, 81, §518.19] 2009 Acts, ch 145, §33
518.2 Articles — approval — bylaws. The articles of incorporation, and any subsequent amendments, of an organization shall be filed with and approved by the commissioner of insurance before filing with the secretary of state. The organization shall file with the commissioner bylaws and subsequent amendments to the bylaws within thirty days of adoption of […]
518.20 Reporting of livestock losses. In the event of loss of livestock, the insured shall give notice to the association in sufficient time to permit the performance by a licensed veterinarian of a postmortem examination of the livestock for which claim is made, but in no event later than forty-eight hours from the time of […]
518.21 Reporting of losses of crops by hail. In the event of loss to growing crops by hail, notice of such loss must be given by mailing to the association a certified letter within ten days from the time such loss or damage occurred. [C66, 71, 73, 75, 77, 79, 81, §518.21]
518.22 Limitation of action. A suit or action on a policy for the recovery of any claim shall not be sustainable in any court of law or equity unless all requirements of the policy have been complied with, and unless commenced within twelve months next after the inception of the loss. [C66, 71, 73, 75, […]
518.23 Cancellation or nonrenewal of policies — notice. 1. Cancellation by insured. A policy shall be canceled at any time at the request of the insured. 2. Cancellation by association. a. Except as provided in paragraph “b”, notice of cancellation is not effective unless mailed or delivered by the association to the named insured at […]
518.25 Surplus. An association organized under this chapter before July 1, 2009, shall at all times maintain a surplus of not less than fifty thousand dollars or one-tenth of one percent of the gross risk in force, whichever is greater. An association organized under this chapter on or after July 1, 2009, shall at all […]
518.26 Loans to officers prohibited. Assets or other funds shall not be loaned directly or indirectly to an officer, director, or employee of the association, or directly or indirectly to a relative of an officer, director, or an employee of the association. 95 Acts, ch 185, §28
