COMPILED CODE - Iowa Legislature - State of Iowa

374
§ 5628. INSURANCE OTHER THAN LIFE. Tit. XVIII, Ch. 7.
31 unexpired bears to the total number of months for which the policy
32 was written.
33 5. On all policies written or renewed and for which any premium
34 has been received which would continue a policy in force for a period
35 beyond the term for which it was written, or term covered by last
36 renewal thereof, there shall be held as such unearned premium re-
37 serve an amount equal to one hundred per cent of such premium on
38 all policies in force.
39 6. Mutual companies or associations, organized, or doing business
40 under this chapter, shall hold as a reserve for unearned premiums an
41 amount equal to at least forty per cent of the aggregate gross pre-
42 miums written in all policies in force less deductions for reinsurance
43 in authorized companies or associations.
[C, '73, § 1136; C, '97, § 1702; 39 G. A., ch. 190, § 1.]
SEC. 5628. Kinds of risks—limitation.
1 No company authorized to transact business in this state as pro-
2 vided in this chapter, shall issue policies of insurance for more than
3 one of the nine purposes or subdivisions enumerated in section fifty-
4 six hundred twenty-seven of the compiled code, except as herein pro-
5 vided, as follows:
6 1. Any domestic or foreign insurance company authorized in this
7 state to do the business specified in subdivision one of section fifty-
8 six hundred twenty-seven of the compiled code, may in addition to
9 the business specified in subdivision one, insure against the casualties
10 specified in subdivision nine of section fifty-six hundred twenty-seven
11 of the compiled code.
12 2. Any domestic or foreign insurance company authorized in this
13 state to do the business contemplated by either subdivisions two or
14 five, may in addition to such business insure against the casualties
15 specified in subdivision six of section fifty-six hundred twenty-seven
16 of the compiled code, and also to insure against theft, larceny, bur-
17 glary and robbery, or attempt thereat.
18 3. Any domestic or foreign company authorized in this state to
19 transact the business specified in subdivision five of section fifty-six
20 hundred twenty-seven of the compiled code, if it is possessed of a
21 paid-up capital of five hundred thousand dollars, may, in addition to
22 insuring against the casualties specified in subdivision five, transact
23 the business specified in subdivisions two and six of section fifty-six
24 hundred twenty-seven of the compiled code, and insure glass against
25 breakage.
26 4. Any domestic insurance company authorized in this state to
27 transact the business specified in subdivision five of section fifty-six
28 hundred twenty-seven of the compiled code, and possessed of two
29 hundred fifty thousand dollars paid-up capital stock, may in addition
30 to insuring against the casualties specified in subdivision five, insure
31 against injury or loss to persons or property, or both, contemplated
32 by subdivision six, and may also insure glass against breakage.
33 5. Any foreign insurance company authorized in this state to
34 transact the business specified in subdivision five of section fifty-six
35 hundred twenty-seven of the compiled code, if possessed of a paid-up
36 capital of three hundred thousand dollars, may, in addition to insur-
37 ing against the casualties specified in said subdivision five, insure
38 against the casualties specified in subdivision six of section fifty-six
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