COMPILED CODE - Iowa Legislature - State of Iowa

384
§§ 5696-al3-5696-al5. MUTUAL ASSESSMENT ASSOCIATIONS. Tit. XVIII, Ch. 8.
8 canceled policies and rejected applications covering property situated
9 within the state and the amount paid for reinsurance on property
10 situated within the state.
11 The commissioner of insurance shall at least once in each biennial
12 period cause the books of each state mutual association doing business
13 under this chapter to be examined and shall furnish a report of such
14 examination to the association so examined. The expense of such
15 examination shall be paid by the association as provided for in section
16 fifty-four hundred seventy of this supplement. County mutual asso-
17 ciations shall be exempt from the examination and the payment of
18 tax provided for in this section.
[39 G. A., ch. 120, § 12.]
SEC. 5696-al3. Moneys and credits.
1 In assessing for taxation the moneys and credits of such mutual
2 insurance corporations, the assessor shall ascertain the debts or lia-
3 bilities, if any, of the corporation to its policyholders or other persons
4 which liabilities shall be deducted as provided in section forty-five
5 hundred five of the compiled code.
6 In ascertaining such corporate indebtedness, a debt shall be
7 deemed to exist, on account of its liabilities on the policy certificates
8 or contracts of insurance issued, by its equal to the amount of surplus
9 or other funds accumulated by such corporation for the purpose of
10 fulfilling its policy contracts of insurance and which can be used for
11 no other purpose.
[39 G. A., ch. 120, § 13.]
SEC. 5696-al4. Annual fees.
1 Such associations shall pay the same fees for annual reports and
2 annual certificates of authority as are required to be paid by domestic
3 companies organized and doing business under chapter seven of this
4 title, which certificates shall expire March first of the year following
5 the date of its issue.
[C, '73, § 1160; C, '97, § 1764; S., '13, § 1759-f; 39 G. A.,
ch. 120, § 14.]
SEC. 5696-al5. License—penalty—fee—revocation.
1 No person or corporation shall solicit any application for insur-
2 anee for any association, other than county mutuals, in this state
3 without having procured from the commissioner of insurance a license
4 authorizing him to act as agent. Violation of this provision shall be
5 punished by a fine not exceeding twenty-five dollars per day.
6 The commissioner of insurance shall upon the receipt of payment
7 of fifty cents issue license to act as agent to any person for whom a
8 license is requested by any association doing business under the pro-
9 visions ôf this chapter. The commissioner of insurance may, for a
10 just and reasonable cause, cancel the license of such agent after due
11 notice and hearing.
[39 G. A., ch. 120, § 15.]