COMPILED CODE - Iowa Legislature - State of Iowa

368
§§ 5495-5509. ASSESSMENT LIFE INSURANCE. Tit. XVIII, Ch. 4.
SEC. 5495. Life insurance companies may write other insurance.
1 Any life insurance company organized on the stock or mutual
2 plan and authorized by its charter or articles of incorporation so to
3 do, may in addition to such life insurance, insure, either individually
4 or on the group plan, the health of persons and against personal in-
5 juries, disablement or death, resulting from traveling or general acci-
6 dents by land or water, and insure employers against loss in conse-
7 quence of accidents or casualties of any kind to employees or other
8 persons, or to property resulting from any act of the employee or any
9 accident or casualty to persons or property, or both, occurring in or
10 connected with the transaction of their business, or from the opera-
11 tion of any machinery connected therewith, but nothing herein con-
12 tained shall be construed to authorize any life insurance company to
13 insure against loss or injury to person, or property, or both, growing
14 out of explosion or rupture of steam boilers. Every life insurance
15 company issuing a separate policy, or maintaining a separate depart-
16 ment, for the purpose of writing any of the classes of insurance au-
17 thorized by this section shall also be subject to all of the provisions
18 applicable to companies authorized to write a similar kind of insur-
19 anee under the provisions of chapter seven of title eighteen.
[S., '13, § 1783-d; 38 G. A., ch. 348, § 8; 39 G. A., ch. 133,
§1.]
SEC. 5496. Capital stock—minimum amount.
1 No insurance company other than life shall be incorporated to
2 transact business upon the stock plan with less than two hundred
3 thousand dollars capital, the entire amount of which shall be fully
4 paid up in cash and invested as provided by law.
5 No part of the capital referred to, shall be loaned to any officer
6 or stockholder of the company.
7 No increase of the capital stock of any company shall be made
8 unless the amount of said increase is fully paid up in cash. Such
9 company shall be possessed of a surplus in cash or invested in se-
10 curities authorized by law, equal to twenty-five per cent of such paid
11 up and outstanding capital at the time certificate of authority is first
12 applied for and issued.
[S., '13, § 1783-e; 39 G. A., ch. 261, § 4.]
SEC. 5498. Companies heretofore organized.
[Repealed by 39 G. A., ch. 261, § 5.]
CHAPTER 4.
ASSESSMENT LIFE INSURANCE.
SECTION 5509. Articles of incorporation—certificates.
1 "Certificates of membership" or "certificate", when used in this
2 chapter with respect to the insurance of the members, shall be taken
3 to mean and include policy of insurance. The articles of incorpora-
4 tion and by-laws of any such association shall show its plan of busi-