520.9A Solvency standard — transition.
Notwithstanding section 520.9, a reciprocal or interinsurance insurer authorized to transact business in this state prior to July 1, 1988, may continue in operation provided that the insurer contributes an additional ten percent of the previous year ending capital and surplus to capital and surplus each year. If an insurer fails to contribute the additional ten percent, the commissioner of insurance may revoke the insurer’s authorization to do business in this state. The insurance commissioner may waive this requirement for just cause shown.
88 Acts, ch 1111, §17
Referred to in §520.14
Structure Iowa Code
Chapter 520 - RECIPROCAL OR INTERINSURANCE CONTRACTS
Section 520.1 - Authorization.
Section 520.2 - Execution of contract.
Section 520.3 - Office of attorney — foreign office.
Section 520.4 - Preliminary declaration.
Section 520.5 - Actions — venue — commissioner as process agent.
Section 520.6 - Service of process.
Section 520.7 - Judgment — satisfaction.
Section 520.8 - Reports — limitations on risks.
Section 520.9 - Standard of solvency.
Section 520.9A - Solvency standard — transition.
Section 520.10 - Annual report — examination — penalties.
Section 520.11 - Implied powers of corporations.
Section 520.12 - Certificate of authority — renewal — penalties.
Section 520.13 - Fidelity or surety bonds executed.
Section 520.14 - Violations — exceptions.
Section 520.15 - Refusal or revocation of certificate.
Section 520.17 - Additional security — refusal.
Section 520.18 - Foreign attorney — bonds.
Section 520.19 - Annual tax — fees.
Section 520.20 - Form of policy — construction.
Section 520.23 - Deposit of securities by reciprocal or interinsurance exchanges.