COMPILED CODE - Iowa Legislature - State of Iowa

381
Tit. XVIII, Ch. 8. MUTUAL ASSESSMENT ASSOCIATIONS. §§ 5696-a5-5696-a7.
34 picture houses, stocks of implements or automobiles, shall maintain
35 at all times net assets equal to forty per cent of one annual assess-
36 ment at the basis rate charged for such insurance on all policies in
37 force, and may provide in its by-laws and specify in its policies the
38 maximum liability of its members to the association; such liability
39 shall not be less than a sum equal to the basis rate charged by the
40 association for insurance nor greater than a sum equal three times
41 such basis rate.
[C, '73, § 1160; C, '97, § 1765; S., '13, §§ 1759-h, 1759-1;
37 G. A., ch. 412, § 2; 38 G. A., ch. 348, § 4; 39 G. A.,
ch. 120, § 4.]
SEC. 5696-a5. Annual report.
1 Each association doing business under the provisions of this
2 chapter shall, annually, in the month of January report to the com-
3 missioner of insurance, upon blanks furnished by him, such facts as
4 are required of domestic insurance companies organizing under chap-
5 ter seven of title eighteen, as are applicable to this chapter. These
6 reports shall be tabulated and published by the commissioner of insur-
7 anee in the annual report of insurance, one copy of which shall be
8 sent to each association. The county associations, the state associa-
9 tions, and those doing an exclusive tornado, an exclusive hailstorm,
10 or an exclusive automobile insurance business shall be separately
11 classified in said report.
[C, '73, § 1160; C, '97, §§ 1762, 1763; S., '13, §§ 1759-d,
1759-e; 39 G. A., ch. 120, § 5.]
SEC. 5696-a6. Proof of loss—limitation of action.
1 In furnishing proofs of loss under any contract of insurance
2 under this chapter for loss or damage it shall be necessary for the
3 insured within sixty days from the time loss or damage occurs, to
4 give notice in writing to the association issuing such contracts of in-
5 surance accompanied by an affidavit stating the facts as to how the
6 loss occurred so far as the same are within the knowledge of the in-
7 sured, the property destroyed or damaged and the extent of the loss.
8 In case of damage or loss to live stock by fire or lightning or loss or
9 damage to automobiles by theft or fire, notice of such loss must be
10 given the association by mailing written notice within five days from
11 the time such loss or damage occurred, and in case of loss to growing
12 crops by hail, notice of such loss must be given the association by
13 mailing a registered letter within ten days from the time such loss
14 or damage occurred. No action on any loss shall be begun until the
15 date when such loss becomes due in accordance with the articles of
16 incorporation or by-laws of such association and in no event sooner
17 than forty days after such proof has been given to the association and
18 no action can be started after one year from the date such cause of
19 action accrues.
[39 G. A., ch. 120, § 6.]
SEC. 5696-a7. Presumption as to insurable value—rebuttal.
1 In any action brought in any court in this state on any policy of
2 insurance for the loss of any building so insured, the amount stated
3 in the policy shall be received as prima facie evidence of the insurable