Iowa Code § 518.1
Incorporation
Corporations formed to operate as county mutual insurance associations shall be governed by the provisions of chapter 491, except as modified by the provisions of this chapter.
Iowa Code Chapter 518 — County Mutual Insurance Associations
Iowa · statute · Iowa Code ch. 518 · 33 active provisions
Provisions
Iowa Code § 518.2
Articles — approval — bylaws
The articles of incorporation, and any subsequent amendments, of an organization shall be filed with and approved by the commissioner of insurance before filing with the secretary of state. The organization shall file with the commissioner bylaws and subsequent amendments to the bylaws within thirty days of adoption of…
Iowa Code § 518.3
Certificate — recording
If the commissioner of insurance approves the articles of incorporation, the commissioner shall so certify and the articles with the certificates of approval shall then be recorded and certified by the secretary of state.
Iowa Code § 518.4
Identification as to type of insurer
Any association incorporated under the laws of this state for the purpose of furnishing insurance as provided for in this chapter shall be known as a county mutual insurance association. The words “mutual” and “association” shall be incorporated in and become a part of its name.
Iowa Code § 518.5
Commencement of business — conditions
A county mutual insurance association formed on or after July 1, 2009, shall not issue policies until applications for insurance of not less than one hundred thousand dollars, representing at least two hundred applicants, have been received, and no application for insurance during the period of organization shall excee…
Iowa Code § 518.6
Powers of the members
Members of the association shall have the power to make or amend articles of incorporation at any membership meeting, provided that notice of such addition or amendment has been mailed to each member at least ten days in advance of the meeting in which such proposed action is to be considered, and provided that no amen…
Iowa Code § 518.6A
Remote participation in meetings of members
1. Members of any class may participate in any meeting of the members by means of remote communication to the extent the board of directors authorizes such participation for such class. Participation as a member by means of remote communication shall be subject to such guidelines and procedures as the board of director…
Iowa Code § 518.7
Officers and directors election
Officers or directors shall be elected in the manner and for the length of time prescribed in the articles of incorporation. The same person shall not simultaneously hold the offices of president and secretary. A director shall be a member of the association unless otherwise approved by the commissioner.
Iowa Code § 518.8
Bylaws
The directors of the association shall have the authority to enact such bylaws and regulations not inconsistent with law as they consider necessary for the regulation and conduct of the business. No change in the bylaws shall have the effect of limiting coverage under existing policies of insurance. An association shal…
Iowa Code § 518.9
Eligibility for membership
The members of the association shall consist of those persons or organizations insured therein. The words “persons” and “members” as used in this chapter shall be construed to mean trustees, administrators, and all other individuals, public or private corporations or associations. Insurance on the property of one or mo…
Iowa Code § 518.10
Territorial limitations
The territory of any association shall be limited to the county in which its principal place of business is located, and to the counties contiguous thereto, and no coverage shall be placed on property located outside of this territory; provided, however, that the insurance may be extended, if the policy so provides, to…
Iowa Code § 518.11
Kinds of insurance
1. Any association organized under this chapter is authorized to insure or to accept reinsurance against loss or damage by: a. Any peril or perils resulting in physical loss or damage to property; b. Theft of personal property; c. Injury, sickness or death of animals and the furnishing of veterinary service. 2. Such co…
Iowa Code § 518.12
Properties to be insured
County mutual insurance associations are permitted to insure only the following classes of property: 1. Farm property, including residences and other farm buildings and all classes of personal property in connection therewith; 2. Buildings and personal property used in the processing of agricultural products in conjunc…
Iowa Code § 518.13
Premium charges
Any association may by action of its board of directors establish premium charges for the purpose of payment of losses and expenses and for the establishment or maintenance of a reserve fund.
Iowa Code § 518.13A
Assessments prohibited
An association doing business under this chapter shall not levy an assessment on any member of the association.
Iowa Code § 518.14
Investments
1General considerations. The following considerations apply in the interpretation of this section: a. This section applies to the investments of county mutual insurance associations. b. 1. The purpose of this section is to protect and further the interests of policyholders, claimants, creditors, and the public by provi…
Iowa Code § 518.15
Reports, examinations, and renewals
1. The president or the vice president and secretary of each association authorized to do business under this chapter shall annually before the first day of March prepare under oath and file with the commissioner of insurance a full, true, and complete statement of the condition of such association on the last day of t…
Iowa Code § 518.16
Soliciting application for insurance — license required
A person shall not solicit any application for insurance for an association in this state without having procured from the commissioner of insurance a license authorizing the person to act as an insurance producer pursuant to chapter 522B.
Iowa Code § 518.16A
Limitation on termination of independent insurance producers
A county mutual insurance association authorized to do business in this state shall not terminate a contract of an insurance producer who is an independent contractor but who is not an exclusive insurance producer as defined in section 522B.1 without at least one hundred eighty days’ notice, except for loss of license,…
Iowa Code § 518.17
Reinsurance
1. A county mutual insurance association may reinsure a part or all of its coverages written pursuant to this chapter with an association operating under this chapter, or with any other association or company that is in compliance with chapter 521B and authorized to write the kinds of insurance enumerated in section 51…
Iowa Code § 518.18
Premium tax
After January 1, 1966, every association doing business under this chapter shall be required to pay to the director of the department of revenue, or a depository designated by the director, as taxes an amount equal to the following: 1. The applicable percent of the gross amount of premiums received during the preceding…
Iowa Code § 518.19
Proof of loss
A proof of loss shall contain such information as is required by the policy provisions of the association, which information shall be signed and sworn to by the insured.
Iowa Code § 518.20
Reporting of livestock losses
In the event of loss of livestock, the insured shall give notice to the association in sufficient time to permit the performance by a licensed veterinarian of a postmortem examination of the livestock for which claim is made, but in no event later than forty-eight hours from the time of occurrence.
Iowa Code § 518.21
Reporting of losses of crops by hail
In the event of loss to growing crops by hail, notice of such loss must be given by mailing to the association a certified letter within ten days from the time such loss or damage occurred.
Iowa Code § 518.22
Limitation of action
A suit or action on a policy for the recovery of any claim shall not be sustainable in any court of law or equity unless all requirements of the policy have been complied with, and unless commenced within twelve months next after the inception of the loss.
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