COMPILED CODE - Iowa Legislature - State of Iowa

383
TU. XVIII, Ch. 8. MUTUAL ASSESSMENT ASSOCIATIONS. 5696-al0-5696-al2.
12 Upon the cancellation of any policy of insurance issued under the
13 provisions of this chapter all obligations to the association having
14 been paid, the unearned portion of any advance assessment paid, other
15 than the emergency fund, shall be returned to the insured upon the
16 surrender of his policy, the association retaining a pro rata share for
17 losses and in addition actual expenses incurred on said policy. When
18 the policy is canceled by the association by giving notice thereof it
19 shall retain only the pro rata assessment.
[S., 13, § 1759-m; 39 G. A., ch. 120, § 9.]
SEC. 5696-alO. Bonds of officers.
1 Any state mutual assessment association contemplated by this
2 chapter, before being authorized to do business in this state, shall
3 require its secretary and treasurer to give bond, personal or surety,
4 to the association in such sums as the directors shall deem sufficient,
5 no less however, than ten thousand dollars for each office, which bond
6 after being approved by the president of the association shall be de-
7 posited with the commissioner of insurance as security for the faithful
8 performance of the duties of the secretary and treasurer in handling
9 the funds of the association.
10 Should the commissioner of insurance find the surety on said
11 bonds, or the amount thereof, insufficient, he may require additional
12 security, or an increase in the amount of the bond. If such addi-
13 tional security or increase be not furnished within thirty days after
14 notice thereof, the commissioner of insurance shall refer the matter
15 to the attorney general the same as under the second preceding sec-
16 tion, and shall be taken care of by him in accordance therewith.
[C, '97, § 1767; S., '13, § 1759-n; 39 G. A., ch. 120, § 10.]
SEC. 5696-all. Meetings—powers—articles part of policy.
1 Unless the time and place of holding the annual meeting of the
2 members of any association transacting business under the provisions
3 of this chapter is plainly stated in their articles of incorporation or
4 by-laws, twenty days' notice of the time and place of holding of said
5 meetings shall be given to all members of the association.
6 Members of the association at such annual meetings shall have
7 power to make or amend articles of incorporation or by-laws as they
8 in their judgment may deem necessary, and when such articles of
9 incorporation and by-laws are printed on the policy they become a
10 part thereof and are binding upon the association and the insured
11 alike. Officers shall be elected in the manner prescribed in the articles
12 of incorporation or by-laws. Annual meetings may adjourn from time
13 to time.
[S., '13, § 1759-0; 39 G. A., ch. 120, § 11.]
SEC. 5696-alS. Annual tax—examinations—expenses.
1 Every state mutual association doing business under this chapter
2 shall on or before the first day of March, each year, pay to the treas-
3 urer of state a sum equivalent to one per centum of the gross receipts
4 from premiums, assessments, fees and promissory obligations for busi-
5 ness done within the state, including all insurance upon property situ-
6 ated in the state after deducting the amount actually paid for losses
7 on property located within this state and the amount returned upon