Iowa Code § 518B.5
Warrants issued overage fund
Iowa · Iowa Code Chapter 518B — Riot Reinsurance Program · Status: effective
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- Citation
- Iowa Code § 518B.5, Warrants issued overage fund, Iowa, version 1 as recorded 2026-10-03, yourstate.us, https://yourstate.us/provision/2265285
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Full text
1. The secretary shall be reimbursed up to the amount requested by warrants issued against the fund by the director of the department of administrative services upon vouchers approved by the director of the department of administrative services and the commissioner. If the assessment produces a fund greater than the amount requested by the secretary, the overage shall be placed in a special fund in the office of the treasurer of state under the control of the commissioner and the director of the department of administrative services and shall be applied to any subsequent requests by the secretary for reimbursement of losses paid on lines of insurance reinsured by the secretary in this state in accordance with the Act.
2. In the event that the provisions of this chapter and the assessments made under this chapter are no longer needed in order to effectuate the program for which they were intended, the amounts remaining in the special fund shall inure to the general fund of the state.