COMPILED CODE - Iowa Legislature - State of Iowa

379
Tit. XVIII, Ch. 8. MUTUAL ASSESSMENT ASSOCIATIONS. §§ 5696-al-5696-a3.
SEC. 5696-al. Organization—purpose and powers.
1 Any number of persons may by incorporating under chapter one,
2 title seventeen, enter into contracts with each other for the following
3 kinds of insurance from loss or damage by:
4 1. Fire and lightning ;
5 2. Tornado, cyclone and windstorm;
6 3. Theft and against any or all loss, expense and liability result-
7 ing from the ownership, maintenance or use of any automobile or
8 other vehicle but shall not include, by county mutuals, insurance
9 against bodily injury to the person;
10 4. Plate glass, against breakage of glass, local or in transit;
11 5. Hailstorms.
12 For the purpose of this protection these contracts of insurance
13 shall be subject only to such provisions as are contained in this chap-
14 ter and shall consist of :
15 1. An application on blanks furnished by the association and
16 signed by the insured or his representative, which may contain in
17 addition to other provisions; the value of the property, the proper
18 description thereof, the amount of other insurance and the incum-
19 brance thereon, and agreement to be governed by the articles of in-
20 corporation and by-laws in force at the time the policy is issued, a
21 representation that the foregoing statements are true as far as the
22 same are known to the insured or material to the risk, and that the
23 insurance shall take effect when approved by the secretary.
24 2. A policy issued by the association in accordance with its rules,
25 and approved by the commissioner of insurance.
26 Such associations may insure risks of their members or may re-
27 insure risks of other associations or companies; or may organize
28 reinsurance associations for the reinsurance of risks.
29 The words "persons" and "members" as used in this chapter shall
30 be construed to mean trustees, administrators, and all other individ-
31 uals, public or private corporations or associations.
[C, '73, § 1160; C, '97, § 1759; S., '13, § 1759-a; 37 G. A.,
ch. 42, § 1 ; 37 G. A., ch. 412, § 1 ; 39 G. A., ch. 120, § 1.]
SEC. 5696-aS. County and state mutual associations.
1 Any association incorporated under the laws of this state for the
2 purpose of furnishing insurance as provided for in this chapter, doing
3 business only within the county in which is situated the town or city
4 named in its articles of incorporation as its principal place of busi-
5 ness, or the counties contiguous thereto, shall for the purpose of this
6 chapter, be deemed a county mutual assessment association ; all other
7 associations operating hereunder shall, for the purposes of this chap-
8 ter be deemed state mutual assessment associations, and such asso-
9 ciations may do business throughout the state and in other states
10 where they are legalized and authorized to do business. The words
11 "mutual" and "association" shall be incorporated in and become a
12 part of their name.
[C, '97, § 1760; S., '13, § 1759-b; 39 G. A., ch. 120, § 2.]
SEC. 5696-a3. Conditions of authorization to issue policies.
1 No state mutual assessment association shall issue policies until
2 at least one hundred twenty-five applications have been received in