COMPILED CODE - Iowa Legislature - State of Iowa

369
Tit XV1II, Ch. 4. ASSESSMENT LIFE INSURANCE. § 5518.
5 ness, and be submitted to the commissioner of insurance and the at-
6 torney general, and if they are found by those officers to comply with
7 the provisions of this title, chapter and of law, they shall approve the
8 same. When the articles are thus approved, they shall be recorded
9 in the office of the secretary of state, and a notice published within
10 ninety days in the manner and for the time provided in the general
11 incorporation laws.
[C, '97, § 1785; 39 G. A., ch. 58, § 1.]
SEC. 5518. Foreign companies.
1 Any association organized under the laws of any other state to
2 carry on the business of insuring the lives of persons, or of furnishing
3 benefits to the widows, orphans, heirs or legatees of deceased mem-
4 bers, or of paying accident indemnity, or surrender value of certifi-
5 cates of insurance, upon the stipulated premium plan or assessment
6 plan, may be permitted to do business in the state by complying with
7 the requirements hereinafter made, but not otherwise.
8 It shall file with the commissioner of insurance a copy of its char-
9 ter or articles of incorporation, duly certified by the proper officers
10 of the state wherein it was organized, together with a copy of its by-
11 laws, application and policy or certificate of membership.
12 It shall also file with the commissioner a statement, signed and
13 verified by its president and secretary, which shall show the name
14 and location of the association, its principal place of business, the
15 names of its president, secretary and other principal officers, the num-
16 ber of certificates or policies in force, the aggregate amount insured
17 thereby, the amount paid to beneficiaries in the event of death or
18 accident, the amount paid on the last death loss and the date thereof,
19 the amount of cash or other assets owned by the association and how
20 invested, and any other information which the commissioner may re-
21 quire.
22 The statement, papers and proofs thus filed shall show that the
23 death loss or surrender value of the certificate of insurance or acci-
24 dent indemnity is in the main provided for by assessments upon or
25 contributions by surviving members of such association, and that it
26 is legally organized, honestly managed, and that an ordinary assess-
27 ment upon its members or other regular contributions to its mortuary
28 fund are sufficient to pay its maximum certificate to the full limit
29 named therein.
30 Upon its complying with the provisions of this section, and of
31 section fifty-five hundred thirty-four of the compiled code, and the
32 payment of twenty-five dollars, the commissioner shall issue to it a
33 certificate of authority to do business in this state, provided the same
34 right is extended by the state in which said association is organized
35 to associations of the same class in this state.
36 When the commissioner doubts the solvency of any foreign asso-
37 ciation, and the failure to pay the full limit named in its certificate
38 or policy shall be such evidence of its insolvency as to require the
39 commissioner to investigate it, he shall for this or other good cause,
40 at the expense of such association, cause an examination of its books,
41 papers and business to be made, and if upon such examination he
42 finds that the association is not financially sound, or is not paying its
43 policies or certificates in full, or is conducting its business fraudu-
24