Iowa Code
Chapter 515 - INSURANCE OTHER THAN LIFE
Section 515.7 - Stock and mutual plan distinguished.

515.7 Stock and mutual plan distinguished.
No company shall be organized to do business upon both stock and mutual plans; nor shall a company organized as a stock company do business upon the plan of a mutual company; nor shall a company organized upon the mutual plan do business or take risks upon the stock plan.
[C73, §1159; C97, §1690; C24, 27, 31, 35, 39, §8902; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §515.7]

Structure Iowa Code

Iowa Code

Title XIII - COMMERCE

Chapter 515 - INSURANCE OTHER THAN LIFE

Section 515.1 - Applicability.

Section 515.2 - Articles — approval — bylaws.

Section 515.3 - Certificate — recording.

Section 515.4 - Name.

Section 515.5 - Filing with commissioner.

Section 515.7 - Stock and mutual plan distinguished.

Section 515.8 - Paid-up capital and surplus required.

Section 515.9 - Reduction of capital or shares.

Section 515.10 - Subscriptions of stock — applications.

Section 515.11 - Prohibited loans.

Section 515.11A - Transfer of stock.

Section 515.12 - Mutual companies — conditions.

Section 515.12A - Alternative minimum surplus levels.

Section 515.13 - Reservation.

Section 515.14 - Membership in mutuals.

Section 515.15 - Voting power.

Section 515.16 - Maximum premium.

Section 515.17 - Unearned premiums.

Section 515.18 - Assessments.

Section 515.19 - Advancement of funds.

Section 515.20 - Guaranty capital.

Section 515.21 - Additional policy provisions.

Section 515.22 - Countersigning policies.

Section 515.23 - Prohibited loans.

Section 515.24 - Tax — computation.

Section 515.25 - Remote participation in shareholders’, members’, or policyholders’ meetings.

Section 515.26 - Directors.

Section 515.27 - Election.

Section 515.28 - Term of office.

Section 515.29 - Classification of directors.

Section 515.30 - Election of officers.

Section 515.31 - Filling of vacancies.

Section 515.32 - Bylaws.

Section 515.33 - Record and inspection.

Section 515.35 - Investments.

Section 515.36 - Financial statements — mutual companies.

Section 515.37 - Subsidiary companies.

Section 515.38 - Examination — certificate of compliance.

Section 515.39 - Ownership of assets — oath.

Section 515.40 - Form of certificate.

Section 515.41 - Certificate of authority.

Section 515.42 - Tenure of certificate — renewal — evidence.

Section 515.44 - Dividends.

Section 515.45 - Reserve fund required.

Section 515.46 - Forfeiture of certificate of authority.

Section 515.47 - Unearned premium reserve — computation.

Section 515.48 - Kinds of insurance.

Section 515.49 - Limitation on risks.

Section 515.50 - Loans — reinsurance.

Section 515.51 - Policies — execution — requirements.

Section 515.52

Section 515.53

Section 515.54

Section 515.55

Section 515.56

Section 515.57

Section 515.58

Section 515.59

Section 515.60

Section 515.61

Section 515.62 - Transfer of stock.

Section 515.63 - Annual statement.

Section 515.64 - Accident insurance — record.

Section 515.66 - Annual statement of foreign company.

Section 515.67 - Inquiry by commissioner.

Section 515.68 - Changes in forms of statements.

Section 515.68A - Foreign companies — reinsurance.

Section 515.69 - Foreign companies — capital and surplus required.

Section 515.70 - Alien insurer defined.

Section 515.71 - Deposit of securities — amount.

Section 515.72 - Insolvency of company — procedure.

Section 515.73 - Additional statements — impaired capital.

Section 515.74 - Foreign mutual companies — surplus.

Section 515.75 - Certificate to foreign company.

Section 515.76 - Commissioner as process agent.

Section 515.77 - Service of process.

Section 515.78 - Foreign companies may become domestic.

Section 515.79 - Notes taken for insurance.

Section 515.91 - False statement of assets.

Section 515.92 - Statement of capital and surplus.

Section 515.93 - Violations.

Section 515.100 - Nature of organization entered on policy.

Section 515.101 - Conditions and stipulations invalidating policy — avoidance — pleadings — applicability.

Section 515.102 - Forms of policies and endorsements — approval.

Section 515.103 - Use of credit information — personal insurance.

Section 515.104 - Coinsurance or contribution clause.

Section 515.105 - Agency relationship.

Section 515.106 - Limitation on termination of independent producers.

Section 515.107 - Applicability to organizations and individuals.

Section 515.108 - Insurance in unauthorized companies.

Section 515.109 - Fire insurance contract — standard policy provisions — permissible variations.

Section 515.110 - More favorable conditions.

Section 515.111 - Nuclear loss or damage excluded.

Section 515.112 - Violations — status of policy.

Section 515.113 - Existing statutes — waiver.

Section 515.114 - Policy — formal execution.

Section 515.115 - Certificates of insurance — penalty.

Section 515.120 - Business with nonadmitted insurers.

Section 515.121 - Administrative penalty.

Section 515.122 - Banned companies — information required.

Section 515.123

Section 515.124

Section 515.125 - Forfeiture of policies — notice.

Section 515.126 - Cancellation of policy — notice to insured or mortgagee.

Section 515.127 - Cancellation of commercial lines policies or contracts.

Section 515.128 - Nonrenewal of commercial lines policies or contracts.

Section 515.128A - Material changes in commercial lines policies or contracts — notice required.

Section 515.129 - Cancellation or nonrenewal of commercial umbrella or excess policies or contracts.

Section 515.129A - Cancellation of personal lines policies or contracts.

Section 515.129B - Nonrenewal of personal lines policies or contracts.

Section 515.129C - Notice of renewal or nonrenewal of personal lines policies or contracts.

Section 515.130 - Short rates.

Section 515.131 - Policy restored.

Section 515.132 - Right of insured to cancel.

Section 515.133 - Copy of application — duty to provide.

Section 515.134 - Failure to attach — effect.

Section 515.135 - Presumption as to value.

Section 515.136 - Value of building — liability.

Section 515.137 - Prima facie right of recovery.

Section 515.137A - Post-loss assignment of rights or benefits to a residential contractor.

Section 515.138 - Notice of loss of or damage to personal property by hail.

Section 515.139 - Demolition reserve on fire and casualty claims on property.

Section 515.140 - Unlawful combinations — exceptions.

Section 515.141 - Examination of officers and employees.

Section 515.142 - Transfers pending investigation.

Section 515.143 - Revocation of certificate of foreign company.

Section 515.144 - Suspension and summary suspension.

Section 515.145 - Revocation of authority.

Section 515.146 - Certificate refused — administrative penalty.

Section 515.147 - Fees.

Section 515.148 - Expenses of examination.

Section 515.149 - Compliance with law.

Section 515.150 - Violations.

Section 515.151 - Officers punished.

Section 515.152 - Judicial review.

Section 515.153 - Incrimination.