518A.1 Organization — purpose and powers. 1. Any number of persons may, by incorporating under chapter 491, enter into contracts with each other for the following kinds of insurance from loss or damage by: a. Any peril or perils resulting in physical loss of or damage to property. b. Theft of personal property. c. Injury, […]
518A.12 Investments. 1. General considerations. The following considerations apply in the interpretation of this section: a. This section applies to the investments of state 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 […]
518A.18 Annual report — penalties. 1. An association doing business under this chapter, on or before March 1 of each year, shall prepare under oath and file with the commissioner of insurance an accurate and complete statement of the condition of the association as of the last day of the preceding calendar year. The statement […]
518A.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. [C24, 27, 31, 35, 39, §9045; C46, 50, 54, 58, 62, §518.19; C66, 71, 73, 75, 77, 79, 81, §518A.19] 2009 Acts, […]
518A.1A Plan of organization. An entity seeking to organize as or convert to a state mutual insurance association shall submit a plan of organization to the commissioner for approval. 99 Acts, ch 165, §18
518A.2 State mutual insurance associations. Any association incorporated under the laws of this state for the purpose of furnishing insurance as provided for in this chapter is authorized to do business in the county in which its principal place of business is located, the counties contiguous thereto, and the next tier of contiguous counties and […]
518A.20 Five-day limit. In case of damage or loss to livestock by fire or lightning or loss or damage to automobiles or aircraft by theft or fire, notice of such loss must be given the association by mailing written notice within five days from the time such loss or damage occurred. [C24, 27, 31, 35, […]
518A.21 Ten-day limit. In case of loss to growing crops by hail, notice of such loss must be given the association by mailing a certified mail letter within ten days from the time such loss or damage occurred. [C24, 27, 31, 35, 39, §9047; C46, 50, 54, 58, 62, §518.21; C66, 71, 73, 75, 77, […]
518A.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. [C24, 27, 31, 35, […]
518A.23 Presumption as to value. Repealed by 2009 Acts, ch 145, §54 .
518A.24 Value of building — liability. The association issuing such policy may show the actual value of said property at date of policy, and any depreciation in the value thereof before the loss occurred; but the said association shall be liable for the actual value of the property insured at the date of the loss, […]
518A.25 Value of personal property — value of crops. In any action on a policy to recover loss or damage on personal property, the association shall not be liable in excess of the amount of damage or loss at the time the loss or damage occurs; provided that the value of growing crops may be […]
518A.26 Arbitration. No recovery on a policy or contract of insurance shall be defeated for failure of the insured to comply, after a loss occurs, with any arbitration or appraisement stipulation as to fixing the value of property. No arbitration shall take place except substantially where the property was situated at the time of loss. […]
518A.27 Reinsurance — quo warranto. The commissioner of insurance may address inquiries to any association in relation to its doings and condition and any association so addressed shall promptly reply thereto in writing. If the commissioner of insurance is then satisfied that the association has failed to comply with any provisions of this law, or […]
518A.29 Cancellation or nonrenewal by association — 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 […]
518A.3 Meetings. Unless the time and place of holding the annual meeting of the members of any association transacting business under the provisions of this chapter are plainly stated in their articles of incorporation or bylaws, twenty days’ notice of the time and place of holding of said meetings shall be given to all members […]
518A.35 Annual tax. 1. A state mutual insurance association doing business under this chapter shall on or before the first day of March, each year, pay to the director of revenue, or a depository designated by the director, a sum equivalent to the applicable percent of the gross receipts from premiums and fees for business […]
518A.37 Surplus. An association organized under this chapter before July 1, 2009, shall at all times maintain a surplus of not less than one hundred 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 […]
518A.39 “Debt” defined. In ascertaining such corporate indebtedness, a debt shall be deemed to exist, on account of its liabilities on the policy certificates or contracts of insurance issued by it equal to the amount of surplus or other funds accumulated by such corporation for the purpose of fulfilling its policy contracts of insurance and […]
518A.3A Remote participation in meetings of members. 1. Members of any class may participate in any meeting of members by means of remote communication to the extent the board of directors authorizes such participation for such class. Participation as a member by means of remote communication shall be subject to such guidelines and procedures as […]
